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The gifts novelty and souvenirs market size is estimated to grow at a CAGR of 3.4% between 2022 and 2027. The market size is forecast to increase by USD 13,731.6 million. The growth of the market depends on several factors technological advances leading to product innovation and premiumization, the growing culture of gifting, and the increase in inbound international tourism propelling the sales of gift items.
This gifts novelty and souvenirs market report extensively covers market segmentation by product (souvenirs and novelty items, seasonal decorations, greeting cards, and giftware and others), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The technological advances leading to product innovation and premiumization are the key drivers for gifts novelty and souvenir market. There is a very fragmented market for novelty gifts and souvenirs which is expected to grow in importance over the coming years. The new, unique, and updated gift products drive the sales of the market. Innovation and technological advances have heightened the demand and preferences for innovative products. Technological, feature and design innovations form a major part of product innovation.
However, with the growing purchasing power and rising disposable income, customers are gradually increasing their spending on gifts, novelty, and souvenirs. This has increased demand for high-quality gift items and contributed to growth in the market. The growth in product premiumization and product line extension, coupled with the growing customer expenditure on gifts, will drive value sales, thereby driving the growth of the market in focus during the forecast period.
The increased demand for personalized gift products is a key trend in the gift novelty and souvenir market. The primary trend that fuels growth in the market is the personalization of gifts, which helps to increase sales and enables it to grow. 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. Some of the different kinds of gift personalization services are Personalized greeting cards, personalized gifts, mementos, and apparel.
Moreover, this evolving trend heightens the profit margins of the players offering gift personalization services. Personalized gifts account for a large part of the revenue generated by Getting Personals websites. This growing trend and demand for personalized gifts are expected to fuel the market's growth in focus during the forecast period.
The highly complex inventory, supply chain, and merchandising management is a major challenge faced by the gifts novelty and souvenirs market. The market's inventory, supply chain, and merchandising management are highly critical and face various implications. This is due to fluctuating demand and policy changes of retailers and warehouse owners. The fluctuations increase the criticality of back-end operation strategies of gift manufacturers and limit the growth of the market.
In addition, the manufacturers are also supposed to judge the market efficiently and manufacture products for high seasonal demand. However, the risks involved in this overstock of products for seasonal demand are enormous, since it may lead to significant returns or inventories being written off by manufacturers. Few concerns impact the smooth operations of the market and pose challenges for the. Owing to these factors, the market in focus is expected to witness a hindrance in growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Gifts Novelty and Souvenirs Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alibaba Group Holding Ltd.- The company offers novelty and souvenirs such as Parrot Head Shape Umbrella, Custom acrylic jewelry Boxes, and 3D soft silicone luggage tag.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The souvenirs and novelty items segment is estimated to witness significant growth during the forecast period. Souvenirs and novelty items are often used as presents. They are used to cherish special moments, places, and memories. In line with the evolving consumer purchasing patterns including occasion and theme-specific purchases, there is a growing demand for souvenirs and novelty items.
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The souvenirs and novelty items segment was the largest segment and was valued at USD 21,483.14 million in 2017. The evolution of online shopping has had a significant impact on the market. Apart from the ease that online shopping offers, a detailed catalog with defined product categories that are available on retailers' websites has also helped retailers build a comfortable shopping experience for digital buyers. There are a wide variety of products, from many companies, available on the internet shopping portals.
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Europe is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The demand for premium products and customized gifts in the UK, France, Italy, Spain, and Germany is the highest in Europe. The early penetration of the e-commerce market in the region also boosts the growth of the gifts novelty and souvenir market. The growing e-commerce market for gift retailing further creates a significant impact on the market.
As a result, manufacturers are also given the opportunity to grow their omnichannel presence and penetrate unpenetrated markets. Personalization of gifts is a major trend in the market. Therefore, the growth of international inbound tourism, increasing demand for an offering of innovative and premium products, and the introduction of new players will fuel the growth of the market in Europe during the forecast period.
In European countries such as Italy, sectors dealing with non-essential goods were unauthorized to reopen their production facilities following the outbreak of COVID-19 in 2020. However, in 2021, due to the availability of vaccines, the number of COVID-19 cases in the region declined, and restrictions were lifted. Therefore, the demand for a variety of products, such as personalized cups, jars, and towels, has been growing steadily, which drove the growth of the gift novelty and souvenirs market in the region in 2021 and 2022.
The gifts novelty and souvenirs market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Gifts Novelty And Souvenirs Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.4% |
Market growth 2023-2027 |
USD 13,731.6 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.64 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 36% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alibaba Group Holding Ltd., American Greetings Corp., American Stationery Co. Inc., Archies Ltd., Card Factory Plc, Cimpress Plc, Consortium Gifts Pvt Ltd, Enesco LLC, Ferns N Petals Pvt. Ltd., funkypigeon.com Ltd., Hallmark Card Inc., Memorable Gifts, PersonalizationMall.com LLC, Redbubble Ltd., Scotts Highland Services Ltd, Shutterfly Inc., Signature Gifts Inc, Sixty Stores Ltd., Target Corp., and Zazzle Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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