Report ID: SQMIG15H2060
Report ID:
SQMIG15H2060 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
88 |
Figures:
76
Personalized Gift Market size was valued at USD 29.1 billion in 2022 and is poised to grow from USD 30.82 billion in 2023 to USD 48.75 billion by 2031, growing at a CAGR of 5.9% during the forecast period (2024-2031).
Increasing preference of people to send personalized and hand-crafted gifts to their loved ones and friends is projected to bolster the demand for personalized gifts over the coming years. High demand for eco-friendly personalized gifts is also estimated to create new opportunities for personalized gift companies in the future. Companies operating in the personalized gifts market are increasingly focusing on providing products made of organic and natural materials to reduce the environmental impact associated with their production.
Also, there is a significant industry expansion of businesses offering personalized gifts. Due to consumers spontaneous choices, changing preferences and aesthetic appeals, this market experiences a challenge in maintaining a stable gifting solution. Businesses are thus focusing on raising sales and client base through expansions to satisfy the rising end-user demand. They are growing through building an online presence, opening additional stores, and signing contracts with numerous offline and online merchants. It is also projected that rising smartphone usage and rapid digitization will help in the market expansion. Expansion ambitions of companies will improve the availability of their personalized gift offerings at more locations and boost their sales, which will accelerate the market's growth momentum throughout the projection period.
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Report ID: SQMIG15H2060