technological advances leading to product innovation and premiumization is driving the Gifts Novelty And Souvenirs Market
Technavio analyzes that the Gifts Novelty And Souvenirs Market is expected to grow at a CAGR of 4.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 18617.9 million.There are various factors that contribute to the growth of the market. The novelties and souvenirs market is experiencing significant growth due to technological advances, leading to innovative product development and the premiumization of offerings. Manufacturers are leveraging technology to create unique, interactive, and personalized items that cater to the evolving preferences of consumers. This trend is driving competition in the market and setting new standards for quality and customer experience.
The global market for souvenirs and novelty items continues to expand, driven by consumers' desire to commemorate memorable experiences and special moments. These items, which include landmarks, curiosities, humor, and fun memorabilia, serve as mementos of past travels and shared experiences. Vendors are responding to the evolving consumer buying pattern by offering increasingly specialized and themed products. For instance, Hallmark, a leading retailer of gifts and greeting cards, caters to various occasions such as anniversaries, birthdays, engagements, friendship days, graduation, military appreciation, religious events, retirement, and gratitude, with occasion-specific merchandise. The growing popularity of souvenirs and novelty items as cherished keepsakes underscores their significance in worldwide tourism and personal memories.
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Gifts Novelty And Souvenirs Market Segmentation
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The global market for Gifts, Novelty And Souvenirs reached USD 97780 million in 2021. This market encompasses a wide range of items including souvenirs, novelty items, seasonal decorations, greeting cards, giftware, trinkets, mementos, and more. The industry caters to customers seeking culture, landmarks, curiosities, humor, fun, and memories. Travel and tourism significantly influence this market, with COVID-19 pandemic causing shifts towards e-commerce. Specialization in areas like humor, fun, and customization drives expansion. Consumer desires and interests shape this marketplace, with worldwide tourism and internet shopping sites fueling growth.
The novelty and souvenirs market, valued at USD 97,780 million, is a significant segment within the broader global apparel, accessories, and luxury goods market. This market encompasses entities involved in the production and distribution of souvenirs, novelty items, seasonal decorations, greeting cards, and giftware. Key drivers for this market include the COVID-19 pandemic's impact on travel and tourism leading to increased e-commerce sales, the trend towards personalization and emotional value in gifts, and the growing working women population, boosting disposable income and spending power on these items. The global apparel, accessories, and luxury goods market, which covers textiles, apparel, footwear, accessories, and luxury goods manufacturers and marketers, is expected to expand due to these factors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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