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The gifts novelty and souvenirs market share is expected to increase by USD 13.04 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.4%.
This gifts novelty and souvenirs market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers gifts novelty and souvenirs market segmentation by distribution channel (offline and online), product (souvenirs and novelty items, seasonal decorations, greeting cards, and other gift items), and geography (Europe, North America, APAC, South America, and the Middle East and Africa). The gifts novelty and souvenirs market report also offers information on several market vendors, including 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 Licensing LLC, Memorable Gifts, PersonalizationMall.com LLC, Redbubble Ltd, Scotts Highland Services Ltd, Shutterfly Inc., Signature Gifts Inc, Sixty Stores Ltd, Spencer Gifts LLC, The Walt Disney Co., and Zazzle Inc among others.
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The technological advances leading to product innovation and premiumization are notably driving the gifts novelty and souvenirs market growth, although factors such as the availability of alternate products for social expression may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the gifts novelty and souvenir industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Gifts Novelty And Souvenirs Market Driver
One of the key factors driving the gifts novelty and souvenirs market growth is the technological advances leading to product innovation and premiumization. The global gifts novelty and souvenir market are highly fragmented, which is expected to intensify over the years. The new, unique, and updated gift products drive the sales of the market. For instance, digital and illuminated photo frames are often bought as gifts and showpieces. The demand for modern and advanced products that suit the interior of the houses is also high. This has compelled the vendors to constantly invest in R&D and innovation to sustain themselves in the market. The major product innovations are in terms of technology, features, and design. With the growing purchasing power and rising disposable income, customers are gradually increasing their spending on gifts, novelty items, and souvenirs. This has propelled the demand for premium gift items and led to the growth of the market.
Key Gifts Novelty And Souvenirs Market Trend
Growing demand for non-seasonal gifts is the major trend influencing the gifts novelty and souvenirs market growth. The trend of showing love and gratitude on non-seasonal occasions, such as Father s Day, Mother s Day, birthdays, corporate events, and anniversaries, is evolving rapidly. Consumers spend more on gifts during non-seasonal occasions other than summer vacations and winter holidays. The percentage of expenditure on gifts on occasions such as birthdays, anniversaries, and weddings has increased. The increase in demand for non-seasonal gifts indicates the growing importance of non-holiday merchandise. To address this demand for non-seasonal gifting culture, vendors are introducing non-seasonal gift products. For instance, vendors such as Hallmark Licensing, Disney, Card Factory, and American Greetings offer non-seasonal gifts. To capitalize on this evolving trend and increase the adoption of non-seasonal gifts, vendors seek ways of appealing to customers who seek more general non-seasonal gifts such as friendship gifts or travel souvenirs. Thus, the demand for non-seasonal gifts will propel the market during the forecast period.
Key Gifts Novelty And Souvenirs Market Challenge
Availability of alternate products for social expression is one of the key challenges hindering gifts novelty and souvenirs market growth. The availability of alternate social expression products and services is a huge emerging challenge for the market. The social expression products market witnesses intense competition from the evolving trend of alternate social expression products and services, such as electronic devices and online platforms for communication. Vendors compete with the companies offering products and services through these modes and channels. These competitors of traditional gifts, novelty items, and souvenirs (such as greeting cards) include social media companies (such as Facebook, Twitter, and Instagram) that enable and facilitate users to post greetings and /images through digital media such as the internet and mobile. Electronic gadgets (such as smart watches) are used as special gift items, especially during the festive season. Increased alternate product offerings and high adoption of digital platforms pose a huge challenge for the market.
This gifts novelty and souvenirs market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global gifts novelty and souvenirs market as a part of the global personal products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the gifts novelty, and souvenirs market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the gifts novelty and souvenirs market encompasses successful business strategies deployed by the key vendors. The gifts novelty and souvenirs market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The gifts novelty and souvenirs market forecast report offer in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the gifts novelty and souvenirs market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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36% of the market’s growth will originate from Europe during the forecast period. France, Germany, and the UK are the key markets for gifts novelty, and souvenirs in Europe. Market growth in this region will be faster than the growth of the market in South America regions.
The early penetration of the e-commerce market will facilitate the gifts novelty and souvenirs market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
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. Thus, the personal product sector, including gifts, novelty items, and souvenirs, witnessed a decline in terms of the number of orders and turnover in 2020. Vendors are actively promoting online sales, especially through brand-owned e-commerce portals in their home countries, and are giving discounts on prominent gifting options. No-contact delivery strategies are also being adopted by vendors for home deliveries. Personalized stationery, kitchenware, tableware, and home furnishing products are high in demand under the gifting categories. Therefore, the demand for products such as personalized mugs, jars, towels, and others is expected to increase gradually in the region during the forecast period.
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The gifts novelty and souvenirs market share growth by the offline segment will be significant during the forecast period. The offline distribution channel refers to the sales of products through specialty retail stores, hypermarkets, supermarkets, convenience stores, department stores, and other retail formats.
This report provides an accurate prediction of the contribution of all the segments to the growth of the gifts novelty and souvenirs market size and actionable market insights on post COVID-19 impact on each segment.
Personalized Gifts market - The market share is expected to increase by USD 11.19 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7%.
Non-photo Personalized Gifts market - The market share is expected to increase by USD 12.16 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 10.05%.
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Gifts Novelty And Souvenirs Market Scope |
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Report Coverage |
Details |
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Page number |
157 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.4% |
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Market growth 2022-2026 |
$ 13.04 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
3.64 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 36% |
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Key consumer countries |
US, China, France, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
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 Licensing LLC, Memorable Gifts, PersonalizationMall.com LLC, Redbubble Ltd, Scotts Highland Services Ltd, Shutterfly Inc., Signature Gifts Inc, Sixty Stores Ltd, Spencer Gifts LLC, The Walt Disney Co., and Zazzle Inc |
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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, and Market condition analysis for the forecast period. |
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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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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