The Personalization of Gift-giving - Press Release
TORONTO (June 24, 2022) – How has the personalization of gift-giving become such a popular niche? (A Deeper Look Behind the Market)
The concept of “personalized gifts” or “personalizing gifting” is probably the most common gift idea people come across when looking for gifts. These personalized gifts can vary from sweatshirts to mugs to jewelry. At times, it may seem that the only difference between personalized gifts and regular gifts is the customization aspects of a name design or colour.
This makes you wonder, or at least it did for me, what is special about “personalized gifts?” Why there is such a heavy emphasis on buying “personalized gifts?”
I thought, if anything, it was another way for the gift industry to bank on the term “personalized.”
According to Moose Publishing, a study of the Canadian gift market indicates that in 2022 the gift market reached 10 billion dollars being an overall profitable market. The personalized gift market is part of the overall gift market and is expected to rise by 6.3 per cent in profits by 2027.
Surprisingly the psychological research on gift-giving and specifically "personalized gifts," found that both terms differ and personalization has a different psychological effect on giving gifts. You can call it the perfect formula. This truly explains why this market has become popular and is expected to continue to grow in Canada.
Gifts do not have to be of huge monetary value. People do not like gifts because they are fancy. They like presents because they provide a feeling of someone acknowledging and admiring their presence.
Featured in EurekAlert! Science News, it is predicted that in the situation of gift-giving, givers and receivers focus on the gift receivers while thinking about the gift. Givers will focus on desirability over practicality, however, the receiver prefers the gift to be useful.
According to EurekAlert! Science News, a Carnegie Mellon University study found that receivers don't receive the gifts they want.
When given a choice between receiving a gift that's sentimental, like a photo from a favourite memory, versus a superficial gift that's expected, like a jersey from a sports team, the majority of gift-givers choose superficial gifts that their recipients expect.
Quote by CEO Vinayak Mahajan
“In a world overwhelmed with abundant gifts and products, all competing for the “best gift” title, it’s not hard to find a quick gift for someone. But, does that mass-produced gift truly symbolize how you feel about the recipient? Is it something that’s going to provide value, joy, and show how much you know and care about them? My guess is no, and here’s why. It’s not personal. The thought and care you put into a personalized gift are what truly matters. It will have a special impact on the recipient, more than any other gift in the world, because it comes straight from your heart, and goes to theirs.”
Kuwarjeet Singh Arora, PR Manager
Hania Noor, PR Associate