LONDON--(BUSINESS WIRE)--The non-photo personalized gifts market in the US is expected to grow at a CAGR of more than 8% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the non-photo personalized gifts market in the US by product that includes wearables and accessories, decorative items, kitchenware and tableware, stationery and greeting cards, sports equipment and toys, and food and beverage. The wearables and accessories segment dominated the market by accounting for approximately 30% of the market share in 2017.
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Market driver: innovative gifting solutions and increasing demand for seasonal decorations
Product innovation is vital for this market to generate consumer interest and sales. Innovating products and service offerings and technology upgrades aid in combating competition and attracting customers. The introduction of new service offerings on websites that could provide personalization services to sellers by providing them with the options to create, design templates, and improvise new areas of certain products helps extend personalization capabilities to buyers. Streamlining design and building more efficient ordering processes, enhancing customization capabilities, and brainstorming new ideas to make operations smooth and fast improve turn-around time for delivery as well as customer experience. Therefore, leading to retention of customers, up-selling, and cross-selling.
According to a senior analyst at Technavio for retail goods and services research, “The sales of seasonal decorations that also include decorative cups, plates, and handkerchiefs account for a major portion of the total revenue generated. Even though the demand for seasonal decorations and other seasonal gifting items has been traditionally high in developed countries such as the US, the UK, and France, the consumers in APAC and Central and South America have also started using these products considerably.”
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Market trend: growing B2C e-commerce and m-commerce market
Online retail has seen tremendous growth over the past decade due to the substantial increase in internet penetration. Internet users of developed nations such as the US spend more time online and prefer buying products through e-commerce websites. As vendors operating in the non-photo personalized gifts market in the US have made their products available online, consumers can now order these gifts from online platforms at the comfort of their homes. M-commerce is gaining traction among millennial consumers because of the increasing smartphone and internet penetration in the US. Most millennial consumers choose to order products through their phones.
Market challenge: high dependence on seasonal sales
The global gifts industry is driven to a considerable extent by seasonal sales. Seasonal fluctuations in demand can affect inventory levels and cash flow of retailers. In markets such as North America, the tradition of gifting is higher during the winter holidays. In the US, the sales of gift items that include non-photo personalized gifts are higher during regional holidays and wedding seasons.
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