Market Dynamics
During the forecast period, the Global Personalized Gifts Market is expected to expand at a significant pace. One of the major factors driving the global personalized gifts market's growth is the demand for 3D printed personalized gifts. Gift personalization has emerged as a major trend that is set to burst in the coming years. The growing popularity of eco-friendly gifts is expected to provide lucrative growth opportunities for vendors in the global customized gifts market. However, the high cost of personalized gifts compared to generic gifts is impeding the global personalization gifts market development. The growing trend of customers exchanging gifts is a major factor driving the global personalized gifts market forward. Since the last decade, there has been a major rise in the gift-exchange trend. The pattern of gift-exchange has increased globally as a result of globalization and recognition of cross-cultural festivals and celebrations. People give gifts for a variety of reasons, including anniversaries, birthdays, friendship days, Valentine's Day, Mother's Day, Father's Day, and various festivals.
Personalized Gifts Market Data
By 2030, Personalized Gifts Market CAGR is anticipated to grow at a 5.75% and reach USD 42,187.3 million.
Furthermore, allowing consumers with innovative ideas to customize their gifts is expected to expand the global customised Personalized Gifts Market Industry. The demand for 3D printed personalised gifts is one of the major factors driving the global personalised gifts market's growth. Furthermore, rapid technical advances have increased the competitiveness and accessibility of the products. When it comes to customised gifts, manufacturers put a heavy focus on consumer needs and habits. Product innovation has proven to be an important tool for satisfying consumer demand and rising profits. Eco-friendly gifts, especially among children's toys, are becoming increasingly common.
The outbreak of COVID-19 has resulted in regional lockdowns, border restrictions, and transportation network breakdowns. Non-essential businesses were ordered to remain closed during the first half of the pandemic as more cities went into lockdown. The consequences of lockdowns in most regions to slow the spread of the novel coronavirus have triggered a deep recession in personalized gifts, which are non-essential goods. Many global factories have temporarily halted operations or reduced their commodity production capability.
Personalized Gifts Market Segment
The personalized gifts market trends is categorized into smaller segments such as distribution channels, product type, and end-users in order to analyze the market.
Based on product type, the global market is further segmented into personalized accessories, personalized chocolates chocolate platters, personalized clothing, personalized diaries desk accessories, personalized gifts for kids, personalized photo frames, wall decoration, and others.
On the basis of end-users, the market is segmented into smaller segments including kids, men, unisex, and women. In 2019, the unisex segment accounted for the largest share, and it is projected to rise at a significant CAGR to hit USD 42,187.3 million by 2030. Due to high volume sales of unisex personalized gifts such as picture frames, chocolates chocolate platters, diaries and desk accessories, demand for unisex personalized gifts is growing around the world.
The distribution channels segment is categorized into store-based (convenience stores, specialty stores, supermarkets hypermarkets, and others) and non-store-based (direct and indirect).
Regional Market Summary
In 2019, Europe had the largest global personalized gift market share, accounting for 37.10 percent. The presence of global producers and providers of personalized gifts, as well as a large fashion industry in the area, are credited with the region's growth, as is the growing demand for personalized goods. Manufacturers of personalized gifts find North America to be an appealing market.
Large-scale retail stores and existing e-commerce sectors are primarily responsible for the growth of personalized gifts in North America. The United States held the largest share of the market for personalized gifts in North America. In 2019, Europe accounted for a sizable portion of the demand for personalized gifts.
Competitive Landscape
The Personalized Gifts Key Market Players are include Archies Limited (India), American Greetings Corporation (US), Redbubble (Australia), Spencer Gifts (US), Card Factory (UK), Etsy Inc. (US), CafePress, Inc. (US), Personalization Mall (US), Hallmark Cards, Inc. (US), and American Stationery (US).
The players operating in the global personalized gifts market are focusing on acquisitions, product launches, and expansions to strengthen their market position and capture a large customer base.
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