LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the personalized gifts market in the US to grow at a CAGR of over 9% during the period 2018-2022, according to their latest report.
This market research report segments the personalized gifts market in the US into the following products (non-photo personalized gifts and photo personalized gifts) and distribution channel (offline distribution channel and online distribution channel).
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In this report, Technavio analysts highlight the advent of gift-giving culture and increasing demand for seasonal decorations as a key factor contributing to the growth of the personalized gifts market in the US:
Advent of gift-giving culture and increasing demand for seasonal decorations
Seasonal decorations that include personalized decorative mugs, plates, and handkerchiefs account for a major portion of the total revenue generated in the personalized gifts market in the US. The demand for these and other seasonal gifting items has been high in developed countries like the US. During holidays like New year, Christmas, Halloween, Easter, and Hanukkah, the sale of these products increases. In the US, the sales of gifts during the holiday season increased by more than 8% in 2016. This increase in demand directly contributes towards the increased sale of personalized gifts during special occasions and seasons.
According to a senior analyst at Technavio for retail goods and services, “Lately, the culture of self-gifting has evolved substantially. Consumers also purchase personalized gifts for self-use. Customizing gifts through personalization, configuration, or on-demand printing enables value- and differentiator-addition to general gifts. Streamlining designs and building efficient ordering processes, enhancing gift customization capabilities, and brainstorming new ideas to make gifting operations smooth and quick has a major impact on the gift-giving culture. These measures have aided in the retention of customers, up-selling, and cross-selling among retailers.”
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Personalized gifts market in the US – segmentation analysis
Of the two major products, the non-photo personalized gifts segment held the largest market share in 2017, accounting for nearly 69% of the market. The market share for this product is expected to decrease nearly 4% by 2022. The photo personalized gifts segment is expected to exhibit high growth, accounting for nearly 35% of the total market share by 2022.
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