Personalized Gifts Market Trends

Key Emerging Trends in the Personalized Gifts Market

INCREASING TREND OF GIFT-EXCHANGE

The exchange of gifts has long been thought of as a fundamental part of human relationships. Gifts express affection, celebration, and social bonds by converting memories and beliefs about someone into tangible artifacts. This trend of gift-exchange has increased significantly since the last decade. With globalization and acceptance of cross-cultural festivals and celebrations, the trend of gift-exchange has increased globally. People tend to gift on various occasions such as Anniversaries, Birthdays, Friendship Day, Valentine’s Day, Mother’s Day, Father’s Day, and different festivals. Increasing per capita disposable income of the population is a major factor that has resulted in the growth of this trend around the world. Along with personal gifting and festival gifting, the trend of corporate gifting is at rise with an increasing number of corporate offices.

Corporates indulge in gifting their clients and employees to cultivate stronger and mutually beneficial relationships. This also helps the companies to build their brand image. According to an annual survey released by the National Retail Federation in October 2019, consumers in the US said they would spend overall an average of USD 1,047.83 in the holiday season of 2019, which is 4% more than the previous year.

The survey on the planned holiday spending of the US population on gifts from 2014-2019 have been reflected below: As an opportunity to this increasing trend of gift-exchange, more and more manufacturers, especially in the personal care and chocolate industry, focus on product innovation and attractive packaging as gift hampers and market their products as a suitable gift option during festivals. As different people have different preferences, most of the manufacturers are emphasizing on customization of gifts. Numerous players are entering in the market of personalized gifts looking at the market demand. Thus, these factors collectively drive the market growth of personalized gifts.

RISING DEMAND FOR 3D-PRINTED GIFTS

Personalization of gifts has emerged as a significant trend that is expected to explode in the coming years. A 3D print on day-to-day items such as mugs, caps, t-shirts, and photo album is in high demand among the consumers. A 3D printed gift is not only preferred in personal gifting but also corporate gifting. The demand for 3D printed gifts has heightened with the application of online printing software in sectors of personalized gifting. In personal gifting, customers tend to customize gifts by uploading their designs, logos, or a personal joke. Such products make for the finest gifts for days like birthdays, anniversaries, and work anniversaries, among others. Apart from personal gifting, the 3D printed gifts have high potential in the corporate gifting sector.

The demand for personalized corporate kits, stationery, merchandise, and t-shirts with 3D print is increasing at a rapid pace. 3D printing has also made its impact on the chocolate industry, which is one of the most preferred gifts for any occasion. Companies such as Hershey, Nestlé, Mars Inc., and Mondelez International have been experimenting with 3D printed chocolate for the last few years, and 3D printing brings creativeness and innovation to the industry. Also, continuous innovation in 3D printing technologies and the adoption of advanced technologies by the key players to compete in the market is assisting in improving the quality and quantity of the products in the market. This will further boost the market growth during the forecast period.