In the ever-evolving world of retail, the global gifts market is poised for substantial growth. Over the next five years, it is estimated that the industry will expand by a staggering USD 13.49 billion. As consumers embrace the joy of giving, there is a rising demand for unique and personalized gifts that bring smiles to faces across the globe.
If you’re interested in learning more about this thriving market, Technavio offers comprehensive bundle reports that provide valuable insights and data on the gifts retailing industry. Whether you’re a business owner or simply curious about the trends shaping the world of gifting, these reports are your key to understanding and navigating this vibrant market landscape.
Overview of the Global Gifts Retailing Market
The global gifts retailing market is a thriving industry that caters to the growing demand for various types of gifts across the world. From traditional gifts like flowers and chocolates to unique and personalized items, there is a wide range of products available to suit every occasion and taste. This article provides a comprehensive overview of the market, including its current size, expected growth, key market trends, and regional analysis.
Current market size
According to market research firm Technavio, the global gifts retailing market is expected to grow by USD 13.49 billion between 2022 and 2027. The market size is influenced by various factors such as a rising disposable income, increasing internet penetration, and changes in gifting culture and habits. These factors have contributed to the growing demand for gifts across different regions, making the market highly lucrative for retailers.
Expected growth and forecasts
The gifts retailing market is projected to witness significant growth in the coming years. Factors like changing consumer preferences, the rise of e-commerce, and technological advancements are expected to drive the market forward. As more consumers shift towards online shopping and embrace new gifting trends, the market is set to expand further. Additionally, emerging markets and upcoming holidays/events present new opportunities for growth in the industry.
Key market trends
The gifts retailing market is constantly evolving, and there are several key trends that are shaping the industry. One notable trend is the increasing popularity of personalized and customized gifts. Consumers today are looking for unique and meaningful items that reflect their personality or the recipient’s preferences. This trend has led to the emergence of online platforms that offer personalized gift options, allowing customers to create one-of-a-kind presents.
Another important trend in the market is the growth of eco-friendly and sustainable gifting options. With an increasing focus on environmental conservation, consumers are becoming more conscious of their purchasing decisions. This has led to a rise in demand for gifts that are made from sustainable materials or support social causes. Retailers are adapting to this trend by offering eco-friendly gift options and promoting ethical practices.
Additionally, there is a growing demand for experiential gifts, such as spa treatments, adventure packages, or gourmet dining experiences. These types of gifts provide memorable and unique experiences, offering an alternative to traditional material items. As consumers seek to create lasting memories, retailers are diversifying their offerings to include a wide range of experiential gift options.
Key Drivers of Market Growth
Several key drivers are contributing to the growth of the gifts retailing market. Understanding these drivers is crucial for retailers and industry stakeholders to capitalize on the opportunities presented by the market’s expansion.
Increasing internet penetration
The increasing penetration of the internet has revolutionized the way consumers shop, including the gifting industry. With easy access to online shopping platforms, consumers can browse and purchase gifts from the comfort of their homes. This convenience factor has significantly contributed to the growth of the online gifts retailing segment. Additionally, the rise of mobile devices and the availability of secure payment gateways have further facilitated online gift shopping.
Rising disposable income
The growth of the gifts retailing market is closely tied to the overall economic prosperity of a region. As disposable income levels rise, consumers have more purchasing power to spend on gifts for various occasions. An increase in disposable income also leads to higher consumer confidence, encouraging individuals to purchase higher-value gifts. This trend is especially evident in emerging economies where rising middle-class populations contribute to the expansion of the gifts retailing market.
Shift towards online shopping
The convenience and accessibility offered by online shopping platforms have led to a significant shift in consumer behavior. Increasingly, consumers are embracing online shopping for gifts due to its convenience, wider range of choices, and competitive pricing. Retailers are adapting to this shift by enhancing their online presence and expanding their e-commerce capabilities. This shift towards online shopping is expected to continue driving the growth of the gifts retailing market.
Changes in gifting culture and habits
The gifting culture has evolved over the years, with consumers seeking more personalized and meaningful gifts. Traditional gifts like flowers and chocolates are still popular, but there is a growing demand for unique and customized options. Personalization allows individuals to add a personal touch and make the gift more special for the recipient. This change in gifting culture and habits has created new opportunities for retailers to…