New York, United States, August 18, 2021 (GLOBE NEWSWIRE) – Personalized Gifts Market Overview
According to a comprehensive research report from Market Research Future (MRFR), “Personalized gifts market Information by product type, end user, distribution channel and region – Forecast to 2027‘, The market is expected to reach $ 38.66 billion by 2027 at 5.83% CAGR.
Market scope
The scope of the market presents a comprehensive framework of the Personalized Gifts market, outlining all key segments, renowned company names associated with the expected growth rate during the review period.
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Competitive landscape of the personalized gifts market
The personalized gift market is flooded with many established businesses, some of which include:
- American Greetings Corporation (United States)
- Redbubble (Australia)
- Spencer Gifts (United States)
- Card Factory (UK)
- Etsy Inc. (United States)
- CafePress Inc. (United States)
- Personalization Center (United States)
- Hallmark Cards Inc. (United States)
- American Stationery (United States)
- Archies Limited (India)
In an effort to strengthen their consumer base across the globe, these companies typically adopt proven effective strategies such as acquisitions, partnerships and product launches. To quote a reference, in February 2021, HPG partnered with Fracture, a well-known direct-to-consumer company, to bring Fracture’s products into the promotional merchandise business. Fracture prints can be used in various applications, as personalized gift, office decoration and many more.
Main growth drivers
Thanks to the various personalized gift options available in the market and the increasing purchasing power of consumers, especially millennials, the business has grown quite rapidly over the past two years. Rising social and economic standards have resulted in changing shopping habits among consumers around the world. The affluent lifestyle with social media playing a major role has increased the preference for personalized gifts.
In addition, the predominance of Western culture, mainly Father’s Day, Thanksgiving, and Mother’s Day, has propelled the personalized gifts market to greater heights in other parts of the world. In addition, the appeal of personalized messages as well as freebies is also boosting market demand.
On a competitive level, a growing number of players are entering the global market, challenging already established companies. Not to mention that the substantial potential and growing trend for consumers to give gifts online has been beneficial to the entire global industry. Custom gifts are enjoying high demand as the green gift trend is emerging faster than ever. While the e-commerce industry is expected to reach $ 300 billion by 2023, the personalized gifts market is also expected to experience tremendous growth in the future. With the increase in internet usage and smartphone ownership, the growth of the online personalized gifts industry will remain unprecedented throughout the analysis period.
Browse the In-Depth (111 Pages) Personalized Gifts Market Research Report: https://www.marketresearchfuture.com/reports/personalized-gifts-market-10348
Market constraints
Despite the favorable business scenario, the global market may be faced with issues such as challenges related to inventory management, supply chain and merchandising especially in emerging regions.
COVID 19 analysis
The COVID-19 outbreak has opened up a pandora of challenges in the form of a global lockdown, weakened transportation networks and border restrictions. After the lockdown, sales of non-essential items fell at an alarming rate, largely negatively affecting the personalized gift industry. Most manufacturers have had to temporarily shut down while some have had to restrict their production capacity, which has also had a debilitating impact on the global market. however, rapid globalization as well as the growing acceptance of several intercultural festivals could be a major opportunity for manufacturers in the coming years.
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The personalized gifts industry can be categorized into a few segments, including distribution channels, product type, and end users, with the aim of presenting a detailed understanding of the growth prospects between 2020 and 2027.
Some of the main distribution channels in the global market are in-store (supermarkets and hypermarkets, specialty stores, convenience stores and others) as well as out-of-store (direct and indirect).
According to the type of product, the global market has been considered for wall decoration, personalized chocolates and chocolate trays, personalized accessories, personalized diaries and office accessories, personalized clothing, personalized photo frames, personalized gifts for children, etc.
Main end-users of the market listed in the MRFR report are men, men, children and women. The leading position has been gained by the unisex segment in the global market and is said to continue to develop at the fastest rate during the given period. The segment can reach $ 15,607.8 million by the end of 2027, according to MRFR, due to the availability of various unisex personalized gifts, including chocolates and chocolate platters, diaries and desk accessories, and photo frames.
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Regional analysis
Europe is the global market leader, having captured the largest share of 37.10% in 2019. The European personalized gifts market has performed remarkably well in response to the strong presence of several established brands and suppliers. . Additionally, the thriving fashion industry in France, Italy, Germany and the UK is increasing demand for a variety of personalized products.
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