Leading Research Agency Predicts Positive Future for Personalized Gift Market
In the age of Amazon, Instacart, and Ubereats, we have the world at our fingertips. We can order our heart’s desire at the click of a button and find our products or food on our doorstep within hours or days. With convenience at an all-time high, what does this mean for gift giving, holidays, corporate events, and birthdays? The impact of a store-bought gift can still have vast potential, but what about the wow factor and the personalized connection? Magnified convenience means a greater need for personalized, custom-made gifts.
Personalized, custom-made gifts are seeing rapid growth in popularity, and the market has the numbers to prove it. Companies like Jupiter and Co., an engraving and personalized product company, are seeing expansion across the board as the demand grows. According to Technavio, a leading global technology research and advisory company, the personalized gift market is estimated to grow by USD 7.37 billion from 2020 to 2024.1 That’s a CAGR (compound annual growth rate) of 5%. The study highlights the global impact on the market, citing it as positive across several countries!
Jupiter and Co. serve as a living testimony to this growth. Seeing the explosive, ever-growing demand first-hand, the company has opted for expansion through franchising to better serve the consumer. “After 20 years of personal onsite experience and another 5 testings out the business in a box model, I decided to franchise because I want others to feel ownership over their business,” says Heather Bryan, Jupiter and Co.’s Founder. The company has met the demand with resounding efficiency thanks to its proprietary engraving machine, easy-to-use software, and work-from-home model. The brand carries a variety of personalized gifts and custom promotional items. Keychains, luggage tags, trophies, plaques, jewelry charms, zipper pulls — the list goes on and on.
What about Covid-19? The pandemic did not affect the personalized gift market as it did other industries. As a matter of fact, Technavio’s study identifies the personalized gift market as “positive and superior,” rating the overall market —despite the pandemic’s ripple effects— as a consumer staple! A story on CNBC.com noted that searches for “personalized Christmas gift ideas” increased to 46% this year. That same article noted that Etsy saw a “156% increase in searches for custom or personalized gifts in the past three months compared to the same time a year ago”.2
The personalized, custom-made gift market is going up! Don’t miss your chance to be a part of the expansion. Jupiter and Co. is seeking new franchisees to join their network. For more information, visit their franchise webpage.