Personalized Gifts Market Is Projected To Reach USD 53,948.50 million During The Forecast Period (2024-2032)

Market Research Future (MRFR) has published on the “Global Personalized Gifts Market”.

Market Synopsis

According to the MRFR analysis, the Personalized Gifts Market was valued at USD 30,754.10 million in 2023 and is projected to reach USD 53,948.50 million by 2032 at a CAGR of 6.50 %.

The personalized gifts market is expected to grow in future owing to the growing desire for unique and thoughtful presents other than conventional options. The industry offers a diverse range of products, from personalized jewelry and custom home décor to bespoke clothing and monogrammed accessories. The rise of e-commerce platforms has contributed significantly to the market's growth, allowing consumers to explore, create, and order personalized presents from the comfort of their own homes. Individuals can make meaningful connections with their gift-giving gestures by including a personal touch, such as names, dates, or special messages. Consumers are increasingly looking for ways to distinguish themselves and exhibit their personality, and personalized presents are an excellent way to do so.

From honoring events like weddings and birthdays to expressing thanks or celebrating friendship, personalized presents offer a varied and sincere mode of communication. The market appeals to a wide range of people, including those looking for unique gifts for family members, friends, and even corporate clients. Businesses have also embraced the trend, utilizing personalized presents as an effective tool for staff recognition, client appreciation, and corporate branding. Technological improvements have boosted the personalized gifts sector, allowing for more advanced personalization choices. 3D printing, laser engraving, and digital printing technologies have greatly improved the precision and ingenuity with which personalized presents can be created. This has resulted in an infusion of creative products and designs, broadening the market's options beyond conventional commodities. Social media and online reviews have played an important role in boosting awareness and influencing purchasing decisions, as people share their personalized gift experiences, contributing to the market's organic growth.

However, the personalized gifts market continues to grow, issues such as maintaining quality standards, fulfilling delivery deadlines, and negotiating intellectual property concerns remain for enterprises in this area. However, as customers value meaningful and lasting interactions over material goods, the personalized gifts market is expected to remain a dynamic and evolving force in the retail scene, providing a distinct blend of creativity, sentimentality, and originality.

Based on the product type, the personalized gifts market is further bifurcated into edibles, photo frames & home décor, personalized accessories, and others. Edibles segment is divided into Chocolate, Biscuits, Baked Snacks, and Others. The edibles segment dominated the market with a value of USD 11.76 billion in 2023 and is expected to reach USD 20.61 billion by 2032.

On the basis of end user, the market is segmented into men, women, unisex, and kids. The unisex segment was valued at USD 12.78 billion in 2023 and is expected to attain the value of USD 24.15 billion by 2032 with a CAGR of 7.33% from 2024 to 2032.

Based on distribution channel, the personalized gifts market is divided into offline and online. The offline segment is further segmented into hypermarkets/supermarkets and specialty stores whereas the online segment is divided into e-commerce and company website. The offline segment accounted for the 56.73% share of the personalized gifts market in 2023 whereas online segment is expected to witness the highest growth at a CAGR of 8.09% during the forecast period.

Based on region, the personalized gifts market is divided into North America, South America, Asia Pacific, Europe, and MEA. North America region accounted for the 34.24% share of the personalized gifts market in 2023 whereas Asia Pacific segment is expected to witness the highest growth at a CAGR of 8.07% during the forecast period.

Access full report @ https://www.marketresearchfuture.com/reports/personalized-gifts-market-10348

COVID-19 Impact on the Personalized Gifts Market

The outbreak of COVID-19 has resulted in a lockdown across regions, border restrictions, and breakdown of transportation networks. The economic uncertainty due to the COVID-19 outbreak is much higher than past outbreaks such as the severe acute respiratory syndrome (SARS), avian flu, swine flu, bird flu, and Ebola, owing to the escalating number of infected people and the uncertainty about when the crisis is likely to come to an end. According to the International Monetary Fund, the global economy is projected to contract by around 3% in 2020, worse than what was experienced in the 2009 global financial crisis. The spike in essential goods such as sanitizers, masks, household essentials like toilet paper and bread were stocked up by customers. Most of the customer's budget was shifted to essential goods, and a major downfall in non-essential businesses was observed. As more cities went into lockdown, non-essential businesses were ordered to remain closed during the first half of the pandemic. Personalized gifts being nonessential goods have faced deep recession during the period caused by the effects of lockdowns in most of the geographies to slow down the spread of the novel coronavirus. As a result, the demand for personalized gifts has virtually collapsed for the period and is unlikely to be revived until the government lifts their restrictive policies.

The COVID-19 has a major impact on the consumer goods industry, reshaping market dynamics, consumer behavior, and supply chain operations. As the virus spread globally, lockdowns, social distancing measures, and economic uncertainties significantly altered the landscape of how consumers engage with and purchase goods. The most immediate and biggest impact was seen in shifting consumer priorities and preferences. With the pandemic prompting widespread lockdowns and work-from-home arrangements, there was a notable surge in demand for certain product categories while others faced a decline. Essential goods, including groceries, personal hygiene items, and home cleaning products, experienced a spike in demand as consumers prioritized health and safety. In contrast, discretionary spending on non-essential items, such as apparel, luxury goods, and travel-related products, faced a substantial downturn as consumers curtailed spending due to economic uncertainties and lifestyle changes. The e-commerce sector witnessed a significant acceleration during the pandemic, driven by lockdowns and restrictions on physical retail spaces. Consumers increasingly turned to online platforms for their shopping needs, accelerating a trend that was already underway but gained new urgency during the pandemic. E-commerce giants experienced unprecedented demand, prompting businesses to adapt and optimize their digital strategies to meet the surge in online shopping. The importance of a robust online presence and streamlined e-commerce operations became evident, and businesses that had invested in digital capabilities fared better in navigating the challenges posed by the pandemic.

