Gifts Retailing Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the gifts retailing market was valued at USD 13.4 billion in 2022, and a CAGR of 3.1% is expected during the forecast period. The growing popularity of exchanging gifts and the expansion of distribution channels are estimated to fuel market growth. Increasing demand for seasonal decoration coupled with increased social media marketing is anticipated to propel market growth during the forecast period.

Growing research and development activities with an evolution in gifts, along with an increased number of events such as birthdays, weddings, and anniversaries, are driving growth in the region. Growing awareness about gifting culture is propelling the growth of the market. Social media is influencing the market significantly by inspiring people to purchase the products.

Impact of Covid-19

The pandemic had a negative impact on the market. Due to the pandemic, the market had to face a slowdown because of the cancellation of events like marriages and anniversary celebrations. Gathering was strictly prohibited, and this had badly hampered the growth of the market. Disruptions in the supply chain, stringent lockdown, and physical distancing, along with the temporary closure of gift shops, are driving the growth in the market. Growing awareness about gifting cultures is driving growth in the market significantly. The rise in demand for seasonal decorations is driving the growth of the market.

Growth Drivers

Holidays, birthdays, anniversaries, and other special occasions drive increased demand for gifts, leading to spikes in sales during certain times of the year. Consumers increasingly seek unique and personalized gifts, driving growth in customization services and niche gift retailers. The increasing number of online shopping platforms has greatly expanded the reach of gift retailers, allowing them to tap into global markets and reach a broader customer base.

The increasing effect of social media platforms plays a crucial role in driving trends and influencing purchasing decisions as consumers discover gift ideas and share recommendations with their networks. The increasing emphasis on sending and receiving gifts by all classes of people in the world is influencing the market significantly. The increasing contribution by corporate sectors in order to purchase gifts for society is driving growth in the market.

Rising disposable income and increasing urbanization in emerging countries are driving the market towards success. Changing consumer preferences, such as the growing interest of people in eco-friendly productions, are driving the growth of the market significantly. Increasing demand for unique and personalized gifts is propelling growth in the market.

Segmentation

By Type

·         Souvenirs and Novelty

·         Seasonal Gift Item

·         Greeting Cards

·         Giftware

By Application

·         Online

·         Offline

Regional Outlook

·         Asia Pacific

·         North America

·         Europe

·         Middle East and Africa

·         Latin America

Gifts Retailing Market Type Segmentation

On the basis of type, the gifts retail market is segmented into souvenirs, novelty, giftware, gift items, and seasonal decorations. Souvenirs and novelty are expected to dominate the market during the forecast period. Souvenirs in various regions of the world serve as reminders of the travel experience and are sought after by tourists looking to take a piece of the destination home with them. Souvenirs and novelty items come in a wide range of options, from keychains and fridge magnets to traditional handicrafts and apparel. Souvenirs and novelties are usually related to the Middle East and Latin America, which have a strong gift exchange culture, and souvenirs are the popular choice as a gift due to their sentimental value and the ability to evoke memories of shared experiences. Increasing demand for gifts during various festivals and occasions is driving the growth of the market significantly.

Gifts Retailing Market Application Segmentation

On the basis of application, the gifts retailing market is segmented into online and offline. The offline segment is the leading one and is expected to dominate during the forecast period. Increasing growth in e-commerce platforms is driving the demand for gift exchange, and this factor is increasing the revenue in the market. Various e-commerce platforms like Amazon, Flipkart, Alibaba, and Macey’s are contributing to the growth of the market during the forecast period. Several key players play a significant role in the gift retailing market. Offline stores offer a personalized shopping experience where customers interact with products, ask questions, and receive recommendations from sales associates. Offline stores provide immediate access to products, allowing customers to purchase gifts on the spot without having to wait for shipping or delivery.

Regional Outlook

On the basis of the regions, the gifts retailing market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Due to the rising disposable income of the people, the growing number of high-class people, and the presence of key players in the United States of America, this is driving the growth of the market. The influence of social media and increasing investment in research and development are driving the growth of the market. European countries are blessed with rich people, who usually celebrate all the festivals and occasions with full zeal.

Increasing demand for precious gifts in countries like the United Kingdom, Germany, France, Italy, Spain, France, Greece, and Turkey is driving the market towards growth. Increasing industrialization and rising disposable income, along with rapid urbanization, are the key factors behind the growth of the market in the Asia-Pacific region. Emerging markets like India and China have a large population from all communities. They do celebrate all the festivals with full enthusiasm and exchange gifts on a large scale. This factor is crucial to the growth of the market in India, China, Japan, and South Korea.

The gifts retailing market in the Middle East and Latin America varies based on cultural preferences, economic factors, and regional trends. In the Middle East, luxury items and traditional handicrafts are often popular choices, while in Latin America, there is a diverse range of preferences, including handicrafts, textiles, and locally made goods. The market in both regions is influenced by tourism, festivals, and special occasions like weddings and religious celebrations. E-commerce is playing an increasing role in both regions' gift retail sectors, providing access to a wider range of products and customers.

Key Players

·         Alibaba

·         Amazon

·         Flipkart

·         Amazon

·         Macey’s

·         Disney

·         Hallmark

·         Walmart

·         American Greetings

·         Card Factory

·         Other Players