May 24, 2021

Report indicates global gifts market will grow

The global gifts retailing market size is poised to grow by USD 6.45 billion during 2020-2024, progressing at a CAGR of almost 2% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Interested parties can download a free sample of the report.

Private-Label

The gift retailing market is driven by the growing popularity of private-label brands. Private-label gifts are becoming a key focus area for retailers across the world. Retailers are selling different types of gifts under their private-label brands also to improve their profitability. Private-label products are priced lower than branded products. Hence, price-sensitive customers are more likely to purchase such gifts.

Gift retailers such as supermarket chains have started allocating more shelf space to private-label offerings and are undertaking in-house marketing and promotional activities. The demand for private-label brands is expected to increase during the forecast period, which, in turn, is expected to support the growth of the global gifts retailing market, in terms of volume sales.

Report Highlights

• The major gifts retailing market growth came from the souvenirs and novelty items segment in 2019, and is expected to witness the fastest growth during the next five years.
• APAC was the largest gifts retailing market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the increasing middle-class population and their rising spending power.
• The global gifts retailing market is fragmented. Amazon.com Inc., American Greetings Corp., Bed Bath & Beyond Inc., Card Factory Plc, Costco Wholesale Corp., Enesco LLC, Hallmark Licensing LLC, Spencer Gifts LLC, The Walt Disney Co., and Williams-Sonoma Inc. are some of the major market participants. To help clients improve their market position, this gifts retailing market forecast report provides a detailed analysis of the market leaders.
• As the business impact of COVID-19 spreads, the global gifts retailing market 2020-2024 is expected to have positive growth. As the pandemic spreads in some regions and plateaus in other regions, we re-evaluate the impact on businesses and update our report forecasts.

Expansion in Distribution Channel and Social Media Marketing will be a Key Market Trend

Existing market vendors focus on distribution-channel expansion strategies to enhance their market reach. Omnichannel retailing and social-media marketing strategies positively impact the growth of the global gifts retailing market.

Omnichannel retailing is executed through multiple retail channels. It is a combination of e-commerce, m-commerce, and brick-and-mortar retailing. Social media marketing enhances brand image, thereby impacting the customer base of the existing market vendors.

Independent gift retailers, which have a minimal financial back-up, benefit significantly from social media marketing. Social media platforms enable the reception of quick consumer responses, which aid the marketers in planning their sales strategies.

Hallmark Licensing, a prominent market vendor, has an impactful presence on YouTube, Facebook, Instagram, Pinterest, and Twitter. Amazon.com and Alibaba Group are the prominent e-commerce retailers that engage in gift retailing. Thus, distribution-channel expansions and social media marketing will propel the demand for gifts during the forecast period.

Gifts Retailing Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist gifts retailing market growth during the next five years
• Estimation of the gifts retailing market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the gifts retailing market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of gifts retailing market vendors