LONDON--(BUSINESS WIRE)--The gifts novelty and souvenirs market size is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Technological advances leading to product innovation and premiumization is one of the major reasons for the gifts novelty and souvenirs market growth. Consumers are increasingly demanding modern products that suit the interior of houses. There is a high demand for premium gift items, which include home décor products, seasonal decorations, photo frames, and other gift items that can match modern and contemporary interiors. This has compelled vendors to constantly invest in R&D and launch advanced products that will enable them to gain a larger share of the market.
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As per Technavio, the increased demand for personalized gift products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Gifts Novelty and Souvenirs Market: Increased Demand for Personalized Gift Products
Personalization of gifts is one of the popular gifts novelty and souvenirs market trends that will boost market growth. Personalization helps small gift and souvenir retailers to develop long-term relationships with customers and encourage repeat business for the companies. It also adds value to standard gifts. Personalized gifts are also popular as gifts for events such as retirements, promotions, birthdays, and women’s day. Several vendors are introducing gift personalization services to address this growing demand. For instance, most major players such as, Walt Disney, Hallmark Licensing, and Card Factory have a dedicated personalization segment for their gift items.
“Other factors such as the increasing demand for non-seasonal gifts, and the growing culture of gifting, will have a significant impact on the growth of the gifts novelty and souvenirs market value during the forecast period,” says a senior analyst at Technavio.
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Gifts Novelty and Souvenirs Market: Segmentation Analysis
This market research report segments the gifts novelty and souvenirs market by product (souvenirs and novelty items, seasonal decorations, greeting cards and other gift items), distribution channel (offline and online) and geography (Americas, APAC and EMEA).
The EMEA region led the gifts novelty and souvenirs market in 2018, followed by the Americas, and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growing gifting culture, rising middle-class population, increasing disposable income, and rise in inbound tourists with high spending power.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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