Gifts Novelty and Souvenirs Market Size 2024-2028

The gifts novelty and souvenirs market size is forecast to increase by USD 18.62 billion, at a CAGR of 4.36% between 2023 and 2028. The growth of the market depends on several factors, including technological advances leading to product innovation and premiumization, which enhance the appeal and value of gift items. Additionally, the growing culture of gifting fosters increased consumer spending on diverse and personalized gifts. The increase in inbound international tourism further propels market sales by boosting demand for unique and locally sourced gift items among tourists seeking souvenirs. Together, these elements technological advancements, the rising gifting culture, and heightened tourism create a dynamic environment that drives market expansion and fuels continued growth in the gift industry.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics

The market is a vibrant and diverse industry, encompassing a wide range of products from Seasonal Decorations and Greeting Cards to Giftware, Trinkets, and Mementos. This market is heavily influenced by Culture and Travel and Tourism, with landmarks, curiosities, humor, and fun playing key roles in attracting Customers. Novelty items, such as souvenirs from past experiences, serve as cherished Memories and reminders of special moments. The market's expansion is driven by the increasing popularity of E-commerce platforms, making it easier than ever for customers to purchase these items from anywhere in Worldwide tourism. Specialization in specific areas, such as humor or fun, can help businesses stand out in a crowded market. Consumer desires and Interests continue to shape the industry, with a focus on creating unique and personalized gifts that bring Laughter and Joy. Overall, the Novelty and Souvenirs market is a thriving industry that continues to evolve and adapt to the changing needs and preferences of its customers.

Key Market Driver

The technological advances leading to product innovation and premiumization are the key drivers for gifts novelty and souvenir market. There is a very fragmented market for novelty gifts and souvenirs which is expected to grow in importance over the coming years. The new, unique, and updated gift products drive the sales of the market. Innovation and technological advances have heightened the demand and preferences for innovative products. Technological, feature and design innovations form a major part of product innovation.

However, with the growing purchasing power and rising disposable income, customers are gradually increasing their spending on gifts, novelty, and souvenirs. This has increased demand for high-quality gift items and contributed to growth in the market. The growth in product premiumization and product line extension, coupled with the growing customer expenditure on gifts, will drive value sales, thereby driving the growth of the market in focus during the forecast period.

Key Market Trends

The increased demand for personalized gift products is a key trend in the gift novelty and souvenir market. The primary trend that fuels growth in the market is the personalization of gifts, which helps to increase sales and enables it to grow. It also helps small gift and souvenir retailers develop long-term relationships with customers and encourage repeat business for the companies. It also adds value to standard gifts. Some of the different kinds of gift personalization services are Personalized greeting cards, personalized gifts, mementos, and apparel.

Moreover, this evolving trend heightens the profit margins of the players offering gift personalization services. Personalized gifts account for a large part of the revenue generated by Getting Personals websites. This growing trend and demand for personalized gifts are expected to fuel the market's growth in focus during the forecast period.

Key Market Challenge

The highly complex inventory, supply chain, and merchandising management is a major challenge faced by the gifts novelty and souvenirs market. The market's inventory, supply chain, and merchandising management are highly critical and face various implications. This is due to fluctuating demand and policy changes of retailers and warehouse owners. The fluctuations increase the criticality of back-end operation strategies of gift manufacturers and limit the growth of the market.

In addition, the manufacturers are also supposed to judge the market efficiently and manufacture products for high seasonal demand. However, the risks involved in this overstock of products for seasonal demand are enormous, since it may lead to significant returns or inventories being written off by manufacturers. Few concerns impact the smooth operations of the market and pose challenges for the. Owing to these factors, the market in focus is expected to witness a hindrance in growth during the forecast period.

Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

 Customer Landscape

Who are the Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Alibaba Group Holding Ltd.- The company offers novelty and souvenirs such as Parrot Head Shape Umbrella, Custom acrylic jewelry Boxes, and 3D soft silicone luggage tag.

