Gifts Novelty And Souvenir Market Overview
Gifts Novelty and Souvenir Market Size was estimated at 131.88 (USD Billion) in 2022. The gifts novelty and souvenir market industry is expected to grow from 138.07(USD Billion) in 2023 to 208.45 (USD Billion) by 2032. The Gifts Novelty and Souvenir Market CAGR (growth rate) is expected to be around 4.69% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Gifts Novelty And Souvenir Market Trends Highlighted
The gifts, novelty, and souvenir market is characterized by constant evolution and innovation. Key market drivers include rising disposable incomes, increasing demand for personalized and unique gifts, and the growth of e-commerce. Recent trends have seen an emphasis on sustainable and eco-friendly souvenirs, as well as a surge in demand for personalized and experiential gifts.
The market is also witnessing a growing presence of online marketplaces, expanding the reach and accessibility of gifts and novelties. To capture these opportunities, market players are exploring strategies such as expanding product portfolios, focusing on online presence, and leveraging advanced technologies like personalization tools and augmented reality experiences.
Gifts Novelty And Souvenir Market Drivers
Rising Popularity of Experiential Gifting
Today, within the context of fast-paced and digital development, consumers are in need of more meaningful and profound ways of reaching out to other people. The phenomenon in question can be pinpointed to a rise in the popularity of experiential gifting, which implies that people are providing each other with information on the location of a particular place or activity rather than sending a present. Naturally, the identified trend has made a considerable impact on the development of the Gifts Novelty And Souvenir Market since people are in more demand of unique and memorable gifts that will help them and their family members make new memories.
Cooking classes, wine tastings, and spa treatments certificates currently make up for some of the most popular forms of gifting. It is expected that, in the following years, the current trend will be a major factor in contributing to the increase in growth rates in the Gifts Novelty And Souvenir Market and that an increasing number of individuals will begin prioritizing experiences over belongings.
Growth of Online Marketplaces
The development of online marketplaces makes it possible for consumers to easily look for and buy all kinds of gifts. As a result, online sales of gifts and souvenirs became an increasingly popular option. Unlike traditional brick-and-mortar outlets, online marketplaces offer a larger selection of products along with lower prices. Moreover, customers experience no difficulty looking for the best price options and reading the reviews. This, however, means that the said trends are likely to define the direction of the Gifts Novelty And Souvenir Market’s growth in years to come.
Increasing Demand for Personalized Gifts
Consumers are increasingly looking for gifts that are unique and personalized. This trend is being driven by the rise of social media, which has made it easier for people to share photos and videos of their gifts. As a result, consumers are more likely to choose gifts that will make a statement and stand out from the crowd. This trend is expected to continue to drive growth in the Gifts Novelty And Souvenir Market in the coming years.
Gifts Novelty And Souvenir Market Segment Insights
Gifts Novelty And Souvenir Market Product Type Insights
Gifts Novelty And Souvenir Market are segmented into gifts, novelty, and souvenirs based on product types. The gifts segment had the largest market share in the market in 2023, and it is expected to continue dominating the market during the forecast period. The growth of gifts can be attributed to the increasing popularity of gifting among individuals and corporates. The novelty segment is expected to grow at a high rate during the forecast period due to the rising demand for unique and new items. The souvenirs segment is also expected to grow at a steady rate because of the increasing number of tourists and travelers.
In 2023, the market was valued at USD 145.37 billion, and it is expected to be USD 187.39 billion by 2027, with a CAGR of 4.3% during the forecast period. The high growth rate can be attributed to the increasing disposable income of consumers, the growing popularity of online shopping, and the increasing trend of gifting. The largest market for gifts, novelty, and souvenirs will be the Asia-Pacific during the forecast period. The high growth in the market can be attributed to the increasing population, the disposable income of consumers, and the growing popularity of online shopping.
The North America and Europe regions will also experience high growth in the gifts, novelty, and souvenirs market. The Gifts Novelty And Souvenir Market are Hallmark Cards, Inc., Party City, The Walt Disney Company, and Yankee Candle Company, Inc. The key players are using product innovation and expansion into new markets to remain competitive.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Gifts Novelty And Souvenir Market Material Insights
The Gifts Novelty And Souvenir Market is segmented by Material into Wood, Metal, Ceramic, Textile, and Plastic. The Wood segment is expected to account for the largest share of the market in 2023, due to its durability, versatility, and natural appeal. The Metal segment is expected to grow at a steady pace over the forecast period, driven by the increasing demand for metal souvenirs and gifts, such as jewelry, sculptures, and decorative items. The Ceramic segment is expected to witness significant growth, owing to the rising popularity of ceramic tableware, art pieces, and decorative tiles.
The Textile segment is expected to account for a significant share of the market, driven by the increasing demand for home textiles, such as curtains, cushions, and blankets. The Plastic segment is expected to grow at a moderate pace, due to its affordability and wide range of applications in the manufacturing of souvenirs and gifts.
