LONDON--(BUSINESS WIRE)--According to Technavio Research Report “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) is witnessed to grow USD 16.33 billion, at a CAGR of 5% from 2019 to 2023”.
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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.
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Segmentation analysis - Gifts novelty and souvenirs market
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.
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.
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