The immediate and tangible impact was seen in altered purchasing patterns, with a surge in demand for certain categories of personalized items while others faced a downturn. With people spending more time at home, there was a noticeable rise in the demand for personalized home decor, custom accessories, and unique gifts that could bring a sense of warmth and connection to loved ones. Conversely, categories associated with events and gatherings, such as personalized parties or wedding-related items, experienced a decline as large gatherings became restricted. The ability to adapt to these changing consumer preferences became paramount for businesses in the personalized gifts market. With brick-and-mortar stores facing closures and consumers opting for the safety of online shopping, businesses that had a robust digital presence and efficient e-commerce operations were better positioned to navigate the challenges. Online platforms provided a convenient avenue for customers to browse, customize, and order personalized gifts from the safety of their homes. Companies that invested in user-friendly websites, intuitive customization tools, and seamless online ordering processes gained a competitive edge. The acceleration of e-commerce trends highlighted the importance of a strong online strategy, including digital marketing efforts and social media engagement, for businesses within the personalized gifts market. Consumer sentiment toward personalized gifts also evolved in response to the pandemic. As people sought meaningful ways to connect with loved ones during periods of isolation, the demand for personalized gifts that conveyed thoughtfulness and sentimentality increased.

Competitive Landscape

The global personalized gifts market is likely to grow with a CAGR of 6.5% during the forthcoming years. The major factors associated with the surging demand for personalized gifts are growing popularity of online shopping, rising demand for unique and meaningful gifts, and rise of DIY culture. The growing popularity of online shopping has provided consumers with convenient access to a diverse range of customizable options, allowing them to tailor gifts to individual preferences. In addition, the skyrocketing demand for demand for unique and meaningful gifts among the individuals to enhance their personal connections in their relationships are bolstering the overall market growth across the globe. Moreover, the rise of the do-it-yourself (DIY) culture has empowered people to show their creativity and craft personalized items, promoting a desire for customized gifts that have sentimental value. These are the major factors that are driving the market growth in the global personalized gifts market during the forecast period. Furthermore, social media influence, and corporate gifting trends are the major factors which are creating opportunities for the global personalized gifts market during upcoming years. Security and privacy concerns, and cost constraints are the major restraints that have been considered for the analysis of the global personalized gifts market. However, counterfeiting, intellectual property infringement, and quality concerns are the major challenges which are anticipated to hamper the overall market growth during forthcoming years. Based on the above-mentioned market dynamics the players associated with the global personalized gifts market can create their offerings as well as expand their geographic presence to gain momentum and increase their profitability in the global market.

Segmentation

By Product Type:  

Edibles:  Edibles personalized gifts refer to food items or treats that are customized with a unique design, message, or image, making them a thoughtful and personal way to show appreciation or celebrate special occasions. These gifts can range from chocolate bars with printed messages or logos, to personalized cookies or cakes, and even customized beverages or candies. The process of creating personalized edibles involves using various techniques such as printing, molding, or coating to add the desired designs onto the food item. This process allows for a wide range of customization options, from simple text messages to intricate images or logos.

Corporate entities also recognize the value of personalized edibles as effective marketing tools and employee rewards. Custom-branded chocolates, cookies, or other confectionery items can help build brand awareness and loyalty among customers and employees alike. Personalized edibles can also serve as creative and delicious alternatives to traditional promotional merchandise. Personalized edibles have gained significant popularity in recent times due to their ability to evoke emotions and create memorable experiences. They make excellent gifts for various occasions such as birthdays, anniversaries, weddings, corporate events, and holidays. For instance, a personalized birthday cake with a favorite character or message can bring joy and excitement to children, while a box of customized chocolates with a heartfelt message can express deep affection and love on romantic occasions. With the rise of online shopping platforms and easy delivery options, personalized edibles have become easily accessible and convenient to purchase.

Consumer preferences for personalized edibles continue to shift towards healthier options, leading to the emergence of artisanal and organic offerings in this segment. Consumers today prefer natural ingredients, minimal processing, and ethical sourcing when choosing personalized edibles as gifts. Additionally, dietary requirements and allergens are becoming increasingly important considerations, driving the demand for gluten-free, vegan, and allergy-friendly options. Market drivers for the personalized edibles segment include increasing disposable income levels, a growing trend towards experiential gifting, and the convenience offered by online ordering platforms. Moreover, advancements in technology, such as 3D printing and digital imaging, enable greater creativity and customization possibilities, adding to the appeal of personalized edibles as unique and desirable gifts.

Photo Frames & Home Decor:    Photo frames are borders or casings designed to hold and protect artwork, photographs, or other objects, while personalized photo frames allow individuals to add customization elements such as names, dates, images, or messages to enhance the presentation and sentimental value of photos. On the other hand, home decor refers to any item used to improve the aesthetic appeal of living spaces, including wall art, rugs, curtains, lighting fixtures, furniture, and various types of accessories. Customizing home decor with personalized touches adds a unique touch and enhances its functionality and visual appeal.