The market for personalized gifts is fairly new and young if we compare it to others. But when a market is new, it’s very difficult to gain accurate insight that speaks about the sustainment and longevity of it.
The personalized gifts industry is rapidly growing, with multiple projections putting it almost at $40 billion by 2021. The rise of it is probably down to Etsy, an e-commerce website that focuses on handmade and vintage items. The rise of the platform has caused a massive rise in the stock of the market itself. Personalized items were always popular, but it’s down to Etsy itself that we’ve seen a surge in popularity from 2017 onwards.
The personalized industry is an industry that sells hand decorations, embroidery, engravings, paintings, and even carvings, each specifically made for personalized use. However, in recent years, the emphasis has been placed on the idea that these products can be used as gifts, with photo and non-photo related gifts being most popular.
With all that said, there are three main factors, besides Etsy, that have massively contributed to the rise of personalized gifts. Those factors are:twinkle
- Society changing itself and turning into a gifting culture that increases the demands for gifts and seasonal decorations.
- Innovative technologies that have changed the gifting and decoration industry.
- And the expanse of e-commerce as more online retailers, kiosks, and online distributing channels appear.
All this points out that people care about personalized gifts, they love them, and the love gifting to people they care about. A further contributing factor is the number of occasions where gifts can be exchanged. Our culture has evolved towards consumerism and personalization is adding value to these gifts, making them unique in their own way.
An amazing example of a personalized gift is the wonderful star chart from Twinkle in Time. The gift is an 18”x24” map that shows where the stars were on a specific date and location. The map is very unique as it can be personalized for each person differently. You can also add a personalized image to make the gift even more unique.
This gift is excellent for anniversaries, birthdays, weddings, engagements, Mother’s Day, Father’s Day, remembrance, graduation, retirement, milestones, Valentine’s Day, etc.
Twinkle in Time’s star chart is an excellent example of product innovation. The star chart is an excellent example of product personalization as well. It taps into each person differently, giving him/her the choice to get a gift that will appeal to only one person in time.
Americans were asked which are the types of items that they would consider personalizing for someone. The majority of answers were accessories, followed by housewares, clothing, and holiday decorations. Nearly 4 out of 5 people also answered that they would give a personalized gift to a family member during the holiday seasons. Nearly 60% also answered that they would gift their spouse a personalized gift.
Americans were also answered about how they shop for personalized gifts. 45% answered that they do online shopping, while 55% go hunting for personalized gifts in the mall.