Latest News- Gifts Novelty And Souvenirs Market: S and N items is expected to lead the Product segment during 2025-2029

The Gifts Novelty And Souvenirs Market is being driven by Technological advances leading to product innovation and premiumization

The Gifts Novelty And Souvenirs Market is expected to grow at a CAGR of 4.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 20.32 billion. In the dynamic gifts and souvenirs market, personalization has emerged as a significant trend, driving sales growth and fostering long-term customer relationships. Small retailers benefit from offering personalized gifts, as they add value to standard items and make customers feel special. Popular occasions for personalized gifts include retirements, promotions, birthdays, New Years Eve, and International Women's Day. To cater to this increasing demand, major players such as Cimpress, Hallmark, and Card Factory have introduced dedicated personalization segments for their gift offerings. This strategic move not only enhances customer satisfaction but also positions these companies as innovative market leaders. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Technological advances leading to product innovation and premiumization
• Growing culture of gifting
• Increase in in-bound international tourism propelling sales of gift items

However, the market also witnesses some limitations, which are as follows:

• Availability of alternate products for social expression
• Seasonal nature of gifts novelty and souvenirs business
• Highly complex inventory, supply chain, and merchandising management

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Market Scope in Gifts Novelty And Souvenirs Market Research Report

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Research Analysis Overview

The global market for Gifts, Novelty And Souvenirs reached USD 97780 million in 2021. This market encompasses various items including souvenirs, novelty items, seasonal decorations, greeting cards, giftware, and trinkets. The industry caters to customers seeking mementos of culture, landmarks, curiosities, humor, and fun. With the rise of COVID-19 pandemic, travel and tourism took a hit, leading to an expansion of e-commerce platforms for these items. Specialization in areas like humor, customization, and memories continues to fuel consumer desires and interests. Marketplace for gifts now extends beyond local shops to worldwide tourism sites and internet shopping sites, offering past experiences and laughter in a click.

Market Research Overview

The global market for Souvenirs, Novelty items, Seasonal decorations, Greeting cards, and Giftware, a segment of the larger apparel, accessories, and luxury goods industry, is projected to reach USD 97780 million by 2025, according to Technavio's market research. Key drivers for this growth include the expanding working population and subsequent increase in disposable income, particularly in emerging economies. The COVID-19 pandemic and the subsequent shift to e-commerce have also significantly impacted market dynamics. This market encompasses companies involved in the manufacturing and marketing of textiles, apparel, footwear, accessories, and luxury goods, excluding shoe manufacturers. The personalization trend and the revival of travel and tourism are additional growth factors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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