Personalized Gifts Market to Surpass USD 38.66 Billion
According to a comprehensive research report by Market Research Future (MRFR), “Personalized Gifts Market Information by Product Type, End-User, Distribution Channel, and Region - Forecast till 2027”, the market is forecasted to reach USD 38.66 Billion by 2027 at 5.83% CAGR.To get more news about
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The market scope presents a thorough framework of the personalized gifts market, outlining all the key segments, names of the renowned firms, paired with the predicted growth rate during the review period.
With the objective of bolstering their consumer base across the globe, these companies generally adopt proven effective strategies like acquisitions, partnerships, and product launches. To cite a reference, in February 2021, HPG has entered a partnership with Fracture, a reputed direct-to-consumer firm, to bring the latter’s products into the promotional products sector. Fracture prints can be used in various applications, as a personalized gift, office décor and many more.
Thanks to the diverse options of personalized gifts available in the market and the surge in the purchasing capacity of consumers, especially millennials, the business growth has been quite rapid in the past couple of years. The rise in social and economic standards has resulted in changing purchasing patterns among the consumers worldwide. Affluent lifestyle with the social media playing a major part has heightened the preference for personalized gifting.
Furthermore, the prevalence of the western culture, primarily Father’s Day, Thanksgiving, and Mother’s Day, has set the personalized gifting market off to greater heights in other parts of the world. Additionally, the allure of personalized messages along with the gifts, also lends a massive boost to the market demand.
On the competitive front, mounting number of players are foraying into the global market, challenging the already established firms. Not to mention, the substantial potential and consumers’ rising inclination towards online gifting has been favorable for the overall global industry. Tailor-made gifts are enjoying robust demand while the green gifting trend is emerging faster than ever. With the e-commerce industry touted to reach USD 300 billion by 2023, the personalized gifts market is slated to see considerable growth in the future as well. With the internet usage and smartphone ownership shooting up, the growth of online personalized gifting sector will remain unparalleled throughout the analysis period.
