A Review of the Year - 2023 and Promotional Product Marketing

As 2023 unwinds, the promotional product marketing industry in the United States has given us much to ponder. This year, businesses and promotional product companies have navigated through the evolving landscape, leveraging branded products to solidify customer loyalty, enhance brand recall, and express appreciation towards employees. With a global worth soaring over $85.5 billion and a resilient growth trajectory, let's dive into the year's insights, underpinned by pivotal statistics and trends.

 

The Unwavering Influence of Promotional Products

Promotional items, from apparel to writing instruments, have played a crucial role in marketing strategies due to their tangible nature and personal touch. This year's statistics reveal compelling evidence about their impact:

• 75% of consumers are likelier to buy from a company that gave them a promotional product.
• 83% of customers feel a strengthened loyalty towards brands that gift them promo items.
• 73% are more inclined to consider purchasing from a business that gave them a kept promo product.
• Employee sentiments towards promotional products are positive, with 24.3% feeling included and 25.8% feeling appreciated.

 

Industry-Wide Influential Product Categories

The top categories for promotional products in 2023 highlight a diverse range of interests and utilities:

1. Custom T-Shirts
2. Custom Drinkware
3. Custom Polos
4. Custom Caps/Headwear
5. Custom Tote Bags

These categories underline the importance of practical and wearable items in creating lasting impressions.

 

Demographic Preferences in Promotional Products

An interesting aspect of promotional products is their appeal across different demographics:

• Men lean towards outerwear, performance wear, and writing instruments.
• Women show a preference for outerwear, health & safety items, and bags.
• Younger consumers (18-24 years old) favor outerwear and health & safety products, while those aged 24-34 prefer performance wear and bags.
• Older demographics (45-64 years old) appreciate outerwear, drinkware, and health & safety items.

 

The Industry's Financial Health and Environmental Impact

With annual sales revenue reaching about $26.1 billion in 2023, the promotional products industry in the U.S. demonstrates growth. However, the environmental footprint is a concern, with 66% of promotional products discarded into landfills. This calls for a shift towards more sustainable practices within the industry.

 

The Power of Company Swag

Company swag continues to dominate with an 85% brand recall rate, showcasing its effectiveness over other promotional strategies. The demand for promotional products remains high, with nearly 8 out of 10 people desiring more.

 

Looking Ahead

The promotional products industry's future appears promising, with projected growth and an increasing focus on sustainability and digital integration. Companies and marketers are encouraged to consider the environmental impact of their promotional strategies and explore innovative, eco-friendly alternatives.

 

Conclusion

2023 has been a year of learning, growth, and adaptation for the promotional products industry. The statistics and trends observed underscore the undeniable value of promotional items in fostering brand loyalty, enhancing brand recall, and expressing appreciation. As we look to the future, the industry's potential for innovation and sustainability remains vast, promising exciting developments ahead.

 

Sources

"SOI 2022 Top Products Turn Back the Clock." ASI Central

"Promotional Products Industry Research." PPAI

Navarro, J. G. "Promotional Products Industry Sales in the U.S. 2007-2023." Published March 14, 2024. Statista

"The Shared Secrets Lab - Giftafeeling Inc." Giftafeeling

"Promotional Products Market 2023-2030 Latest Research." LinkedIn

"Eppi Magazine." Werbeartikel Verlag