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Global Gifts Retailing Market Trends & Forecast Report 2024
Gifts Retailing Market Trends
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According to The Business Research Company's, The gifts retailing market size has grown strongly in recent years. It will grow from $14.05 billion in 2023 to $14.77 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increasing online shopping and digital sales channels, rising demand for personalized and customized gifts, high consumer spending during holidays and festive seasons, increasing spending power of millennials, and growth in consumer preference for eco-friendly and sustainable gifts.
The gifts retailing market size is expected to see strong growth in the next few years. It will grow to $18.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to continued e-commerce expansion, enhanced use of AI for personalized shopping experiences, increased focus on sustainable and ethical products, the rising popularity of experience-based gifts such as travel and events, and integration of online and offline retail experiences. Major trends in the forecast period include personalization and customization, technology integration, subscription-based gifting, health and wellness gifts, and smart and connected devices.
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Market Drivers and Trends:
The shift to online shopping is expected to propel the growth of the gift retailing market going forward. Online shopping refers to purchasing goods or services from internet-based retailers or e-commerce platforms using a web browser or mobile app. The rise in online shopping is driven by convenience, a wider selection of products, competitive pricing, ease of comparison shopping, and the availability of customer reviews and recommendations. Gift retailing encourages the shift towards online shopping by offering a diverse range of customizable and unique products that appeal to consumers seeking convenient and personalized shopping experiences. For instance, in May 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, in the first quarter of 2024, U.S. retail e-commerce sales, reached $289.2 billion, marking a 2.1% increase (±0.7%) from the fourth quarter of 2023. Therefore, a shift to online shopping will drive the growth of the gift retailing market.
Major companies operating in the gift retailing market are focused on developing innovative solutions such as artificial intelligence-powered personalized shopping tools to enhance personalized shopping experiences and improve customer engagement. Artificial intelligence-powered personalized shopping tools refer to technologies that use algorithms and data analytics to tailor product recommendations and shopping experiences to individual consumer preferences. For instance, in January 2024, Etsy Inc., a US-based gifting manufacturing company, launched Gift Mode, an AI-powered shopping tool to enhance the gift shopping experience. The tool uses artificial intelligence (AI) and human curation to help shoppers find gifts for any occasion by making purchasing activities more interactive and allowing shoppers to discover gifts that align with the recipient's specific interests.
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Major Key Players of the Market:
Walmart Inc., Amazon.com Inc., Costco Wholesale Corporation, Alibaba Group Holding Limited, The Walt Disney Company, Macy's Inc., Williams-Sonoma Inc., Spencer Gifts LLC, Hallmark Cards Inc., American Greetings Corporation, Shutterfly Inc., Card Factory, Enesco LLC, The Paper Chase, Ferns N Petals Private Limited, House of Fraser Limited, Aldi Stores Limited, Loop Commerce Inc., My Pet Gift Box Limited, Penney OpCo LLC
Gifts Retailing Market 2024 Key Insights:
• The gifts retailing market size is expected to see strong growth in the next few years. It will grow to $18.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Impact Of Online Shopping On The Growth Of The Gift Retailing Market
• Innovative Technologies In Gift Retailing Market Drive Personalization And Customer Experience
• North America was the largest region in the gifts retailing market in 2023
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