New York, US, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Personalized Gifts Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Personalized Gifts Market Information by Product Type, End-User, Distribution Channel, and Region - Forecast till 2027”, the market is forecasted to reach USD 38.66 Billion by 2027 at 5.83% CAGR.
Market Scope
The market scope presents a thorough framework of the personalized gifts market, outlining all the key segments, names of the renowned firms, paired with the predicted growth rate during the review period.
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Personalized Gifts Market Competitive Landscape
The personalized gifts market is inundated with numerous established firms, some of which include:
- American Greetings Corporation (US)
- Redbubble (Australia)
- Spencer Gifts (US)
- Card Factory (UK)
- Etsy Inc. (US)
- CafePress Inc. (US)
- Personalization Mall (US)
- Hallmark Cards Inc. (US)
- American Stationery (US)
- Archies Limited (India)
With the objective of bolstering their consumer base across the globe, these companies generally adopt proven effective strategies like acquisitions, partnerships, and product launches. To cite a reference, in February 2021, HPG has entered a partnership with Fracture, a reputed direct-to-consumer firm, to bring the latter’s products into the promotional products sector. Fracture prints can be used in various applications, as a personalized gift, office décor and many more.
Major Growth Boosters
Thanks to the diverse options of personalized gifts available in the market and the surge in the purchasing capacity of consumers, especially millennials, the business growth has been quite rapid in the past couple of years. The rise in social and economic standards has resulted in changing purchasing patterns among the consumers worldwide. Affluent lifestyle with the social media playing a major part has heightened the preference for personalized gifting.
Furthermore, the prevalence of the western culture, primarily Father’s Day, Thanksgiving, and Mother’s Day, has set the personalized gifting market off to greater heights in other parts of the world. Additionally, the allure of personalized messages along with the gifts, also lends a massive boost to the market demand.
On the competitive front, mounting number of players are foraying into the global market, challenging the already established firms. Not to mention, the substantial potential and consumers’ rising inclination towards online gifting has been favorable for the overall global industry. Tailor-made gifts are enjoying robust demand while the green gifting trend is emerging faster than ever. With the e-commerce industry touted to reach USD 300 billion by 2023, the personalized gifts market is slated to see considerable growth in the future as well. With the internet usage and smartphone ownership shooting up, the growth of online personalized gifting sector will remain unparalleled throughout the analysis period.
Browse In-depth Market Research Report (111 Pages) on Personalized Gifts: https://www.marketresearchfuture.com/reports/personalized-gifts-market-10348
Market Restraints
Despite the favorable business scenario, the global market can face issues such as challenges related to inventory, supply chain, and merchandising management, especially in the emerging regions.
COVID 19 Analysis
The COVID-19 outbreak opened up a pandora of challenges in the form of a worldwide lockdown, weakened transportation networks, and border restrictions. Post-lockdown, the sales of non-essential items dipped at an alarming pace, negatively affecting the personalized gifts industry to a large extent. Most of the manufacturers had to temporarily shut down their operations while some had to restrict their production capacity, which also had a debilitating impact on the worldwide market. however, rapid globalization along with the growing acceptance of several cross-cultural festivals could be a major opportunity for the manufacturers in the next several years.
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Market Segmentation
The personalized gifts industry can be categorized into a few segments, including distribution channels, product type, and end-users, in a bid to present a detailed understanding of the growth prospects between 2020 and 2027.
Some of the prominent distribution channels in the global market are store-based (supermarkets & hypermarkets, specialty stores, convenience stores, and others) as well as non-store-based (direct along with indirect).
Depending on product type, the global market has been considered for wall decoration, personalized chocolates & chocolate platters, personalized accessories, personalized diaries & desk accessories, personalized clothing, personalized photo frames, personalized gifts for kids, and more.
Unisex, men, kids, and women are the top market end-users listed in the MRFR report. The leading position has been procured by the unisex segment in the worldwide market and would continue to expand at the fastest rate during the given period. The segment can reach USD 15,607.8 million by 2027-end, says MRFR, on account of the availability of diverse unisex personalized gifts including chocolates & chocolate platters, diaries and desk accessories, and photo frames.
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Regional Analysis
Europe is the global market leader, having seized the biggest share of 37.10% in 2019. The European market for personalized gifts has been performing remarkably in response to the strong presence of several established brands and suppliers. Also, the thriving fashion sector across France, Italy, Germany, and the United Kingdom raise the demand for a variety of personalized products.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
