The global personalized gifts market was valued at USD 20 billion in 2016 and is expected to surpass USD 32 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global personalized gifts market, under its retail goods and services portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like American Greetings, CafePress, Card Factory, Cimpress, Disney, Hallmark, PersonalizationMall.com, Shutterfly, Spencer Gifts, and Things Remembered.
According to Poonam Saini, a lead analyst for retail goods and services research at Technavio, “Innovative gifting solutions and advancements in technology is the major driver driving growth in the global personalized gifts market. Product innovation is a requisite for this market to generate consumer interest and, thereby, sales. For instance, Hallmark recently launched Hollywood-inspired decorative ornaments based on the popular characters of the movies released in 2014 and 2015, such as the Kylo Ren and Captain Phasma ornaments.”
Besides this, eco-friendly gifts and novelty items are also garnering significant consumer interest. Toys made of recyclable materials like wood are gaining preference over those made of harmful chemicals. Disney, in collaboration with miYim Simply Organic Toys, offers a range of stuffed toys made of organic cotton.
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Availability of more functional products
More functional products are finding a place in the personalized gifts category as consumers are looking for personalization in their regular and daily needs. Technological innovations in personalized gift products are seen to have a direct effect on their usage, compelling vendors to introduce technologically advanced products, such as 3D printed beverage-ware, perfume bottles and much more. Furthermore, marketers also use two superior technologies such as augmented reality and virtualization for creating customized gifts.
Handmade personalized gifts
Several factors such as a limited availability, uniqueness, and brand image drive the demand for handcrafted gifts. Consumers prefer to purchase items that represent some form of stories and are unique. To fulfill customer’s demands, big-box retailers have started adopting strategies to bring larger merchandise of handmade gifts and to maintain a larger number of stock keeping units for such items. Regarding handmade jewelry, consumers seek organic products with natural shapes. Gold, antiqued gold or silver, copper, and rhodium are the metals of choice coupled with semi-polished or unpolished geodes and stones.
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This market research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Personalized Gifts Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Watch Market 2017-2021
- Global Gifts Novelty and Souvenirs Market 2016-2020
- Global Photo Merchandising Market 2016-2020
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