The Personalized Gifts Market is expected to grow at a CAGR of 8.35% to reach USD 14.98 billion by 2028. In the dynamic personalized gifts market, vendors are prioritizing the production and distribution of eco-friendly products. These gifts, made primarily from organic and natural materials, offer several advantages. Their biodegradable nature ensures they decompose easily without contributing to environmental pollution. Additionally, as they are fabricated from non-toxic raw materials, they pose no health risks or allergic reactions to recipients. This shift towards eco-friendly personalized gifts not only lessens the environmental impact of production but also caters to the growing preference for safe and sustainable consumer goods. This trend is particularly significant for baby gifts, where non-toxic materials are essential to prevent adverse health effects. The benefits of eco-friendly personalized gifts are compelling, making them an attractive option for customers and fueling market growth.
North America dominates the regional market because of The North American gifting market experiences significant demand during the holiday season, which commences with the traditional celebrations of Thanksgiving. In the United States, Thanksgiving takes place in November, while in Canada, it is observed in October. Notably, various vendors specializing in personalized gifts provide enticing promotional offers to encourage purchases. For instance, American Greetings Corp. extends seasonal discounts on personalized gifts, the extent of which varies depending on the specific gift and its price. These discounts contribute to the widespread popularity of personalized gifts during the holiday season.
There are various factors that drive the Personalized Gifts Market market which are as following: Vendors in the personalized gifts market are strategically expanding their product offerings by introducing new variants and innovative personalization options. In an effort to cater to unique customer demands, they are also developing novel products suitable for various gifting occasions, particularly festivals. For instance, American Greetings Corp. recently announced a partnership with Roc Nation, resulting in a multi-year, multi-artist collaboration that will yield digital and physical products, showcasing the authentic voices of renowned artists and the Roc Nation brand. This trend of introducing new and customizable gift options is expected to attract an increased number of customers to the market.
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Personalized Gifts Market Segmentation
The market witnesses several challenges, which are as follows The personalized gifts market exhibits seasonal purchasing patterns, with a considerable portion of consumers making purchases only for special occasions or festive seasons. Market trends indicate that significant sales of personalized gifts occur during occasions such as Father's Day, Mother's Day, and Valentines Day. Vendors in the personalized gifts industry must remain agile and adapt their product offerings accordingly, updating existing portfolios or introducing new products to cater to the varying demands of customers throughout the year.
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Some of the key companies that have been profiled in the report include:
According to Technavio, the global personalized gifts market is a segment of the broader global personal products market, encompassing the research and development (R&D) and manufacturing sectors for personal care products, such as cosmetics, perfumes, masks, sex toys, hair wigs and extensions, and polarized sunglasses. The personal products market's size is determined by the consolidated revenue generated by its manufacturers. The expansion of the global personal products market will be fueled by several factors, including the rise in disposable income, which positively influences discretionary spending on luxury and lifestyle-related items. - The Personalized Gifts Market is experiencing significant growth, fueled by the Continuous development and introduction of new products. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The personalized gifts market is experiencing significant growth, fueled by the desire for unique and bespoke items. Digital archives and peer-to-peer collaborative platforms enable customers to create personalized updates and customize their products like never before. However, the market faces challenges such as increased competition, with competitor percentages reaching an all-time high. The risk of recession and trade tensions also pose threats to the industry's competitiveness. Despite these challenges, the market continues to expand, with stores like Etsy leading the way in hand-crafted photo and non-photo personalized gifts. Contracts for eco-friendly personalized items are on the rise, reflecting growing consumer awareness of the environment. Handcrafted gifts, personalized clothing, and 3D printing are also gaining popularity. Brands like Roc Nation are entering the market, offering personalized merchandise for relatives and friends. The trend towards digitization and smartphone usage is also driving innovation, with new technologies like 3D printing and digitization playing a significant role in the future of personalized gifts.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
