LONDON--(BUSINESS WIRE)--The global gifts novelty and souvenirs market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is technological advances leading to product innovation and premiumization. New, unique, and updated gift products drive the sales of the market. Innovation and advances in technology have heightened the demand and preferences for innovative products. For instance, digital and illuminated photo frames are often bought as gifts and showpieces. The demand for modern and advanced products that suit the interior of the houses is also high. This has compelled the vendors to constantly invest in R&D and innovation to sustain in the market. Customers also seek gifts exclusively for children that include famous cartoon and movie characters. To meet such evolving customer needs, vendors are continuously widening their product portfolios to cater to the growing and varying consumer demand.
This market research report on the global gifts novelty and souvenirs market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increased demand for personalized gift products as one of the key emerging trends in the global gifts novelty and souvenirs market:
Global gifts novelty and souvenirs market: Increased demand for personalized gift products
Personalization of gifts is a major trend, which enhances sales and fuels the growth of the market. It also helps small gift and souvenir retailers develop long-term relationships with customers and encourage repeat business for the companies. It also adds value to standard gifts, due to which customers usually seek personalized gifts. Personalized gifts are also popular as gifts commemorating retirement, promotion, birthdays, New Year’s Eve, and women's day. To address this growing demand for personalized gifts, vendors are introducing gift personalization services. For instance, most major players such as, Walt Disney, Hallmark Licensing, and Card Factory have a dedicated personalization segments for gift items. Thus, this growing trend and demand for personalized gifts is expected to fuel the market during the forecast period.
“Growing culture of gifting is considered to be one of the major factors that is boosting the growth of the global market. As consumers exchange gifts as a social norm, particularly during festivals, there is a huge demand for these products in the market. To address the growing culture of occasional and seasonal gifting, vendors are also offering products that address region-specific festive and occasional demand. For instance, Hallmark Licensing offers gifts, cards, and ornaments for anniversaries, birthdays, graduation days, military appreciation, religious events, and retirements,” says a senior analyst at Technavio for research on general retail goods and services.
Global gifts novelty and souvenirs market: Segmentation analysis
This market research report segments the global gifts novelty and souvenirs market by product (souvenirs and novelty items, seasonal decorations, greeting cards, other gift items) and geographical regions (APAC, EMEA, and the Americas).
The souvenirs and novelty items segment led the market in 2018 with a market share close to 31%, followed by seasonal decorations, and greeting cards respectively. However, during the forecast period, the seasonal decorations segment is expected to register the highest incremental growth, followed by the souvenirs and novelty items segment and the greeting cards segment.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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