Party supplies are the items used in an event such as weddings, birthday parties, concerts, and others. The supplies include balloons, banners, tableware, plates, napkins, and many more. Party supplies make the event joyful and celebratory and thus have gained huge popularity over the last few years.
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Impact of COVID-19 on the Market
The outbreak of COVID-19 has had a negative impact on the global party supplies market. This is mainly due to social distancing measures and complete lockdown situations in various countries across the globe. Many events such as parties, concerts, events, weddings, and others were postponed or cancelled to in order to curb the spread of the virus. This drastically declined the demand for party supplies owing to disruption in supply chain and closure of shops and hypermarket.
However, several companies are taking measures such as product innovations and technological advancements to sustain during the pandemic crisis. For instance, numerous supplies manufacturers have shifted towards online platforms such as Flipkart, Amazon, and others to sell their products.
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Key Developments in the Industry
The companies functioning in the global industry are adopting various growth strategies and business tactics such as strategic partnerships, novel product launches, and technological advancements to hold a leading position in the global industry, which is predicted to consequently help the party supplies market to grow significantly in upcoming years.
For instance, in July 2020, Bringg, the leading delivery & fulfillment orchestration platform, entered into a partnership with Party City Holdco, the leading party goods company to transform the customer experience from order placement to the last mile at every step of the delivery cycle.
In September 2020, TippyToad, a leading e-retailer of custom party supplies, announced the launch of its eerily fun and exciting product line for the Halloween holiday season. The company’s Halloween product line includes a host of fabulously thrilling and terrifying custom party supplies, including napkins, party cups, favors, tableware, trick or treat bags, doormats, tableware, Doormats, garden flags, and various gifts.
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Forecast Analysis of Global Party Supplies Market
The global party supplies market is projected to witness a striking growth during the forecast period, owing to the significant growth in the e-commerce platforms pre- and post-pandemic times as variety of products are available from different party supplies manufacturers at competitive price. Conversely, the environmental impact associated with the use of non-biodegradable party supplies such as plastic ribbons, balloons and others may hamper the market growth in the projected timeframe.
The growing demand for event management business across the globe is the significant factor estimated to propel the growth of the global party supplies market in the coming future. According to a latest report published by Research Dive, the global party supplies market is expected to garner $21,352.9 million during the forecast period (2021-2028). Regionally, the North America region is estimated to hold a dominant position in the global industry, mainly due to the rising prevalence of parties and various other events in the region. The key players of the global market include American Greetings Corporation, Hallmark Licensing, LLC, Chinet, Artisano Designs, Party City Holdco Inc., Martha Stewart Living Omnimedia, Inc., Oriental Trading Company (OTC), Pioneer Worldwide, Shutterfly, Inc., and Unique Industries, Inc.
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