The global personalized gifts market has the potential to grow by USD 15.92 billion during 2019-2023, and the market’s growth momentum will accelerate throughout the forecast period. According to a recent press release, research analysts at MarketWatch forecast the Global Personalized Gifts Market to grow at a CAGR of 9.52% during the period 2019-2023.
Personal gifting and corporate gifting have evolved by leaps and bounds in the past decade. Though the latter is making up a majority share equalling 80% of the entire market, the advent of a digital economy and rising income levels and aspirations of millennials are also disrupting the overall growth of the personalized gifting market in India as well as globally.
Personalized Gifts Market: Segmentation by Region
I witnessed this shift in gifting as a personal experience when this year I noticed that, every-time my daughter returned from a birthday party, she was gifted a very personalized and exclusive return gift. So, the phenomenon is a house-hold thing today and gaining popularity day-to-day.
Initially, the personalized gifting was limited to photo frames, photo mugs, and pillows. However, factors like creative packaging, personalized notes, monogram engraved boxes, etc. have accelerated the demand for personalized gifting, as such gifts render a seamless gifting experience displaying extra efforts and emphasizing care, thankfulness, and gratitude for the receiver.
The other factors that have influenced the growth of personalized gifting industry are increasing internet penetration and availability of a wide range of customized gifts as a result of innovations in design, material, and technology that helps sellers to fulfill orders with no minimum quantities.
As a result of growth in global personalized gifts market and eCommerce, more and more promotional and gift suppliers and distributors are now complimenting their physical store sales with a self-service online store. The online store will offer its customers the convenience to choose any item, customize it with personal messages and photos, check live previews and pricing and order from the comfort of their home or on the go anytime.
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