What Is The Overview Of The Global Personalized Gifts Market?
Personalized gifts refer to items that have been customized to include specific details unique to the recipient, such as their name, initials, photo, or a special message. The process involves tailoring standard products to create unique, meaningful presents for various occasions, such as birthdays, weddings, anniversaries, and holidays.
Personalized Gifts Global Market Report 2024 provides data on the global personalized gifts market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Personalized Gifts market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Personalized Gifts?
The personalized gifts market size has grown significantly in recent years. It will increase from $26.18 billion in 2023 to $28.47 billion in 2024, achieving a compound annual growth rate (CAGR) of 8.7%. This historic growth is driven by rising demand for unique and customized products, advancements in personalization technology, a growing consumer preference for individualized experiences, and the expansion of e-commerce platforms. The market is projected to grow further to $40.02 billion by 2028, with a CAGR of 8.9%, due to factors such as increased spending capacity, the influence of social media trends, the rising popularity of personalized gifts, and growing use of data analytics for targeted marketing. Major trends expected during this forecast period include a focus on apparel, personalized home décor, custom-made jewelry, tech gadgets, bespoke beauty and skincare products, personalized food and beverages, and custom-printed stationery.
What Factors Are Driving Growth In The Personalized Gifts Market?
The rising interest in festive season gifting is projected to boost the growth of the personalized gift market. Festive season gifting, which involves exchanging thoughtful presents during holidays or special occasions, is fueled by heightened consumer sentiment, increased disposable incomes, and a growing trend towards personalized and meaningful gift exchanges. Personalized gifts are particularly valued during the festive season for their sentimental value and ability to create lasting memories, aligning with the celebratory spirit of holiday traditions. For example, in October 2023, a survey by the National Retail Federation, a US-based retail trade association, revealed that winter holiday celebrants plan to spend an average of $875 on seasonal items, $42 more than in 2022, with $620 allocated for gifts. Additionally, nearly 23% of people intend to give experiential gifts, up from 19% in 2021. Therefore, the increasing interest in festive season gifting is expected to drive the personalized gift market.
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What Are The Main Segments Of The Global Personalized Gifts Market?
The personalized gifts market covered in this report is segmented –
1) By Type: Personalized Clothing, Chocolate Platters, Personalized Accessories, Personalized Diaries, Desk Accessories, Other Types
2) By Distribution Channel: Online, Offline
3) By End-User: Women, Unisex, Kids, Men
What Emerging Trends Are Influencing The Growth Of The Personalized Gifts Market?
Firms in the personalized gifts market are emphasizing advanced solutions like AI-based gift recommendation services to enhance customer experiences and boost sales. AI-driven gift recommendations use data analysis and machine learning to suggest personalized gifts. For example, Etsy Inc., a U.S.-based company, introduced Gift Mode in January 2024. This AI-based service curates personalized gift ideas based on recipient preferences and occasions, allowing users to create gift teasers or keep gifts as surprises.
What Is The Largest Region In The Personalized Gifts Market?
Europe was the largest region in the personalized gifts market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the personalized gifts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
