Sending condolences: External competition is expected to hinder industry revenue growth
The proliferation of paperless substitutes has dampened revenue for the industry. Many products, such as greeting cards, day planners and calendars, have increasingly been rendered obsolete as more consumers prefer digital alternatives, aided by the ubiquity of the smartphone. A significant portion of consumers that purchased greeting cards for holidays and birthdays in the past now reach out to friends and family via social media. As many downstream markets have consolidated, such as brick-and-mortar book store retailers, the industry has grappled with fewer retailers selling products. Overall, industry revenue is expected to decline at a CAGR of 2.5%, totaling an estimated $6.8 billion in 2023. Revenue is expected to fall 0.9% in 2023 alone, as industry profit slips to a meager 1.2%.
This industry comprises publishers that primarily publish greeting cards in print or electronic form. Some companies also publish products such as postcards, calendars, coloring books, yearbooks and more. This industry excludes newspaper, magazine, book, directory, map, atlas, database and music publishers.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
A selection of companies mentioned in this report includes:
- American Greetings Corp
- Hallmark Cards Inc.