Global Greeting Cards Market Projected to Shrink to $13.6 Billion by 2026
SAN FRANCISCO, May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Greeting Cards - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 3; Released: April 2022
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Amid the COVID-19 crisis, the global market for Greeting Cards estimated at US$15.9 Billion in the year 2022, is projected to shrink to US$13.6 Billion by 2027, declining at a CAGR of -4.4% over the analysis period. Birthday, one of the segments analyzed in the report, is projected to decline at a -2.6% CAGR, while growth in the Christmas/new Year segment is readjusted to a revised -6.5% CAGR. The global market for greeting cards is significantly impacted by changing consumer values, ideas, shifting demographics, and changing technology. The earlier vibrant greeting cards industry is currently under pressure to sustain in the modern digital technology era. The radical changes in the economy, lifestyle and demographics are resulting in steady decline in demand for greeting cards. With the tech-savvy new genration favoring e-cards in place of physical greeting cards, the impact has been evident on the greeting cards industry. With the advent of digitalization, social media platforms and messaging apps such as WhatsApp, the greeting card business has been affected considerably.
This coupled with rising awareness among people about the need to save trees has led to rising demand for e-cards. Despite the challenges posed by the growing social media and e-cards, there still exists a niche consumer base for physical greeting cards, and giving and receiving these cards continues to matter to a set of consumers, albeit a shrinking one. For this niche group of consumers a physical greeting card on special occasions means much more than a Facebook message or an e-card. And this niche group is also willing to spend more on the desired card. As long as people continue to value real greeting cards received from their loved ones, the market for them is expected to co-exist alongside the digital alternatives. Aging baby boomers are the first and the most lucrative greeting card generation. Baby boomers who are indoctrinated into the custom of giving cards are perceived as more likely to value cards received from friends, family and relatives. In the UK, for instance, greeting cards remain an important part of the social culture and people still prefer to celebrate special occasions by sending of a card. In general, despite other distracting digital alternatives, people still wish to receive greeting cards through postal mail. In addition, the growing postage cost appears to be affecting the future of greeting card. Paper cards are increasingly incorporating technological characteristics, which help customers to adapt the greeting, for instance procuring cards with multitude of whistles and bells affixed, which is more meaningful.
However, the longstanding tradition of paper message that are handwritten remains the most emotional and gentle method of passing on meaningful messages and offers the conventional greeting card industry some optimism for at least next few years. High levels of innovation and product development characterize the market for greeting cards. Low entry barriers associated with cards industry has fostered product innovations over the years. The use of high-end technologies to increase appeal and reach of greeting cards among consumers is emerging as a common strategy of card manufacturers to safeguard their business in the digital era. Card manufacturers are increasingly integrating audio capabilities and LED lighting features into physical greeting cards in order to boost adoption. Musical greeting cards especially have been attracting significant interest among consumers, especially in the mass market. Efforts are also on to integrate technology with creative art work in a wide range of hand-made cards. Another interesting trend is the use of electrical circuits made by printed ink to design interactive paper-based greeting cards. The use of graphics software, electronic circuits/transistors, miniaturized printed circuit boards, batteries, conductive ink, touch sensitive technologies, and microphones for audio effects, among others, are poised to gain momentum in the upcoming years. Use of 3D design effects, which enhances humorous images, is also poised for gains in the coming years.
Women constitute the largest consumer group accounting for 80% of all card purchases, one of the few factors that have remained unchanged. The proliferation of everyday-general friendship cards is perhaps the most noteworthy trend. Today, the market is flooded with cards for every type of relationship, every ethnic group, and gender. This has resulted in the Everyday cards chewing into the dollar value of the more traditional occasion-specific seasonal cards. Of the total spending on greeting cards, 20% comes from the Millennials and the share is expected to grow further. Millennials, obsessed with digital communication, look for personalized form of wishes on special occasions. Greeting cards are back in trend as they are an essential part of culture in several countries such as the United States and United Kingdom. More
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SOURCE Global Industry Analysts, Inc.