Gifts, novelty, and souvenirs: Key market research findings
- Demand for seasonal decorations drives the market
- Europe dominates the market geographically
- Key vendors – American Greetings, Card Factory, Spencer Gifts, and Walt Disney
Technavio’s market research analysts predict the global gifts, novelty, and souvenirs market is expected to grow at a CAGR of almost 5% between 2016 and 2020. The rising demand for seasonal decorations such as decorative cups, plates, and napkins is the fundamental driving force behind growth in the market. While the demand for these and other seasonal gifting items has been high in traditionally strong markets like the US, the UK, and France, the consumers in APAC and Central and South America are also catching on with the trend. People are increasingly spending on decorative cups and plates and other products as gift items, particularly during holidays such as Christmas, Easter, Halloween, and Hanukkah. During 2015, Europe accounted for almost 40% of the market space to dominate the global gifts, novelty and souvenirs market. The demand for premium-priced and customized gifts in the UK, France, Italy, Spain, and Germany is the key contributing factor in the booming of the market in this region. The growing e-commerce industry in Europe is expected to reflect positively on the market growth in the region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the gifts, novelty, and souvenirs segments based on product type.
“The increasing popularity of specialized merchandize is the latest trend in the market. Specialized merchandise can distinguish gift, novelty, and souvenir retailers from other retailers such as mass merchandisers and department stores by offering unique and hard-to-find items. Offering products designed and crafted by local artists enables gift retailers to differentiate their product lines from large stores. This also enables them to be the exclusive distributors for special product lines. For instance, Walt Disney licenses its trade names, characters, and visual and literary properties to various retailers, show promoters, and publishers throughout the world,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
The souvenirs and novelty items accounted for more than 30% of the market to become the dominant shareholder in the global gifts, novelty, and souvenirs market in 2015. Nearly 60% of the revenue contribution for these products is generated from the developed markets. Retailers are offering a large number of specific product lines based on the customers’ buying patterns. Hallmark, for instance, offers a number of customizable gifts and ornaments suitable for occasions including anniversaries, birthdays, and graduation.
The key vendors in the market include American Greetings, Card Factory, Spencer Gifts, and Walt Disney. The global gifts, novelty, and souvenirs market is highly fragmented due to the presence of well-diversified global and local players. The vendors compete on the basis of product personalization, product differentiation, and pricing. With the entry of new players, the market competition is anticipated to intensify over the forecast period.
A more detailed analysis is available in the Technavio report, Global Gifts, Novelty, and Souvenirs Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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