The Global Market for Greeting Cards is Projected to Decline to US$21 Billion by 2024
Greeting Cards Market
Declines as Cards with Innovative Designs & Trendy Messages Fail to Meet
the Social Media & e-Cards Challenge, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size, and demand forecasts on the global Greeting Cards market. The global market for Greeting
Cards is projected to decline to US$21 billion by 2024, constrained by challenges
posed by growing social media proliferation, and surging popularity of digital
e-cards.
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. Before the onset of the digital communications era, the market
for greeting cards flourished, as it was the most effective means of conveying
feelings to loved ones. However, the growing importance of Internet had a major
impact on greeting cards market. The increasing popularity of online greeting
cards is likely to erode the market for traditional greeting cards in the
coming years. Social media is also expected to take on the greetings market in
a big way in the future, resulting in serious implications for the
manufacturers as well as marketers. Yet ironically, the trend is also expected
to generate consumer interest in traditional greeting cards owing to reminders
of important life events provided by platforms such as Facebook, for which
people are not only using social media to convey wishes, but are also opting
for a card.
Efforts taken by card publishers to battle competition include
development of cards with sophisticated designs and trendy content; cards with
LED/audio lighting, 3D graphics, textures, hand lettering; and cards that include customized content and positive messages.
Millennials are increasingly seeking greeting cards that are representative of
their values, such as open, casual, and fun. Cards are being viewed as
keepsakes and therefore such customers are not shying away from paying a
premium on cards made of high quality materials and which are handcrafted,
feature dimensional, distinctive, and detailed designs combined with genuine
and warm messages. 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, will also gain significance in the coming years.
As stated by the new market research report on Greeting Cards,
Europe represents the largest regional market worldwide, followed by the United
States. Despite key factors such as increasing competition from economical
e-cards, growing postal rates and expanding alternatives for do-it-yourselfers
hampering growth in these developed markets, greeting cards remain an important
part of the social culture in countries such as the UK and Japan where people
still prefer to celebrate special occasions by sending a card. Asia-Pacific ranks
as the fastest growing market with a value CAGR of 3.1% over the analysis
period. Lured by potential opportunities for growth with exponential increase
in urban population and expanding middle class population contributing to
demand for quality and branded products, global specialized greeting card
stores are increasingly foraying into developing markets such as India and
China.
Key
players in the market include American Greetings Corporation, Carlton Cards
Ltd., Schurman Retail Group (SRG), John Sands (Australia) Ltd., UK Greetings
Ltd., Archies Limited, Avanti Press Inc., Budget Greeting Cards Ltd., Card
Factory plc, Child Rights and You (CRY), Crane & Co., Current Media Group
LLC, Galison Publishing LLC, Party City Holdco Inc., Hallmark Cards Inc., IG
Design Group Plc, Simon Elvin Ltd., and UNICEF, among others.
The
research report titled “Greeting Cards: A Global
Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections in dollars and units for all major geographic markets such as the
US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest
of Europe), Asia-Pacific (Australia, China, South Korea, and Rest of
Asia-Pacific), Middle East/Africa, and Latin America. Product segments analyzed
in the report include Seasonal Cards (Christmas/New Year, Valentine's Day, and
Others) and Everyday Cards (Birthday, Anniversary, and Others).
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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connect with us, visit our LinkedIn page.
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