The emergent movement toward cut flowers and DIY concept will transform the floral gifting market in US
Arizton’s recent market research report on the floral gifting market in US provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by industry platform (in-store, online, and mobile), by occasion (personal gifting, wedding, self-gifting, corporate, and sympathy), and offers detailed competitive analysis.
The floral gifting market in US is estimated to generate revenues of approximately $16 billion by 2023, growing at a CAGR of around 6% during 2018-2023.
The extensive use of digital platforms for most of the purchase decisions will augment the growth of the online business model in the US floral gifting market.
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The top 3 drivers and trends augmenting the growth of the floral gifting market in US are discussed below:
Growth of a Multi-Cultural Audience
Rapid globalization resulted in cross-cultural celebrations and is boosting the demand in the floral gifting market in US. The commercialization of gift-giving rituals and popular festivals is augmenting the growth of the flower industry. Cultural ethnicities such as Italian, Hispanics, Japanese, Asians (Koreans, Vietnamese, Chinese, and Indian) are integrating the western-born idea of gifting on certain occasions to their festivities thereby, driving the growth of the market in US. For instance, China has relatively recently warmed up to the idea of giving flower arrangements. The key vendors in the market can improve their growth and profitability by deep diving into the nuances of the various ethnic groups and the language of flowers that they follow and specifically target basis the attached symbolism across a variety of occasions. Such initiatives will help companies reach a wider group of consumers and generate higher revenues in the floral gifting market in US.
Growth in Floral Subscription Services
Floral subscription services are gaining traction in the floral gifting market in US. These subscription services are offering better value for money to its consumers. This service is creating new opportunities for providing bespoke arrangements to the consumers creating a unique selling proportion for the vendors. Leveraging social media to promote business and show the range of product portfolio will help companies gain a large share in the floral gifting market in US. These subscription services are fuss-free, and it needs just a few clicks of a button and a smartphone decide on an arrangement and get it delivered home. This service is promoting the trend of self-gifting in the US market. Floral subscriptions are also used for the delivery of custom arrangements to homes or offices via monthly or weekly subscriptions. They are unfailingly practical with consumers simply needing to key in their preferences of flower favorites and the frequency of delivery and then open their door to them on the respective days.
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Sustainability on the Rise
The growing focus on sustainability in the floral industry will encourage vendors to adopt environmentally friendly practices in the floral gifting market in US. From ethically sourced, organic flowers to delivery on a bike, players and farmers alike are striving to reduce the ecological impacts along the entire supply chain. The prominent companies are making articulating structural changes required along the supply chain and gaining certifications for sustainability at an increasing pace to attract more consumers in the US market. The extensive use of organic fertilizers, sulfur vaporization, and waste disposal systems is gaining immense popularity in the US market to promote sustainable business practices. The Fair-Trade USA in tandem with flower growers ensures programs for laborers in areas such as healthcare, unionization, and education. Environment-conscious consumers are also enquiring about the green attributes and requesting for them when they buy flowers, putting more pressure on companies to stock flowers that are a result of sustainable practices in the floral gifting market in US.
The leading vendors in the floral gifting market in US are FTD Companies, 1-800-Flowers.com, Teleflora, and From You Flowers.
The complete overview of the latest market research report on floral gifting market in US by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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