The Economics of Everyday Things
Greeting Cards (Replay)
Dec 2, 2024
Greeting cards are making a comeback, especially as millennials redefine the sentiments they want to express. The episode dives into how different generations, from baby boomers to millennials, have influenced this industry. It discusses the creative tension between large companies like Hallmark using data-driven strategies and smaller businesses following their gut instincts. The emotional connection buyers have to cards is explored, revealing how design trends and personalized touches play a crucial role in purchasing decisions.
15:32
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Quick takeaways
- Millennial consumers are reshaping the greeting card industry by prioritizing unique, high-priced cards that foster genuine connections.
- The industry must adapt quickly to changing design trends influenced by millennials, who favor humor and personalization over traditional styles.
Deep dives
The Greeting Card Industry Landscape
The greeting card industry is a substantial market in the U.S., with approximately 6.5 billion cards sold annually. Major players like Hallmark and American Greetings dominate the landscape, accounting for around 80% of the market share. However, a surge in millennial consumers is reshaping the industry by shifting their spending habits towards higher-priced, unique cards, inspired by their desire to make genuine connections. This demographic's buying patterns illustrate that while traditional cards remain popular, there is growing demand for differentiated products that resonate with personal relationships.
