Party Supplies Market: Introduction
- Party supplies is a broad category of different products used by party organizers to create the right ambiance for different parties of special occasions such as birthdays, anniversaries, farewells, etc. These are specialty items used in the decoration of party venues. Some common party supplies include balloons, candles, invitation cards, banners, and tableware. Usually, party supplies are selected according to the party theme to make the event meaningful and memorable.
Key Drivers of the Global Party Supplies Market
- Changing demographics, improved lifestyles, and rise in personal disposable income are identified as key drivers in the global party supplies market. Modern consumers are willing to celebrate every special occasion and achievement in a special way. Modern parents are increasingly spending on their child’s birthday parties to make it special and memorable. Moreover, special life events such as a wedding, engagement, and anniversaries are celebrated with special parties organized by event management companies.
- Rising urbanization and increasing per capita income indirectly drives the demand for party supplies across emerging economies. Moreover, the number of professional event planners has increased significantly in recent years to cater to evolving needs of millennial consumers. Parents in the modern economy are likely to spend more on their kid’s birthday parties. For instance, a recent survey in the U.K. by BabyCenter poll reveals that 25% of parents spend between US$ 200 to US$ 500 on their baby’s first birthday celebration.
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Key Trends in the Global Party Supplies Market
- Theme-based party decoration is identified as a popular trend in the global party supplies market. The trend is likely to promote high demand for party supplies during the forecast period. Theme-based parties require specialty party supplies customized as per the demand of party organizers, among which return gifts to guests are a key focus area.
- Online purchase of party supplies to avail discounts is currently trending across different geographical markets. The number of e-commerce stores specializing in party supplies are anticipated to increase significantly during the forecast period.
The Impact of COVID-19 on the Party Supplies Market
- Changes in the macroeconomic environment have caused supply chain disruptions as well as demand fluctuations in the international market. Limitations on social gatherings, social distancing norms, and economic crisis have impacted consumer preference for celebrations. This is however a short term impact and the market is anticipated to show significant recovery post the pandemic.
Asia Pacific Party Supplies Market to Expand at a Substantial CAGR
- Based on geography, the global party supplies market can be classified into South America (SA), North America (NA), Europe (EU), Middle East & Africa (MEA), and Asia Pacific (APAC)
- Country-level bifurcation of the North America market includes the forecast and analysis for the U.S., Canada, and Rest of North America. Country-level analysis and forecast of the Europe market covers the party supplies market in the U.K., Germany, France, and Rest of Europe. Country-level analysis and forecast of the Asia Pacific market includes major countries in the region such as India, China, Japan, and Rest of Asia Pacific. Middle East & Africa country-level analysis and forecast of the party supplies market includes GCC countries, South Africa, and Rest of Middle East & Africa.