Experience Gift Market to Skyrocket: $171.52 Bn Worth Market by 2029 - Arizton
Arizton has published latest research on the global experience gift market - global outlook & forecast 2024-2029, shedding light on the dynamic and rapidly evolving industry. The comprehensive report unveils valuable market trends, growth opportunities, and the competitive landscape of the business. With in-depth analysis and meticulous research, this report serves as a strategic guide for industry players, investors, and decision-makers, offering a comprehensive understanding of the current experience gift market dynamics and future prospects.
Browse 63 market data Tables and 55 Figures spread through 244 Pages and in-depth TOC on the experience gift market by type (food & drinks, adventures, spa & beauty, driving, travel & stay, and others), purchasing channel (corporate gift and individuals), geography (North America, Europe, APAC, Latin America, and Middle East & Africa) – global outlook & forecast 2024-2029.
The Growing Trend of Collaboration in the Experience Gift and Corporate Gift Markets
Collaboration between companies in the experience gift and corporate gift sectors is becoming an important trend as businesses seek to meet the increasing demand for personalized and meaningful gifts. Experience gift, where consumers give activities like dining, travel, and adventure instead of physical items, has gained popularity as people shift toward valuing experiences over material goods. Companies are partnering with experience gift platforms to tap into this trend, expand their reach, and offer services as unique gift options.
Corporate gift has also evolved, with businesses leveraging these collaborations to create personalized and branded gift experiences. Partnerships between tech and retail companies, such as Google Wallet with Pine Labs, simplify the corporate gift process by offering seamless management of gift cards. Other collaborations, like that of UBON and TRRUU Global, aim to elevate corporate gifts by incorporating innovative, tech-based products.
A notable example in the experience gift space is Mastercard’s partnership with Invest India to enhance the Priceless.com platform, offering curated cultural experiences in India. This collaboration exemplifies how companies are meeting the growing demand for memorable, experience-based gifts that foster emotional connections with consumers.
Overall, collaborations between companies, including those in the experience gift market, are reshaping the corporate gift landscape. These partnerships improve customization, streamline processes, and help businesses offer more meaningful and personalized gifts, positioning them to thrive in an increasingly competitive market.
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Key Development in the Global Experience Gift Market
- Companies are using apps and online platforms to offer personalized gift and card recommendations, making it easier for customers to choose items based on their preferences.
- Moonpig has formed partnerships with brands like The Entertainer, Early Learning Centre, and Hotel Chocolat, expanding its gift range and offering more product options for customers in 2024.
- Red Letter Days has introduced a Sustainable Experiences Collection to meet the increasing demand for eco-friendly gift options.
How Technology is Revolutionizing the Experience Gift Industry
The adoption of technology in the experience gift industry is revolutionizing how consumers discover, book, and enjoy experiences. Online platforms and mobile apps, such as those by Cloud 9 Living and Virgin Experience Gifts, enhance customer engagement by offering accessible, data-driven recommendations that align with individual preferences. Virtual reality (VR) and augmented reality (AR) are further transforming the pre-purchase experience, with companies like Tinggly enabling users to preview experiences virtually, reducing uncertainty and aiding decision-making. Additionally, data analytics allows platforms like Experience Days and RedBalloon to offer personalized suggestions based on consumer behavior, driving customer satisfaction and repeat purchases. These technological advancements ultimately enhance the shopping experience and foster stronger customer loyalty.
Latin America to Boom in the Experience Gift Market
In Argentina, demand is fueled by local cultural offerings like tango lessons, culinary tours in Mendoza, and outdoor activities like mountain hiking and vineyard tours. Brazil’s market thrives on eco-tourism and adventure experiences, such as rainforest expeditions, riverboat tours, and wildlife safaris, while its vibrant festival culture also boosts demand for experiential gifts related to events like Carnival. Mexico’s market, growing steadily, is driven by its rich heritage and diverse tourism, including visits to ancient ruins, culinary tours, and adventure sports in destinations like Cancun. The region also sees a rise in corporate gift focused on experience-based incentives, especially in tech and finance sectors. Overall, Latin America experience gift market is evolving with a blend of cultural immersion, sustainability, and adventure, offering businesses new opportunities to cater to these growing demands.
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