The gifts novelty and souvenirs market size is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global gifts novelty and souvenirs market 2019-2023 (Graphic: Business Wire)
Technological advances leading to product innovation and premiumization is one of the major reasons for the gifts novelty and souvenirs market growth. Consumers are increasingly demanding modern products that suit the interior of houses. There is a high demand for premium gift items, which include home décor products, seasonal decorations, photo frames, and other gift items that can match modern and contemporary interiors. This has compelled vendors to constantly invest in R&D and launch advanced products that will enable them to gain a larger share of the market.
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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 important trends and market drivers that will affect market growth over 2019-2023.
Gifts Novelty and Souvenirs Market: Increased Demand for Personalized Gift Products
Personalization of gifts is one of the popular gifts novelty and souvenirs market trends that will boost market growth. Personalization helps small gift and souvenir retailers to develop long-term relationships with customers and encourage repeat business for the companies. It also adds value to standard gifts. Personalized gifts are also popular as gifts for events such as retirements, promotions, birthdays, and women's day. Several vendors are introducing gift personalization services to address this growing demand. For instance, most major players such as, Walt Disney, Hallmark Licensing, and Card Factory have a dedicated personalization segment for their gift items.
"Other factors such as the increasing demand for non-seasonal gifts, and the growing culture of gifting, will have a significant impact on the growth of the gifts novelty and souvenirs market value during the forecast period," says a senior analyst at Technavio.
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Gifts Novelty and Souvenirs Market: Segmentation Analysis
This market research report segments the gifts novelty and souvenirs marketby product (souvenirs and novelty items, seasonal decorations, greeting cards and other gift items), distribution channel (offline and online) and geography (Americas, APAC and EMEA).
The EMEA region led the gifts novelty and souvenirs market in 2018, followed by the Americas, and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growing gifting culture, rising middle-class population, increasing disposable income, and rise in inbound tourists with high spending power.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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