Gifts Novelty and Souvenirs Market Size, Share, Growth, and Industry Analysis, By Type (Souvenirs and Novelty, Seasonal Decorations, Greeting Cards, Giftware, and Others), By Application (Online Retail and Offline Retail), Regional Insights, and Forecast To 2032

Updated On: 08 April 2024

Report Overview

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The global gifts novelty and souvenirs market, estimated at USD 97780 million in the year 2022, is projected to reach a revised size of USD 114260 million by 2028, growing at a CAGR of 2.6% during the forecast period 2022-2028. The COVID-19 pandemic has been unprecedented and staggering, with the gifts novelty and souvenirs market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The gifts novelty and souvenirs market offer a diverse range of products, including souvenirs, novelty items, seasonal decorations, greeting cards, giftware, and more. These items cater to various occasions and customer preferences, making them popular choices for both personal use and gifting. From unique souvenirs that capture memories to innovative seasonal decorations that add charm to celebrations, this market meets the evolving demands of consumers across the globe.

The growing popularity of personalized gifting, especially in the age of social media, has significantly contributed to the market's growth. Consumers are seeking unique and memorable gifts that can be shared with their networks, driving demand for creative and distinctive products. Additionally, the rise of e-commerce has expanded the market's reach, enabling online retailers to offer a wide array of gifts and souvenirs to a global audience. This accessibility and convenience have bolstered market demand.

COVID-19 Impact: Decline in Demand Due to Induced Restrictions on Travel and Tourism

The gifts novelty and souvenirs market experienced a notable decline in demand during the COVID-19 pandemic due to several key factors. Firstly, the pandemic-induced restrictions on travel and tourism significantly reduced the number of potential customers for souvenirs. With fewer people traveling, the demand for travel-related keepsakes and souvenirs diminished considerably.

Secondly, the economic uncertainty caused by the pandemic led to changed consumer spending habits. The economic recession prompted individuals to prioritize essential expenditures over discretionary items like gifts and souvenirs. As disposable income levels were affected and job security became a concern, the demand for non-essential items further declined.

While the pandemic's impact on this market was substantial, there is potential for recovery as travel restrictions ease and economic conditions stabilize. The market's ability to adapt to changing consumer behaviors and embrace innovative strategies will play a pivotal role in its revival, allowing it to regain momentum in the post-pandemic era.

Latest Trends

"Strong Emphasis on Innovative Personalization to Enhance the Emotional Value"

A prominent trend making waves in the gifts novelty and souvenirs market is the strong emphasis on innovative personalization. Consumers are increasingly seeking products that offer a unique touch, whether through customized engravings, monograms, or specially tailored designs. This trend not only enhances the emotional value of gifts but also caters to the growing demand for one-of-a-kind items that stand out.

The appeal of innovative personalization extends beyond the physical product itself, tapping into the modern desire for authenticity and individuality. By allowing customers to infuse their personal sentiments and memories into their chosen items, businesses are enabling a deeper connection between the giver and the recipient. This shift in gifting practices aligns seamlessly with the contemporary aspiration for meaningful possessions – ones that tell stories and encapsulate the giver's thoughtfulness.

As the demand for personalized and unique offerings rises, this trend presents a significant opportunity for businesses to distinguish themselves. Recognizing and responding to the consumer desire for exclusive, personalized creations can foster brand loyalty and establish companies as facilitators of meaningful connections. The impact of this trend underscores the fusion of human emotion with the art of gifting, reshaping the landscape of this market.

Segmentation

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•  By Type Analysis

The market can be segmented into several categories: souvenirs and novelty, seasonal decorations, greeting cards, giftware, and others.

Among these, souvenirs and novelty items remain dominant, capturing the essence of travel experiences and individuality. Their popularity is attributed to the emotional value they hold and their ability to evoke memories.

• By Application Analysis

In terms of application, the gifts novelty and souvenirs market can be divided into online retail and offline retail.

Online retail has experienced exponential growth, driven by the ease of browsing, purchasing, and doorstep delivery. Offline retail, while impacted by the rise of e-commerce, continues to attract customers seeking a tactile shopping experience.

Driving Factors

"Growing E-Commerce Industry and Personalization Trend Fuels Market Growth"

The increasing demand for personalized gifts is a significant driving factor. Consumers value gifts that reflect their emotions and relationships, spurring the market's growth in this direction. Additionally, the growth of e-commerce has amplified market accessibility. Online platforms enable customers to explore a wide variety of options, compare prices, and make informed decisions, driving market expansion.

"Rising Disposable Income Bolsters Premium Souvenirs Demand"

As disposable income levels rise, consumers are more willing to invest in high-quality and unique gifts. This factor has bolstered demand for premium souvenirs, luxury giftware, and other innovative offerings in the market. The desire to make memorable gestures and express emotions through gifts has contributed to sustained market growth.

Restraining Factors

"Economic Uncertainties Create Fluctuations in Product Demand"

Economic fluctuations and uncertainties can impact consumer spending behavior, affecting the demand for discretionary items like gifts and souvenirs. During economic downturns, consumers may prioritize essential purchases over luxury or non-essential items, leading to fluctuations in market demand. On the other hand, during periods of economic prosperity, consumer willingness to invest in sentimental and higher-end souvenirs may surge, contributing to market growth. Such fluctuations highlight the intricate relationship between economic conditions and consumer preferences within the gifts novelty and souvenirs market.

Regional Insights

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"Asia-Pacific Leads Due to Rapid Urbanization and Increasing Disposable Income"

The Asia-Pacific region holds the maximum market share and is expected to maintain its position during the forecast period. Rapid urbanization, increasing disposable income, and a growing consumer base are driving the market's growth in this region. Countries like China, India, and Japan have witnessed significant demand for unique and personalized gifts.

North America holds the second-largest market share and is characterized by its adoption of innovative technologies. The region's strong e-commerce infrastructure, coupled with a tech-savvy population, has driven the growth of online retail and digital gifting solutions.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• American Greetings (U.S.)
• Card Factory (U.K.)
• Hallmark (U.S.)
• Spencer Gifts (U.S.)
• Alibaba Group (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.