NEW YORK, The global gifts novelty and souvenirs market size is expected to increase by USD 11.88 billion from 2020 to 2025, progressing at a CAGR of 3% during the forecast period.
The report offers a detailed analysis of the current market scenario, COVID-19 impact, the latest trends and drivers, and the overall market environment across various segments such as product (souvenirs and novelty items, seasonal decorations, greeting cards, and other gift items), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and MEA).
Gifts Novelty and Souvenirs Market: Technological advances leading to product innovation and premiumization to drive growth
Innovation and advances in technology have heightened the demand for innovative products. Also, consumers are exhibiting high demand for modern and advanced products that suit the interior of their houses. To meet such growing consumer demands, vendors are continuously investing in R&D to innovate and introduce new products and sustain in the market. This is resulting in the premiumization and expansion of product lines of vendors, which is expected to drive the growth of the market during the forecast period.
As per Technavio, the increased demand for personalized gift products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Gifts Novelty And Souvenirs Market: Increased demand for personalized gift products
Personalized gifts are gaining popularity during occasions such as retirement, promotion, birthdays, New Year, and Women’s Day. The growing popularity of personalized gifts is driving vendors to introduce gift personalization services and develop long-term relationships with customers and encourage them to repeatedly make purchases. This trend is expected to increase the sales of vendors, thereby driving the growth of the global gifts novelty and souvenirs market during the forecast period.
“The growing culture of gifting and increase in inbound international tourism will further accelerate the growth of the market”, says an analyst at Technavio
Gifts Novelty And Souvenirs Market: Segmentation Analysis
This market research report segments the gifts novelty and souvenirs market by product (souvenirs and novelty items, seasonal decorations, greeting cards, and other gift items), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and MEA).
The souvenirs and novelty items accounted for maximum sales in the market in 2021. The growth of the segment can be attributed to evolving consumer buying patterns, which include the purchase of occasion and theme-specific products. To capitalize on this buying behavior, vendors are focusing on introducing a wide range of occasion and theme-based products. Also, the proliferation of online shopping portals that offer a wide variety of gifting products is contributing to the growth of the segment.
Similarly, the market witnessed high sales through offline distribution channels in 2021. The introduction of new business and retail strategies such as product offerings and pricing strategies by vendors have been crucial in driving the growth of the segment. However, sales through offline distribution channels are expected to gradually decline due to the shift in consumer preference for online shopping.
The European region led the gifts novelty and souvenirs market in 2021, followed by North America, APAC, South America, and MEA respectively. During the forecast period, Europe is expected to register the highest incremental growth due to the early penetration of e-commerce in the region. Also, the surge in the number of international tourists and the rise in the number of new players will foster the growth of the regional market during the forecast period.
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