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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
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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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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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Gifts Novelty and Souvenirs Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3% |
Market growth 2021-2025 |
USD 11.88 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.00 |
Regional analysis |
Europe, North America, APAC, South America, and MEA |
Performing market contribution |
Europe at 35% |
Key consumer countries |
US, China, France, Germany, and UK |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
American Greetings Corp., Archies Ltd., Card Factory Plc, funkypigeon.com Ltd., Hallmark Licensing LLC, PersonalizationMall.com LLC, Redbubble Ltd., Scotts Highland Services Ltd., Spencer Gifts LLC, and The Walt Disney Co. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents:
1. Executive Summary
2. Market Landscape
2.1 Market ecosystem
2.1.1 Parent market
Exhibit 01: Parent market
Exhibit 02: Market Characteristics
2.2 Value chain analysis
Exhibit 03: Value chain analysis: personal products
2.2.1 Inputs
2.2.2 Inbound logistics
2.2.3 Operations
2.2.4 Outbound logistics
2.2.5 Marketing and sales
2.2.6 Support activities
2.2.7 Innovation
3. Market Sizing
3.1 Market definition
Exhibit 04: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 05: Market segments
3.3 Market size 2020
3.4 Market outlook: Forecast for 2020 - 2025
Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4. Five Forces Analysis
4.1 Five Forces Summary
Exhibit 08: Five forces analysis 2020 & 2025
4.2 Bargaining power of buyers
Exhibit 09: Bargaining power of buyers
4.3 Bargaining power of suppliers
Exhibit 10: Bargaining power of suppliers
4.4 Threat of new entrants
Exhibit 11: Threat of new entrants
4.5 Threat of substitutes
Exhibit 12: Threat of substitutes
4.6 Threat of rivalry
Exhibit 13: Threat of rivalry
4.7 Market condition
Exhibit 14: Market condition - Five forces 2020
5. Market Segmentation by Product
5.1 Market segments
Exhibit 15: Product - Market share 2020-2025 (%)
5.2 Comparison by Product
Exhibit 16: Comparison by Product
5.3 Souvenirs and novelty items - Market size and forecast 2020-2025
Exhibit 17: Souvenirs and novelty items - Market size and forecast 2020-2025 ($ billion)
Exhibit 18: Souvenirs and novelty items - Year-over-year growth 2020-2025 (%)
5.4 Seasonal decorations - Market size and forecast 2020-2025
Exhibit 19: Seasonal decorations - Market size and forecast 2020-2025 ($ billion)
Exhibit 20: Seasonal decorations - Year-over-year growth 2020-2025 (%)
5.5 Greeting cards - Market size and forecast 2020-2025
Exhibit 21: Greeting cards - Market size and forecast 2020-2025 ($ billion)
Exhibit 22: Greeting cards - Year-over-year growth 2020-2025 (%)
5.6 Other gift items - Market size and forecast 2020-2025
Exhibit 23: Other gift items - Market size and forecast 2020-2025 ($ billion)
Exhibit 24: Other gift items - Year-over-year growth 2020-2025 (%)
5.7 Market opportunity by Product
Exhibit 25: Market opportunity by Product
6. Market Segmentation by Distribution channel
6.1 Market segments
Exhibit 26: Distribution channel - Market share 2020-2025 (%)
6.2 Comparison by Distribution channel
Exhibit 27: Comparison by Distribution channel
6.3 Offline - Market size and forecast 2020-2025
Exhibit 28: Offline - Market size and forecast 2020-2025 ($ billion)
Exhibit 29: Offline - Year-over-year growth 2020-2025 (%)
6.4 Online - Market size and forecast 2020-2025
Exhibit 30: Online - Market size and forecast 2020-2025 ($ billion)
Exhibit 31: Online - Year-over-year growth 2020-2025 (%)
6.5 Market opportunity by Distribution channel
Exhibit 32: Market opportunity by Distribution channel
7. Customer landscape
Exhibit 33: Customer landscape
8. Geographic Landscape
8.1 Geographic segmentation
Exhibit 34: Market share by geography 2020-2025 (%)
8.2 Geographic comparison
Exhibit 35: Geographic comparison
8.4 Europe - Market size and forecast 2020-2025
Exhibit 36: Europe - Market size and forecast 2020-2025 ($ billion)
Exhibit 37: Europe - Year-over-year growth 2020-2025 (%)
8.3 North America - Market size and forecast 2020-2025
Exhibit 38: North America - Market size and forecast 2020-2025 ($ billion)
Exhibit 39: North America - Year-over-year growth 2020-2025 (%)
8.5 APAC - Market size and forecast 2020-2025
Exhibit 40: APAC - Market size and forecast 2020-2025 ($ billion)
Exhibit 41: APAC - Year-over-year growth 2020-2025 (%)
8.6 South America - Market size and forecast 2020-2025
Exhibit 42: South America - Market size and forecast 2020-2025 ($ billion)
Exhibit 43: South America - Year-over-year growth 2020-2025 (%)
8.7 MEA - Market size and forecast 2020-2025
Exhibit 44: MEA - Market size and forecast 2020-2025 ($ billion)
Exhibit 45: MEA - Year-over-year growth 2020-2025 (%)
8.8 Key leading countries
Exhibit 46: Key leading countries
8.9 Market opportunity by geography
Exhibit 47: Market opportunity by geography ($ billion)
9. Drivers, Challenges, and Trends
9.1 Market drivers
9.1.1 Technological advances leading to product innovation and premiumization
9.1.2 Growing culture of gifting
9.1.3 Increase in inbound international tourism propelling the sales of gift items
9.2 Market challenges
9.2.1 Availability of alternate products for social expression
9.2.2 Seasonal nature of business
9.2.3 Highly complex inventory, supply chain, and merchandising management
Exhibit 48: Impact of drivers and challenges
9.3 Market trends
9.3.1 Increased demand for personalized gift products
9.3.2 Growing demand for non-seasonal gifts
9.3.3 Increased offering of specialized merchandise
10. Vendor Landscape
10.1 Overview
Exhibit 49: Vendor landscape
10.3 Landscape disruption
Exhibit 50: Landscape disruption
Exhibit 51: Industry risks
11. Vendor Analysis
11.1 Vendors covered
Exhibit 52: Vendors covered
11.2 Market positioning of vendors
Exhibit 53: Market positioning of vendors
11.3 American Greetings Corp.
Overview
Product and service
Key news
Key offerings
11.4 Archies Ltd.
Overview
Product and service
Key offerings
11.5 Card Factory Plc
Overview
Business segments
Key offerings
Segment focus
11.6 funkypigeon.com Ltd.
Overview
Product and service
Key offerings
11.7 Hallmark Licensing LLC
Overview
Product and service
Key offerings
11.8 PersonalizationMall.com LLC
Overview
Product and service
Key offerings
11.9 Redbubble Ltd.
Overview
Product and service
Key news
Key offerings
11.10 Scotts Highland Services Ltd.
Overview
Product and service
Key offerings
11.11 Spencer Gifts LLC
Overview
Product and service
Key offerings
11.12 The Walt Disney Co.
Overview
Business segments
Key News
Key offerings
Segment focus
12. Appendix
12.1 Scope of the report
12.1.1 Market Definition
12.1.2 Objectives
12.1.3 Notes and caveats
12.2 Currency conversion rates for US$
Exhibit 89: Currency conversion rates for US$
12.3 Research Methodology
Exhibit 90: Research Methodology
Exhibit 91: Validation techniques employed for market sizing
Exhibit 92: Information sources
12.4 List of abbreviations
Exhibit 93: List of abbreviations
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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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