Personalized Gifts Market Expected to Generate Revenue Worth $38.66 Billion by 2027

The rise in attention to eco-friendly gifts is invoked to define product development opportunities for merchants working in the global personalized gifts market.

Market scope:

Market Research Future (MRFR) assumes that the personalized gifts market will grow at a rate of 5.83% between 2020 and 2027. The market size by the end of 2027 will be $38.66 billion, forecast by MRFR.

Growth factors and barriers:

Given the availability of a variety of personalized gifts and their growing demand worldwide, the global market will continue to flourish unabated in the years to come. Increasing the purchasing power of consumers, especially millennials, would also contribute to business growth. A steady rise in social and economic standards has had a huge impact on consumer buying habits. Improving lifestyles and the significant influence of social media have further boosted personalized gift sales.

The growing prominence of Western culture in emerging regions, with consumers increasingly celebrating Thanksgiving, Mother’s Day and Father’s Day, would largely drive the personalized gift market. The appeal of personal messages combined with gifts can also increase the appeal of personalized gifts to consumers.

An increasing number of vendors are foraying into the global market, challenging existing players. Furthermore, with consumers inclined towards online gifts and the growing prevalence of e-commerce, the global industry will witness relentless growth in the coming years. Manufacturers are focusing on changing consumer preferences as well as personalized gift shopping behaviors. Product innovation seems to be the main strategy of sellers, with the aim of meeting changing consumer demands and boosting sales. Eco-responsible personalized gifts are attracting consumer interest, particularly in the children’s toy department. Growing use of internet along with growing use of smartphones globally is expected to further increase the market share of personalized gifts in the coming years.

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Market segmentation :

The main distribution channels are store-based (specialty stores, supermarkets and hypermarkets, convenience stores, etc.) coupled with non-store channels (direct and indirect).

The main types of products are personalized gifts for children, personalized chocolates and chocolate trays, wall decoration, personalized diaries and desk accessories, personalized accessories, personalized photo frames, personalized clothing, etc.

Unisex, Children, Women, and Men are the major industry end users considered in the MRFR review study.

Regional status:

Europe, along with North America, Asia-Pacific or APAC, and ROW (Rest of World) are the key regions where the Personalized Gifts industry is expected to grow at varying rates between 2020 and 2027.

Europe, with the largest share of 37.10%, is the global market leader in personalized gifts. The strong business growth in the region is in response to the huge pool of popular brands. Moreover, the affluent lifestyle as well as the significant impact of social media in Italy, France, UK and Germany are leading to an explosion in sales of various personalized products.

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The US personalized gift market is doing very well, given the availability of gifts ranging from novelty products to canvas prints. The booming trend of eco-friendly gifts in the region is also contributing to the growth. Not to mention that the growing popularity of the e-commerce sector would be a major contributing factor in the coming years. Online services are enjoying strong demand in the United States, as evidenced by the surge in online sales following the COVID-19 outbreak.

Famous players:

CafePress, Inc. (US), Redbubble (Australia), Personalization Mall (US), Card Factory (UK), Archies Limited (India), Hallmark Cards, Inc. (US), Spencer Gifts (USA), American Stationery (USA), American Greetings Corporation (USA), Etsy Inc. (USA) are the biggest brands in the personalized gift industry.

Recent updates
January 2022
Build-A-Bear Workshop Inc. introduces its latest personalized gift solution with the addition of HeartBox offering themed, stylish and unique gift boxes online for a variety of occasions. The newly launched product portion of each HeartBox is designed and packaged and includes a variety of items to celebrate any special occasion. Plus, each HeartBox gift comes with its own high-quality, Build-A-Bear-developed teddy bear that can be gifted with a personalized voice message.

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About Market Research Future:

Market Research Future (MRFR) is a world renowned market research company that offers a wide range of services, with accurate and precise analysis on various markets, sub-markets and target consumers. Our approach is a combination of detailed information and multiple data sources that help provide a comprehensive understanding of the latest major developments to the client, in addition to future events and the actions and decisions to be taken based on them.

Our Rapidly Emerging Markets research firm is armed with a team of skilled research analysts who focus on gathering useful data and analysis in terms of economic and technological advancements. Our knowledgeable analysts conduct industry visits with the aim of obtaining reliable and accurate insights from established market players. One of our main goals is to keep the client well informed of all the lucrative opportunities as well as the challenges surrounding the various global markets. We support our clients step by step, through consulting and strategy services, enabling them to arrive at a practical and effective decision.

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Source URL: https://marketersmedia.com/personalized-gifts-market-to-earn-revenues-worth-usd-3866-billion-in-earnings-by-2027/89061306

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