Two decades ago, did you imagine that you’ll ever be able to print the pictures of your loved ones on their favorite chocolate cake? Did you think that it would be possible to order a cushion with your loved one’s photo printed on it! Times changed and we began preferring online gifting stores over offline ones. Similarly, gifting preferences of people shifted to personalised gifting quite rapidly.
Indians are always known to preserve their culture and relationships. It's one of those countries whose people give priority to emotions and relations over anything. Therefore, it was a very good idea to introduce personalised gifting to India.
Growing digitalization and booming manufacturing processes also helped in the rise of personalised gifting for India.
According to a survey, the personalised gifting industry has grown four times in the last 5 years.
As per the global gifts retailing market, this industry will earn revenues of almost USD 77 billion by 2022. The gifting market is segmented into two parts, i.e. corporate gifting and personal gifting, with the former making up a majority share equalling 80% of the entire market.
One reason for the popularity of personal gifting is that it doesn’t cost too much and makes people more happy as they find themselves along with their loved ones. We all know reminiscing over memories is the favorite thing of every human and that’s what personal gifting does to make space in the minds of people
The factors that majorly contribute to the rise of personalised gifting are:
1. Easy Accessibility
Nowadays almost everything is just a click away. If you like something, you can straight away purchase it without the hassle of going out, spending money for conveyance, and then finding the perfect shop for yourself. The rise of online shopping has made people aware of the presence of different kinds of gifting that are present on portals, and there’s no doubt that anyone would choose personalised diwali gifts over any other fancy gifting options in the festive season. According to a report, 97% of users in India use mobiles to access the Internet. Hence, with growing consumerism and Internet penetration, Indian consumers are placing online orders for a personal gift more frequently now than before.
2. The Long Distance Culture
Long distance relationships were always there, but now the scenery has changed because women have also started living away from their home towns in order to fulfill their professional dreams. In such a case, where both people are busy with their individual lives, it becomes important to show love and affection to each other from time to time. And that’s where personalised gifting plays the most important role. Couples can
3. The rise of ecommerce industry
Gone are the days when people felt skeptical about buying a gift online. Now is the time where people prefer not going out and buying whatever they want from online stores or ecommerce websites. Not just metro cities, but people from smaller cities are also getting dependent upon these sites because of the easy accessibility and obstacle free ways of getting the gift delivered.
4. Increase in salaries/involvement of millennials
In the past one decade, the average salary of an individual has increased in India, and since the majority of the population is young or belong to the millennial group, their buying pattern automatically becomes more lavish than their elders. The living lifestyle has upgraded in the last few years, where partying, gifting, and getting togethers is a common practice. All these factors add on to one thing and that is increase in the purchase of personalised gifts. Like personalised photo frame
There is no doubt that the market of personalised gifting is going to keep booming in the coming years. However, we’ll have to wait and see what these giant gifting portals will bring to the market that will be considered as a revolution in the gifting sector.