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.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
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.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
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.
Is your business on track for a successful future? Learn how Technavio can help
Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.
Technavio’s best deals of the month!
Celebrate Earth Day and clean energy with Technavio. Get 30% discount on all Energy reports. Offer valid from 12th March - 18th March.
Get 20% off on all Media and Entertainment Services reports. Offer valid only till the 31st of March.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.