Global Gifts Novelty and Souvenirs Market 2019-2023
About this market
The increased demand for personalized gift products is identified as one of the key trends that will gain traction in the market throughout the projected period. Some of the varying kinds of gift personalization services include personalized greeting cards, apparel, personalized gifts, and mementos. Technavio’s analysts have predicted that the gifts novelty and souvenirs market will register a CAGR of almost 5% by 2023.Market Overview
Growing culture of gifting
Consumers present various types of gifts as a social expression, especially during festivals. There is a huge demand for gifts such as novelty and souvenirs items that contribute significantly to the market.
Seasonal nature of business
During the second half of the year, the demand for gifts, novelty, and souvenirs is usually high. This is due to the concentration of major festivals and holidays during the period. The overall demand in the market fluctuates substantially on the seasonal demand for gifts.
For the detailed list of factors that will drive and challenge the growth of the gifts novelty and souvenirs Market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies and the competitive environment is quite intense. Factors such as the increased demand for personalized gift products and growing culture of gifting, will provide considerable growth opportunities to gifts novelty and souvenirs market vendors. American Greetings, Card Factory, Hallmark Licensing, Spencer Gifts, and Walt Disney Company are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Gifts Novelty and Souvenirs Market 2019-2023
Technavio recognizes the following companies as the key players in the global gifts novelty and souvenirs market: American Greetings, Card Factory, Hallmark Licensing, Spencer Gifts, and Walt Disney Company.
Commenting on the report, an analyst from Technavio’s team said: “One trend affecting this market is the increased demand for personalized gift products.” Personalization of gifts is a major trend, which boosts the sales and drives the growth of the market.
According to the report, one driver influencing this market is the technological advancements leading to product innovation and premiumization. Advancements in technology and innovations have resulted in a high demand and preferences for gift products.
Further, the report states that one challenge affecting this market is the availability of alternate products for social expression. The high adoption of digital platforms and availability of social expression products are huge emerging challenges for the market.
Walt Disney Company
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