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Personalized Gifts Market Report 2024: Growth, Trends, Analysis, Forecast 2033
As per the report, the personalized gifts market size has grown strongly in recent years. It will grow from $26.18 billion in 2023 to $28.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The personalized gifts market size is expected to see strong growth in the next few years. It will grow to $40.02 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
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Rise Of Festive Season Gifting And Its Impact On The Personalized Gift Market
The rising interest in festive season gifting is expected to propel the growth of the personalized gift market going forward. Festive season gifting involves the exchange of thoughtful presents during holidays or special occasions. The festive season gifting can be attributed to heightened consumer sentiment, increased disposable incomes, and the growing trend towards personalized and meaningful gift exchanges. Personalized gifts are favored during the festive season because they evoke sentimental value and create lasting memories, aligning with the spirit of celebration and goodwill that characterizes holiday gifting traditions. For instance, in October 2023, according to a survey of 8,103 adult consumers published by the National Retail Federation, a US-based retail trade association, winter holiday celebrants expect to spend an average of $875 on seasonal items, $42 more than in 2022, with $620 reserved for gifts. Moreover, nearly 23% plan to give experiential gifts, up from 19% in 2021. Therefore, rising interest in festive season gifting will drive the growth of the personalized gift market.
Advancements In AI Transform Personalized Gifts Market With Tailored Recommendations
Major companies operating in the personalized gifts market are focusing on developing advanced personalized experience solutions, such as AI-based gift recommendation services, to enhance the customer experience and increase sales. Artificial intelligence-based personalized gift recommendations leverage data analysis and machine learning algorithms to suggest unique and thoughtful gifts tailored to an individual's preferences and interests. For instance, in January 2024, Etsy Inc., a US-based company that provides unique and creative goods, launched Gift Mode. It is an AI-based gift recommendation service designed to curate personalized gift ideas based on a recipient's interests. This service uses a combination of human curation and machine learning to offer gift options tailored to more than 200 recipient personas. Gift Mode lets users provide details about the recipient and the occasion and generates personalized gift suggestions. Additionally, users can create a gift teaser with a note, tracking information, and a preview of the gift or opt to leave the gift as a surprise.
The personalized gifts market covered in this report is segmented -
1) By Type: Personalized Clothing, Chocolate Platters, Personalized Accessories, Personalized Diaries, Desk Accessories, Other Types
2) By Distribution Channel: Online, Offline
3) By End-User: Women, Unisex, Kids, Men
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Major companies operating in the personalized gifts market are Amazon.com Inc, Hallmark Cards Inc., Pandora A/S, Swarovski AG, Michael Kors Holdings Limited, Tiffany and Company, Etsy Inc., American Greetings Corporation, Shutterfly Inc., Kate Spade New York, 4imprint Group Plc, Custom Ink, Spencer Gifts LLC, Card Factory plc, Redbubble Group Limited, Things Remembered Inc., Printful Inc, Moonpig.com Ltd., Spring Inc. (Teespring), Zazzle Inc., Minted LLC, CafePress Inc., PersonalizationMall.com LLC, Snapfish by HP Inc., Spreadshirt
Contents of the report:
1. Executive Summary
2. Personalized Gifts Market Report Structure
3. Personalized Gifts Market Trends And Strategies
4. Personalized Gifts Market - Macro Economic Scenario
5. Personalized Gifts Market Size And Growth
…..
27. Personalized Gifts Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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