The report forecasts the global gifts, novelty, and souvenirs market to grow at a CAGR of 4.82% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: One trend which is boosting market growth is the availability of specialized merchandise. Specialized merchandise can differentiate gift, novelty, and souvenir retailers from other retailers such as mass merchandisers and department stores by offering unique and hard-to-find items. Offering products designed and crafted by local artists allows gift retailers to differentiate their product lines from large stores, which usually sell mass-produced products.
According to the report, a key driver boosting market growth is the increase in demand for seasonal decorations. Seasonal decorations account for a significant amount of the revenue in the global gifts, novelty, and souvenirs market. Nearly 14% of the overall market is controlled by seasonal decorative products. This segment also includes decorative cups, plates, and napkins. While demand for these and other seasonal gifting items has been high in traditional strong markets like the US, the UK, and France, consumers in APAC and Central and South America are also catching on with the trend.
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?