Personalized products show increase in popularity
When a person personalizes a product, they are adding their own unique touch to it. This act of personalization creates a sense of ownership and attachment to the product, as it becomes a reflection of their own individuality. The personalization process also often involves a certain level of thought, effort and care put into the product, which adds emotional value to it. In essence, personalization allows the person to imbue the product with a part of themselves, and this bonding creates a deeper emotional connection between the person and the product. Furthermore, personalizing a product creates a sense of uniqueness and exclusivity, which can be highly valued by people, as it makes them feel special and different from others.
There are various statistics available to back this up and even show growth and popularity of personalized products. According to a study by the research firm MarketsandMarkets, the global market for personalized products is expected to grow from $12.8 billion in 2018 to $31.8 billion by 2023, at a compound annual growth rate (CAGR) of 20.2% during the forecast period. This growth can be attributed to the increasing demand for personalized products from consumers, as well as advances in technology that make it easier for businesses to offer personalized products.
Another study by the research firm Technavio found that the global personalized products market is projected to grow at a CAGR of around 6% during the period 2019-2023. The study attributes this growth to the rise of e-commerce and online shopping platforms, which have made it easier for consumers to purchase personalized products.
Research by the firm Grand View Research estimates that the global personalized gifts market is expected to reach $30.12 billion by 2025, at a CAGR of 6.9% during the forecast period. The research cites the increasing preference for unique and thoughtful gifts as a key driver of this growth.
A survey by the National Retail Federation shows that a significant number of consumers are willing to pay more for personalization, with 60% of consumers stating they would pay more for a product that is customized to their liking, and 53% of consumers are interested in buying personalised products.
There is a growing demand for personalized products, and the market for these types of products is expected to continue to grow in the coming years. Advances in technology and the rise of e-commerce have made it easier for businesses to offer personalized products, and an increasing number of consumers are willing to pay more for products that have a personal touch.