Gifts Novelty And Souvenir Market Price Range Insights
The Gifts Novelty And Souvenir Market segmentation by price range reveals distinct consumer preferences and market dynamics. The low price range (under $10) captures a significant portion of the market, driven by value-conscious consumers seeking affordable and accessible gifts. The mid-price range ($10-$50) represents a balance between affordability and quality, catering to a wider audience with varying budgets. This segment is expected to witness steady growth as consumers prioritize quality and unique designs. The high price range (over $50) targets discerning customers willing to invest in premium and exclusive gifts.
This segment is influenced by factors such as brand recognition, craftsmanship, and emotional value, contributing to its high-profit margins. Understanding these price range segments enables businesses to tailor their offerings and marketing strategies to meet the diverse needs of consumers in the Gifts Novelty And Souvenir Market.
Gifts Novelty And Souvenir Market Occasion Insights
The Gifts, Novelty and Souvenirs market is segmented based on occasion into Birthdays, Holidays, Anniversaries, Travel, and Corporate Gifting. The Birthdays segment held the largest market share in 2023, accounting for over 35% of the Gifts Novelty And Souvenir Market revenue. This segment is driven by the increasing popularity of personalized gifts and the growing trend of celebrating birthdays with friends and family. The Holidays segment is also expected to witness significant growth over the forecast period due to the rise in spending on gifts during festivals and special occasions.
The Anniversaries segment is projected to grow at a steady pace, driven by the increasing number of couples celebrating their wedding anniversaries and the growing popularity of gifting personalized and meaningful presents. The Travel segment is expected to witness moderate growth, driven by the increasing number of people traveling for leisure and business purposes. The Corporate Gifting segment is also likely to grow at a healthy pace, driven by the increasing demand for corporate gifting solutions from businesses and organizations.
Gifts Novelty And Souvenir Market Distribution Channel Insights
The Gifts Novelty And Souvenir Market is segmented by distribution channel into Online Retailers, Brick-and-mortar Stores, Specialty Gift Shops, and Tourist Attractions. Online Retailers held the largest market share in 2023 and are expected to continue to grow at a CAGR of 4.5% during the forecast period. This growth is attributed to the increasing popularity of e-commerce, the convenience of online shopping, and the wide range of products available online. Brick-and-mortar Stores are expected to witness a moderate growth rate during the forecast period.
These stores offer a more personalized shopping experience and allow customers to physically examine the products before purchasing. Specialty Gift Shops cater to a specific niche of customers and offer a unique selection of gifts and souvenirs. These shops are expected to grow at a steady pace during the forecast period. Tourist Attractions sell gifts and souvenirs to tourists visiting a particular location. The growth of this segment is expected to be driven by the increasing number of tourists worldwide.
Gifts Novelty And Souvenir Market Regional Insights
The Gifts Novelty And Souvenir Market exhibits significant regional variations in market growth and consumption patterns. North America is anticipated to account for USD 61.31 Billion in revenue by 2024, driven by the strong tourism industry and high disposable income. Europe follows closely with a projected market value of USD 39.86 Billion, supported by a rich cultural heritage and a large number of tourist destinations. APAC is poised for rapid growth, with a projected market size of USD 32.40 Billion by 2024, attributed to the increasing purchasing power and growing tourism sector.
South America and MEA are expected to contribute USD 6.85 Billion and USD 8.03 Billion respectively to the market by 2024. These regions present opportunities for growth due to their expanding middle class and rising demand for unique and memorable souvenirs.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Gifts Novelty And Souvenir Market Key Players And Competitive Insights
Gifts Novelty And Souvenir Market major players are constantly devising new products from time to time to cater to the changing needs of the end users. Moreover, leading Gifts Novelty And Souvenir Market major players are continuously increasing their product portfolio along with production capacity and distribution channels.
This intense competition among Gifts Novelty And Souvenir Market majors has driven the Gift market further and would continue to propel the gifts market. Altogether, this competitive transition among major market players is bound to have a direct impact on innovations in the Gifts Novelty And Souvenir Market products.
On accumulation of these developments, customers are likely to have an increasing number of Gift Novelty and Souvenir Market high quality and innovative products in the near future. In short, a blend of established multinationals and near monopoly sechains of small local and national companies are the hallmark of the Gifts Novelty And Souvenir Market competitive landscape.
Most of these Gifts Novelty And Souvenir Market major players compete in the market by launching innovative products, forming strong partnerships and competitive marketing strategies. Moreover, mergers and acquisitions often take place in the industry.
Hallmark Cards, Inc. is one of the major players in the Gifts Novelty And Souvenir Market products market. The company clearly stands out in this niche market since it has a strong distribution network and brand image. Hallmark Cards, Inc. offers a wide range of Gifts Novelty And Souvenir Market products like greeting cards, gift wrap, and personalized gift products. They have a strong presence in the online market with a well-thought range of online Gifts Novelty And Souvenir Market products. Moreover, they are known for their philanthropic moves created through their new innovations.
