The gifts retailing market has shown strong growth, expanding from $14.05 billion in 2023 to $14.77 billion in 2024, with a compound annual growth rate (CAGR) of 5.1%. This growth is attributed to increasing online shopping, demand for personalized gifts, and high consumer spending during holidays. The market is expected to reach $18.11 billion by 2028, growing at a CAGR of 5.2%. Key drivers include ongoing e-commerce expansion, AI integration for personalized shopping, and a focus on sustainable products. Trends to watch include personalization, subscription-based gifting, and the rise of smart and connected devices.
Major Driver In The Gifts Retailing Market
The shift to online shopping is anticipated to boost the growth of the gift retailing market. Online shopping, which involves purchasing goods through e-commerce platforms, is increasing due to its convenience, broad product selection, competitive pricing, and ease of comparison. The gift retailing market benefits from this shift by offering a diverse range of customizable and unique products. The Census Bureau of the Department of Commerce reported that U.S. retail e-commerce sales reached $289.2 billion in the first quarter of 2024, reflecting a 2.1% increase from the fourth quarter of 2023. This shift towards online shopping is driving the growth of the gift retailing market.
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Gifts Retailing Market Competitive Landscape
Walmart Inc., Amazon.com Inc., Costco Wholesale Corporation, Alibaba Group Holding Limited, The Walt Disney Company, Macy's Inc., Williams-Sonoma Inc., Spencer Gifts LLC, Hallmark Cards Inc., American Greetings Corporation, Shutterfly Inc., Card Factory, Enesco LLC, The Paper Chase, Ferns N Petals Private Limited, House of Fraser Limited, Aldi Stores Limited, Loop Commerce Inc., My Pet Gift Box Limited, Penney OpCo LLC
Key Gifts Retailing Market Trend
In the gift retailing sector, companies are adopting artificial intelligence (AI)-powered personalized shopping tools to elevate the shopping experience. These tools utilize AI and data analytics to offer tailored product recommendations. For example, in January 2024, Etsy Inc., a US-based gifting company, introduced Gift Mode, an AI-powered shopping tool designed to enhance the gift selection process. This tool combines AI and human curation to help shoppers find gifts that match the recipient’s specific interests, making the shopping experience more interactive and personalized.
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Gifts Retailing Market Segmentation
The gifts retailing market covered in this report is segmented –
1) By Type: Souvenirs And Novelty Items, Seasonal Decorations, Greeting Cards, Giftware, Other Gift Items
2) By Occasion-Specific Gifts: Birthday Gifts, Anniversary Gifts, Holiday Gifts, Graduation Gifts
3) By Personalization Trends: Customized Packaging, Engraving And Embroidery
4) By Retail Channels: Brick-And-Mortar Stores, E-Commerce Platforms, Specialty Gift Shops
By Geography:The regions covered in the gifts retailing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the gifts retailing market in 2023.
The Gifts Retailing Global Market Report 2024 furnishes information about the global gifts retailing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
