E-commerce platforms witnessed significant growth during the past decade. The major growth factor leading to the increase in popularity and adoption of e-commerce platforms is the rising Internet penetration globally. This enabled a large section of consumers to gain access to online retail platforms and promoted the omnichannel model of shopping and gift retailing.
Key Gifts Retailing Market Report Highlights:
- Market growth 2021-2025: USD 14.60 billion
- Growth momentum & CAGR: Accelerate at a CAGR of 3.37%.
- YoY growth (%): 1.97%
- Performing market contribution: APAC at 40%
- Key consumer countries: US, China, UK, Germany, France
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Regional Market Analysis
By geography, the gifts retailing market has been segmented into five regions, namely Europe, North America, APAC, South America, and MEA. With 40% of the growth originating from APAC, this region will record a fast growth rate during 2021-2025. China is the key country for the gifts retailing in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Key Vendors and Vendor Strategies
Amazon.com Inc., American Greetings Corp., Bed Bath and Beyond Inc., Card Factory Plc, Enesco LLC, Hallmark Licensing LLC, Spencer Gifts LLC, The Walt Disney Co., and Williams-Sonoma Inc. are a few of the key vendors in the gifts retailing market. Vendors are offering highly differentiated products to gain a competitive advantage in the market and increase their revenue share. The major market players mainly focus on developing innovative products that will drive the market in focus during the forecast period. The established vendors have started acquiring smaller and regional players to expand their global reach.
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the gifts retailing market.
- Rise in demand for seasonal decorations and growing gifting culture:
- Seasonal decorations account for a major percentage of the revenue generated by the global gifts retailing market. Personalized decorative gifts, such as mugs, plates, and handkerchiefs, are gifted on important days. The sale of gifts during festivals and important days has increased in developing markets of APAC, Central America, and South America. The growing demand for seasonal gifts leads to an increase in the sale of personalized gifts during special occasions. This, in turn, drives the growth of the market. Moreover, the culture of self-gifting has evolved significantly. Self-purchase of personalized gifts leads to an expansion of the global gifts retailing market to a certain extent. Customizing gifts through personalization, configuration, or on-demand printing results in value addition to standard gifts. Such practices have contributed to an increase in up-selling and cross-selling among gift retailers. Thus, the growing gifting culture impacts the global gifts retailing market positively.
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