Technavio's Gifts Novelty and Souvenirs Market Research Report Highlights the Key Findings in the Area of Vendor Landscape, Key Market Segments, Regions, and Latest Trends and Drivers

NEW YORK, Jan. 17, 2022 /PRNewswire/ -- The latest gifts novelty and souvenirs market research report by Technavio infers that the growing culture of gifting is driving this market's growth, resulting in market growth of USD 11.88 billion from 2020 to 2025. 

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Vendor Landscape

The market structure is expected to remain fragmented during the forecast period. Vendors are deploying growth strategies such as building brand and brand equity to compete in the market.

American Greetings Corp., Archies Ltd., Card Factory Plc, funkypigeon.com Ltd., Hallmark Licensing LLC, PersonalizationMall.com LLC, Redbubble Ltd., Scotts Highland Services Ltd., Spencer Gifts LLC, and The Walt Disney Co., among others, are some of the few key vendors competing to maintain their market position in the market.

Various players in the market are engaging in strategic partnerships to up their game in the apparel, accessories & luxury goods industry. For instance, in March 2021, American Greetings, in partnership with Actress Marlee Matlin, launched Innovative Sign Language Digital Greeting.

View more about the market's vendor landscape highlights with a comprehensive list of vendors and their offerings.

Key Market Segmentation

• Gifts Novelty And Souvenirs Market: Product Landscape: 
• Souvenirs and novelty items: 
• The souvenirs and novelty items segment will have significant market share growth during the forecast period.
• The demand for souvenirs and novelty items is increasing, along with evolving consumer buying pattern, which includes occasion and theme-specific product purchases. The evolving customer purchase pattern has encouraged vendors to introduce occasion and theme-based products.
• Seasonal decorations
• Greeting cards
• Other gift items

• Gifts Novelty And Souvenirs Market: Distribution Channel Landscape:
• Offline
• Online
• Gifts Novelty And Souvenirs Market: Geographic Landscape
• Europe
• North America
• APAC
• South America
• MEA

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Regional Market Outlook

Europe will contribute to 35% of the market growth during the forecast period. The growth of this region can be attributed to the early penetration of the e-commerce market. Market growth in this region will be faster than the growth of the market in South America.

Apart from regions, if we look at the country-wise market growth, France, Germany, and the UK will contribute to the highest market growth.

Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.

Latest Trends and Drivers in the Gifts Novelty and Souvenirs Market

• Market Driver:
• Technological advances that lead to product innovation and premiumization:

Consumers are increasingly preferring modern products that suit the interior of their houses. This is encouraging vendors to invest in R&D and introduce advanced products to sustain themselves in the market. The demand for innovative products such as digital and illuminated photo frames as gifts and showpieces is increasing. Customers are gradually increasing their spending on gifts, novelty, and souvenirs. This has driven the demand for premium gift items. With technological advancements leading to product innovation and premiumization, the sales of gifts and souvenirs will rise, driving the growth of the gifts novelty and souvenirs market.

• Market Trend:
• Increased demand for personalized gift products:

Personalization of gifts helps small gift and souvenir retailers develop long-term relationships with customers. It also encourages repeat business for the companies. Personalized gifts are used for occasions such as birthdays, New Year, Women's Day, retirement, and promotion. Vendors are introducing gift personalization services to address this growing demand for personalized gifts. This growing trend and demand for personalized gifts are expected to fuel the market during the forecast period

Find additional information about various other market drivers & trends mentioned in our FREE sample report.

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