The global greeting card market is expected to shrink to $13.6 billion by 2026
SAN FRANCISCO, May 31, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Greeting Cards – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.
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Editing: 3; Published: April 2022
Executive Pool: 6915
Companies: 294 – Players covered include American Greetings Corporation; Carlton Cards Ltd.; John Sand (Australia) Ltd. ; UK Greetings Ltd. ; Archies Limited; Avanti Press Inc.; Budget Greeting Cards Ltd. ; Card Factory plc; Children’s rights and you; Crane & Co.; Current Media Group LLC; Galison Publishing LLC; Hallmark Cards, Inc.; IG Design Group Plc; LovePop, Inc.; Party City Holdco Inc.; Simon Elvin Ltd. ; UNICEF and others.
Cover: All major geographies and key segments
segments: Occasion (Birthday, Christmas/New Year, Valentine’s Day, Anniversary, Other Occasions)
Geographies: World; UNITED STATES; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Latin America; Middle East; Africa.
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Amid COVID-19 crisis, Global Greeting Cards Market Estimated at US$15.9 billion in 2022, should be reduced to US$13.6 billion by 2027, declining at a CAGR of -4.4% over the analysis period. Anniversary, one of the segments analyzed in the report, is expected to decline at a CAGR of -2.6%, while Christmas/New Year segment growth is readjusted to a revised CAGR of -6.5%. The global greeting card market is significantly impacted by changing consumer values, changing ideas, changing demographics and changing technology. The once vibrant greeting card industry is currently under pressure to keep up in the age of modern digital technology. Dramatic changes in the economy, lifestyle and demographics lead to a steady decline in the demand for greeting cards. With the new tech-savvy generation favoring electronic cards over physical greeting cards, the impact has been evident on the greeting card industry. With the advent of digitization, social media platforms, and messaging apps like WhatsApp, the greeting card industry has been drastically impacted.
This, coupled with a growing awareness among people of the need to save trees, has led to a growing demand for electronic boards. Despite the challenges posed by the growth of social media and e-cards, there is still a niche consumer base for physical greeting cards, and giving and receiving these cards continues to be important for a set of consumers, although ‘decreasing. For this niche consumer group, a physical greeting card on special occasions means so much more than a Facebook post or e-card. And this niche group is also willing to spend more for the desired card. As long as people continue to appreciate real greeting cards received from loved ones, their market should co-exist alongside digital alternatives. Aging baby boomers are the first and most lucrative generation of greeting cards. Baby boomers who are indoctrinated in the custom of giving cards are seen as more likely to appreciate cards received from friends, family members and relatives. In the UK, for example, greeting cards remain an important part of social culture and people still prefer to celebrate special occasions by sending a card. In general, despite other entertaining digital alternatives, people still want to receive greeting cards by regular mail. Additionally, the rising cost of postage seems to affect the future of the greeting card. Paper cards are increasingly integrating technological features, which help customers to tailor the greeting, for example by getting cards with a multitude of affixed whistles and bells, which is more meaningful.
However, the longstanding tradition of handwritten paper messages remains the most emotional and sweetest method of conveying meaningful messages and offers the conventional greeting card industry some optimism for at least the next few years. High levels of innovation and product development characterize the greeting card market. The low barriers to entry associated with the card industry have fostered product innovations over the years. Using high-end technologies to increase the appeal and reach of greeting cards to consumers is becoming a common strategy for card manufacturers to protect their business in the digital age. Card makers are increasingly integrating audio capabilities and LED lighting features into physical greeting cards to drive adoption. Musical greeting cards in particular have generated considerable consumer interest, especially in the mass market. Efforts are also being made to incorporate the technology into creative artwork in a wide range of handmade cards. Another interesting trend is the use of electrical circuits based on printed ink to design interactive greeting cards on paper. The use of graphics software, electronic circuits/transistors, miniaturized circuit boards, batteries, conductive ink, touch technologies and microphones for audio effects, among others, is set to take off. magnitude in the years to come. The use of 3D design effects, which enhances humorous images, is also expected to see gains in the coming years.
Women are the largest consumer group, accounting for 80% of all card purchases, one of the few factors that has remained unchanged. The proliferation of general, everyday friendship cards is perhaps the most notable trend. Today, the market is flooded with cards for every type of relationship, every ethnicity, and every gender. This allowed everyday cards to chew up the dollar value of more traditional occasion-specific seasonal cards. Of the total spending on greeting cards, 20% comes from Millennials and this share is expected to increase further. Millennials, obsessed with digital communication, are looking for a personalized form of greeting on special occasions. Greeting cards are coming back into fashion as they are an integral part of the culture in several countries such as United States and UK. After
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