April 24, 2020

Personalized Gifts Market Key Development Opportunities Hidden In Emerging Economies

Personalized gift traditionally meant gifts that carry a person’s specific details such as full name, first name, surname and initials on them. In recent years personalized gifts are delivered in several ways with unique designs, photos, and logos. Such gifts are also done with variety of styles, colors and techniques in order to accommodate the personal preference. Personalized gifts gained importance with the rise in digitalization and modern manufacturing processes and technology. These gifts are prepared in order to make the consumers special. Exclusivity of a particular product was traditionally expensive. However rapid prospects in technology have made the products more affordable and easily accessible. Manufacturers focuses upon consumer preferences and behaviors towards personalized gifts. Product innovation has become a key strategy in order to satisfy consumer demand and maximize the sales. Eco friendly gifts are also gaining importance particularly in the section of the children’s toys. Rising internet facilities and presence of wide range of options are triggering the growth rate of the global personalized gifts market.

The global personalized gifts market are segmented on the basis of different product type and distribution channel. On the basis of product type the global personalized gifts market are segmented into photo personalized gifts and non-photo personalized gifts. Non photo personalized gifts are gaining importance and are expected to capture a significant market share. This is mainly due to the rise in demand for watches, jewelries, clothing, key chains and electronic gadgets. The market has been further segmented on the basis of distribution channel namely online distribution channel and offline distribution channel. Offline distribution channel are further segmented on the basis of super markets, hyper markets specialty stores, convenience stores and departmental stores. Offline stores are anticipated to dominate the market due to the extended period warranty and easy convenience.

The global personalized gifts market are mainly driven by growing culture of gifting in different occasions. Advancements in new technology resulted in the development of innovative products and are considered to be more appealing among the consumers. Seasonal decorations which include decorative cups, plates, home and wall décor in several occasions such as Christmas, Halloween and others are resulting to a positive impact to the global personalized gifts market. Additionally, providing customization facilities among the consumers with new ideas are expected to generate opportunities to the global personalized gifts market. However problems associated with inventory, merchandising management and supply chain in the developing regions are restraining the global personalized gifts market. Moreover, in North America, Europe the tradition of gifting are normally found on specific occasions such as in Christmas and wedding seasons. Thus seasonal nature in business are also restraining the global personalized gifts market.