Coronavirus Creates Challenges, but Also Opportunities for U.S. Food Gifting Market, forecasts Packaged Facts

ROCKVILLE, Md., April 6, 2020 /PRNewswire/ -- Market research firm Packaged Facts forecasts U.S. consumer and corporate food gifting sales will reach nearly $22 billion in 2024, growing at an annual rate of 4% from 2019 values. This estimate is featured in the recently published report Consumer and Corporate Food Gifting in the U.S., 7th Edition.

Although Packaged Facts has a positive forecast for food gifting through 2024, 2020 is expected to be a year of significantly lower growth. Due to the coronavirus, businesses are shutting down and unemployment is rising. An upcoming recession is predicted that will lead to lost consumer incomes, and leading to limited spending on food gifts.

Additionally, while social distancing is in effect to halt the spread of disease, fewer gift-giving occasions may be celebrated in-person (e.g., birthdays, Easter, and potentially Mother's Day and Father's Day depending on how long coronavirus measures are taken).

Businesses will also be spending less on food gifts for employees and have fewer people employed among their ranks, as the coronavirus is causing widespread layoffs and work-from-home days as of early April 2020. Thus, corporate food gifting is expected to see a sharper stall in sales than consumer food gifting.

Despite the negative implications, food gift sales can also benefit from social distancing policies. Food gifts are ideal gifts to send from afar and may bring a sense of comfort to people who cannot be visited in-person, and thus they are a more practical gift in times of economic and personal hardship. Due to many food gift retailers doing significant online business, these products will continue to be ordered online while store closures affect brick-and-mortar operations.

About the Report

Combining Packaged Facts' extensive monitoring of the food and beverage market with proprietary surveys conducted in 2020, Consumer and Corporate Food Gifting is the go-to source for a complete understanding of the U.S. food gifting market. This report evaluates current trends and future directions for marketing and retailing, along with consumer patterns across the food gifting market and broader food and beverage market.

Consumer and Corporate Food Gifting examines product availability; surveys retail channel trends; and analyzes consumer trends and motivations. Supplementing Packaged Facts' exclusive survey is an extensive analysis of Simmons' National Consumer Study, which is based on approximately 25,000 adult respondents surveyed annually. This report contains dozens of numerical tables and charts, as well as numerous product photographs.

Media members please contact our Communications Manager Daniel Granderson at [email protected] for a copy of the report summary. Those interested in purchasing the report can contact Research Specialist Frank Gaines at [email protected] or visit https://www.packagedfacts.com/Consumer-Corporate-Food-Gifting-Edition-13120163/.

About Packaged Facts

Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.

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SOURCE Packaged Facts

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