Promotional Product Industry is Worth 25.8 Billion Dollars and Growing
If you have not been using promotional products in marketing, this post will surely unravel some interesting facts on custom merchandise.
Reports of ASI (Advertising Specialty Institute) says that promo products industry is pitched at $25.8 billion mark in 2022 ; which is 11.4% sale more over the previous year. Post pandemic, this robust growth was made possible due to various factors like normalcy in supply chain management, normal production times and return of in-person events like trade shows.
How promotional products work
American businesses spend $20 billion each year on promotional products. Logo merchandise influence people to take action in the first place! It will also serve as tangible reminders of your brand and play an integral part in any publicity campaign.
So, it goes without saying that promotional giveaways happen to be the most highly viewed form of advertising among consumers
76% of people can recall the brand on a promotional item. Custom giveaways are versatile giveaways that marketers can hand out at check out, use as mailer items or even as gifts with purchase. These are popular tools to boost customer loyalty, spread the word; and to connect with and thank customers or encourage actions.
PPAI conducts consumer studies show how promotional products work as an advertising medium. As per their 2021 reports, 94% of respondents said they like receiving promotional products; whereas 83% of participants say that it makes their experiences more enjoyable. 3 out of 4 respondents opined that they may switch to a new brand, if they get a promotional product from them.
- 63% of respondents in the above consumer study said, they’ve passed along their promotional product to others, making them a referral tool!
- 99% of consumers who get promotional items retained it
- 83% of people are highly likely to do business with the brand on the giveaway that they got
- 90% consumers believe that promotional products increase the experience
- 90% of consumers can remember the brand on promotional items
- Most consumers like to get promotional products than any other form of advertisement
What 2023 has in store for us?
The mood in promotional products industry is certainly upbeat as the promotional product industry will continue to expand and grow. The increasing popularity of brand awareness coupled with low cost benefit of promotional products make them a clear choice for every genre of business. As companies keep exploring ways to connect with their audiences; the promotional products industry is all set to have a significant role in shaping the future of marketing strategy.
Promo industry is evolving at a faster pace, with tons of new products hitting the market regularly. Moreover, in the future, the demand for promotional items is likely to remain strong to adapt to changing trends and customer preferences.
