Greeting Cards Industry Overview
The global Greeting Cards Market, valued at $19.25 billion in 2022, is projected to grow at a CAGR of 0.9% from 2023 to 2030. Consumer behavior, marked by increasing engagement in festive celebrations and occasions, is a primary factor propelling market growth, with card exchanges remaining a popular way to convey affection. The rising demand for personal and thoughtful handmade cards further supports this trend. Data from Card Factory shows that the proportion of UK adults purchasing greeting cards rose to 73% in 2021 from 71% in the previous year.
The market is also seeing growth opportunities through the innovation of recordable greeting cards and e-cards, catering to evolving consumer preferences for more expressive options. Hallmark Cards Inc.'s introduction of personalized video cards in January 2022 exemplifies this, enabling customers to create lasting, emotionally rich messages with video, voice, and music. This emphasis on personalization is poised to significantly drive the greeting cards market forward.
Detailed Segmentation:
- Type Insights
The traditional card segment dominated the market and accounted for the largest revenue share 75.76% in 2022. The traditional cards offer a level of personalization and customization that digital alternatives may not always be able to match. While digital cards can be customized with text and images, traditional cards can be decorated with a wide range of materials, including glitter, stickers, and other embellishments, which can add an extra touch of personality and creativity. Sending and receiving cards has been a longstanding practice in many cultures and traditions, and many people continue to value the sense of connection and community that traditional cards can provide. Such factors will assist the traditional card segment in retaining its dominance over the forecasted years.
- Distribution Channel Insights
The offline segment dominated the market and accounted for the largest revenue share of 64.63% in 2022. One of the key advantages of selling greeting cards through retail stores is the ability to offer customers a hands-on shopping experience. Retail stores provide customers with the opportunity to browse and handle physical cards, which can help to drive sales and foster a sense of connection with the products. In addition, retail stores often have established relationships with card manufacturers and distributors, which can help to ensure a steady supply of high-quality products.
- Regional Insights
On the other hand, Europe is too expected to grow at a significant CAGR during the forecast period. Europe is expected to be the second most dominant region, and some of the factors contributing to the market's growth include the presence of globally renowned greeting card brands such as Hallmark Cards, Inc., UK Greeting Ltd, Budget Greeting Cards Ltd., and others who are working hard to attract customers through promotional campaigns. Budget Greeting Cards, the UK's largest greeting card wholesaler, is focusing on opening five new locations. Europe is also regarded as one of the most important locations for the celebration of love, particularly in cities such as Amsterdam, Paris, Milan, etc. which attracted more couples and most of the couples tend to express their love through a greeting love letter, and these factors act as growth drivers for the reason.
Gather more insights about the market drivers, restraints, and growth of the Greeting Cards Market
Key Companies & Market Share Insights
The greeting card industry is always changing and updating. To stay head-on in the market, players tend to launch new strategies more frequently. Market players are focusing on increasing investments in R&D to innovate new and attractive solutions for consumers for ease of purchasing greeting cards in the market. Moreover, major players are targeting new regions and demography to increase the sales of the products, by either entering the new market solely or by collaborating with local brands and retailers across the globe.
- In November 2021, Hallmark Cards, Inc. today introduced a completely new type of greeting card that makes it easier than ever to create one-of-a-kind moments that will last a lifetime. Hallmark Video Greeting Cards are traditional Hallmark greeting cards that allow users to easily add a personalized video to the card.
- In July 2020, Dolly Parton has signed a licensing agreement with American Greeting for greeting cards for selling via Walmart online and retail stores. The collection is part of American Greeting's multi-year partnership with Dolly Parton, which includes digital and physical products incorporating the legendary singer-music, and songwriters such as a "SmashUp" personalized video greeting.
Key Greeting Cards Company Insights
Some of the key players operating in the global Greeting Cards market include:
- American Greeting Corporation
- Archies Limited
- Avanti Press Inc.
- Budget Greeting Cards Ltd.
- Card Factory plc
- Carlton Cards Ltd.
- Crane & Co.
- Galison Publishing LLC
- Hallmark Cards, Inc.
- IG Design Group Plc
- John Sands (Australia) Ltd.
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