Personalization Industry and Trends
So why personalized gifts? Currently, there are 100,000+ businesses selling personalized gifts that fuel an industry of nearly $27 billion per year in sales. Yes, BILLION. There are many diverse avenues to choose from when opening up your business, so you have to ask, “What does personalization offer?”
The market for personalized gifts has exploded! Why? Because the United States is still fighting its way out of recession, people look to get the most value out of each dollar they spend. Why spend $30 on a generic gift when you could spend that same $30 and get it personalized? Not only are you giving your customers more value for their money, but you are ensuring that the gifts they buy leave a long-lasting impression.
Do you remember every person who gave you a gift that your child once used? Probably not. But what about that blanket, shirt, or bib that had the name or initials of that child? How about the picture frame or announcement plate with the child’s birthday and time of birth? More often than not, you remember the gifts that had that extra touch. Personalization offers that “extra.” For the person who has everything, sometimes personal gifts are the only option!
Even Forbes.com recognizes that monogramming and personalization is booming. They cite a theory called, “Egonomics” which offsets a de-personalized society by giving individuals what they crave: recognition of their “specialness.” Faith Popcorn, an independent research organization, states that the United States is at the forefront of “Egonomics.”
Unique Business Ideas in Personalization
Why now? Technology has simply made it easier to create personalized items. The process of personalization used to be insanely expensive, prohibiting it as a cost-effective product for small businesses. Advances in technology have changed that landscape and created a new opportunity for those seeking unique business ideas. Not only are current machines and software cheaper, they are faster, more efficient, and more user-friendly, making it possible to personalize items in less than 20 minutes!