Hallmark Cards, Inc. is a financially sound company and we see a good upward growth pattern in the near future. Another key player, Newell Brands, has a wide variety of product range in Gifts Novelty And Souvenir Market niche through Kitchenware, home decor, and writing instruments. The company has a strong presence in the west and is quite known for its innovative products and customer dedication.
Key Companies in the Gifts Novelty And Souvenir Market Include
Gifts Novelty And Souvenir Market Developments
The Gifts, Novelty, and Souvenir market is projected to reach USD 208.45 billion by 2032, exhibiting a CAGR of 4.69% during the forecast period (2024-2032). The market is driven by factors such as rising disposable income, increasing tourism, and growing popularity of personalized gifts. The Asia Pacific region is expected to hold the largest market share due to the presence of large economies like China and India.
Recent developments in the market include the increasing adoption of e-commerce platforms for the sale of gifts and souvenirs, the growing popularity of sustainable and eco-friendly gift options, and the emergence of personalized gift services. Key players in the market include Hallmark Cards, Inc., Party City Holdco Inc., and The Walt Disney Company.
Gifts Novelty And Souvenir Market Segmentation Insights
Gifts Novelty And Souvenir Market Product Type Outlook
Gifts
Novelty Items
Souvenirs
Gifts Novelty And Souvenir Market Material Outlook
Wood
Metal
Ceramic
Textile
Plastic
Gifts Novelty And Souvenir Market Price Range Outlook
Low (Under $10)
Mid ($10-$50)
High (Over $50)
Gifts Novelty And Souvenir Market Occasion Outlook
Birthdays
Holidays
Anniversaries
Travel
Corporate Gifting
Gifts Novelty And Souvenir Market Distribution Channel Outlook
Online Retailers
Brick-and-mortar Stores
Specialty Gift Shops
Tourist Attractions
Gifts Novelty And Souvenir Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
131.88(USD Billion) |
| Market Size 2023 |
138.07(USD Billion) |
| Market Size 2032 |
208.45(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.69% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Mud Pie Giftware ,American Greetings ,Enesco ,Disney Consumer Products ,Hasbro ,Mattel ,The Bradford ExchangeneweraRipley's Entertainment ,Ganz ,Warner Bros. Consumer Products ,Universal Studios ,Hallmark Cards ,Lenox ,DEMDACO ,Willow Tree Figurines |
| Segments Covered |
Product Type ,Material ,Price Range ,Occasion ,Distribution Channel ,Regional |
| Key Market Opportunities |
Tourism growth Online sales expansion Personalization and customization Experiential gifts Ecofriendly and sustainable products |
| Key Market Dynamics |
Rising consumer spending growing tourism industry Ecommerce penetration Product innovation Increase in gifting occasions |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Gifts & Novelties market size is estimated to be valued at USD 138.07 billion in 2023 and is projected to reach USD 208.45 billion by 2032, exhibiting a CAGR of 4.69% during the forecast period.
The Asia Pacific region is expected to witness significant growth in the Gifts & Novelties market due to rising disposable income, increasing urbanization, and growing tourism. North America and Europe are also expected to contribute to the market growth owing to the presence of established retail infrastructure and a large consumer base.
Gifts & Novelties find applications in various sectors, including personal gifting, corporate gifting, souvenirs, and home décor. The personal gifting segment holds the largest market share due to the increasing trend of gift-giving for special occasions and celebrations.
Major players in the Gifts & Novelties market include Hallmark Cards, Inc., American Greetings Corporation, Party City Holdco Inc., The Walt Disney Company, and Newell Brands.
The growth of the Gifts & Novelties market is driven by factors such as rising disposable income, increasing urbanization, and growing tourism. The growing popularity of online shopping and e-commerce platforms has also contributed to market expansion.
The Gifts & Novelties market faces challenges related to intense competition, fluctuating raw material prices, and the impact of counterfeit products. Additionally, changing consumer preferences and the rise of digital gifting may affect market growth.
The COVID-19 pandemic had a significant impact on the Gifts & Novelties market, leading to a decline in sales due to lockdowns and travel restrictions. However, the market is expected to recover as economic activities resume and consumer spending increases.
Key trends in the Gifts & Novelties market include the growing popularity of personalized gifts, the increasing demand for eco-friendly products, and the rise of experiential gifting. Technological advancements, such as the use of augmented reality and virtual reality, are also influencing market trends.
The future outlook for the Gifts & Novelties market is positive, with the market expected to grow steadily over the coming years. Rising disposable income, increasing urbanization, and growing tourism will continue to drive market growth. The adoption of innovative technologies and the expansion of online retail channels are also expected to contribute to market expansion.
Key strategies adopted by players in the Gifts & Novelties market include product innovation, expansion into new markets, and acquisitions. Companies are also focusing on developing omnichannel distribution networks and investing in digital marketing to reach a wider customer base.