The market growth and forecasting research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• American Greetings Corp.
• American Stationery Co. Inc.
• Archies Ltd.
• Card Factory Plc
• Cimpress Plc
• Consortium Gifts Pvt Ltd
• Enesco LLC
• Ferns N Petals Pvt. Ltd.
• funkypigeon.com Ltd.
• Hallmark Card Inc.
• Memorable Gifts
• PersonalizationMall.com LLC
• Redbubble Ltd.
• Scotts Highland Services Ltd

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Largest-Growing Segment in the Market?

The souvenirs and novelty items segment is estimated to witness significant growth during the forecast period. Souvenirs and novelty items are often used as presents. They are used to cherish special moments, places, and memories. In line with the evolving consumer purchasing patterns including occasion and theme-specific purchases, there is a growing demand for souvenirs and novelty items.

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The souvenirs and novelty items segment was the largest segment and was valued at USD 22.14 billion in 2018. The evolution of online shopping has had a significant impact on the market. Apart from the ease that online shopping offers, a detailed catalog with defined product categories that are available on retailers' websites has also helped retailers build a comfortable shopping experience for digital buyers. There are a wide variety of products, from many companies, available on the internet shopping portals.

Which are the Key Regions for the Market?

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Europe is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The demand for premium products and customized gifts in the UK, France, Italy, Spain, and Germany is the highest in Europe. The early penetration of the e-commerce market in the region also boosts the growth of the gifts novelty and souvenir market. The growing e-commerce market for gift retailing further creates a significant impact on the market. 

As a result, manufacturers are also given the opportunity to grow their omnichannel presence and penetrate unpenetrated markets. Personalization of gifts is a major trend in the market. Therefore, the growth of international inbound tourism, increasing demand for an offering of innovative and premium products, and the introduction of new players will fuel the growth of the market in Europe during the forecast period.

Segment Overview

The market research and growth report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Product Outlook  
  • Souvenirs and novelty items
  • Seasonal decorations
  • Greeting cards
  • Giftware and others

• Distribution Channel Outlook  
  • Offline
  • Online

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Argentina
    • Brazil

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Market Analyst Overview 

The market is a vibrant and diverse industry, encompassing a wide range of products from seasonal decorations and greeting cards to giftware, trinkets, and mementos. This market is driven by various factors, including the rising disposable income of consumers, cultural connections, and the appeal of personalization. Travel and tourism play a significant role in the Novelty and Souvenirs market, with customers seeking to bring home memories of their past experiences and unique curiosities from different parts of the world. The market caters to various consumer desires and interests, offering a wide range of products from landmarks and humor to fun and specialization. The market is expanding rapidly, with both online retail and offline retail channels experiencing growth. E-commerce platforms have gained popularity due to their convenience and accessibility, while offline retail stores continue to provide a tactile and immersive shopping experience.  In addition, driving factors for the market include economic uncertainties, which have led consumers to seek out affordable and emotionally valuable gifts. Sustainability is also becoming a key consideration, with consumers increasingly seeking out sustainable products, sustainable materials, and environmentally responsible packaging.

Despite these trends, the market is not without challenges, including supply chain disruptions and raw material availability. Manufacturing processes must adapt to meet changing consumer demands and ensure the highest quality and appeal. Overall, the market is a dynamic and exciting industry, offering endless opportunities for creativity, innovation, and growth. The market thrives on emotional value and regional insights, driven by key industry players and internet shopping sites. The marketplace adapts to novelties and raw materials amid geopolitical conflicts, natural disasters, and logistical obstacles. Seasonal fluctuations and rising demand for eco-conscious products and sustainable practices shape distribution channels through online platforms, brick-and-mortar stores, and the digital marketplace. Global tourism and keepsakes from local craftsman fuel cultural exploration and new ideas. High-end items by major brands like Disney reflect the market landscape and market influencing factors, with company profiling revealing financial health.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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