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Giftware Update Market Report 2011
Key Note Publications Ltd, Sep 2011, Pages: 59
This Key Note Market Update examines the giftware market in the UK, with an emphasis on the following sectors: toys and games, jewellery, ceramics, glassware, and small leather goods. Of these sectors, listed according to decreasing market share, toys and games and jewellery together account for over three quarters of the value of the giftware market.
Like virtually all major consumable goods markets, the giftware market was not unaffected by the recent economic downturn. The biggest impact occurred in 2009, with the overall size of the market declining by 1.8% in that year. Although the market has since returned to growth, over the course of the review period (2006 to 2010) it has grown in value by just 1.1%.
In addition to general macroeconomic factors, such as the state of the economic recovery, the rate of inflation and household disposable incomes, all of which affect consumer attitudes towards making discretionary purchases, the giftware market is also susceptible to some sector-specific trends. For example, the declining marriage rate in England and Wales in recent years has also reduced overall demand in the giftware market, particularly in the precious jewellery sector, as well as for fine china and earthenware, and glassware. The jewellery sector is further susceptible to the rising prices of gold and silver, as well as changing preferences for the respective metals.
Despite ongoing economic uncertainty, Key Note sees a number of opportunities for UK manufacturers operating in the giftware market. In virtually all sectors the UK has brands with international recognition, which will continue to be sought after abroad, particularly in Asian markets. Smaller suppliers and individual crafts people, on the other hand, increasingly turn to the Internet to increase their profile and reach new markets. Finally, it is also expected that sales of commemorative giftware will benefit from the forthcoming 2012 Olympic Games in London, as well as the Glasgow Commonwealth Games in 2014.
Key Note forecasts that the UK giftware market will grow by 7.2% between 2011 and 2015 to reach just over £5bn. Growth is expected to pick up in 2012, in line with an anticipated economic recovery, as well as a boost from the London 2012 Olympic Games. By sector, sales of toys and games intended as gifts will continue to account for the largest share of the giftware market, while ceramic and glassware sectors’ shares are projected to decline slightly over the forecast period.
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