21/10/2021
Venues such as zoos, aquariums, national parks, theme parks, and museums have their own souvenir shops as well; in some cases, these shops sell items of higher value than souvenir and souvenir shops not associated with a venue, as well as trinkets. These stores are sometimes a source of financial support for educational institutions.
If you are close observer of happenings in this industry, you will notice that the Souvenir Shops and Card Stores industry has displayed signs of contraction as external competition has caused the number of operators to fall over the past five years. On the other hand, industry revenue has continued to rise as consumers have increased their discretionary spending on nonessential items that are predominant in this industry.
Please note that the continued growth of per capita disposable income has also enabled consumers to travel more and purchase items from souvenir shops. Going forward especially as it relates to projecting for the five years, the industry is anticipated to benefit from rising disposable income levels and tourist activity.
Statistics has it that in the United States alone, the Souvenir Shops and Card Stores industry generate over $19 billion annually from more than 61,279 souvenir shop outlets scattered all around the country. The industry is responsible for the direct employment of over 188,120 people.
Experts project the Souvenir shops and Card Stores industry to grow at a 0.2 percent annual rate between 2013 and 2018. Party City Holdings Inc., American Greetings Corporation and The Walt Disney Company are the establishments in this industry that own lion market shares in the industry.
A recent report published by IBISWorld shows that the Souvenir Shops and Card Stores industry is in the mature stage of its life cycle. The report further revealed that over the 10 years to 2023, industry value added, which measures the industry’s contribution to the overall domestic economy, is estimated to increase at an annualized rate of 1.0 percent, whereas US GDP is projected to expand an annualized 2.2 percent during the same period.
