INDUSTRY ANALYSIS

Introduction

The global souvenir industry Currently, it is believed that there are well over 30,000 souvenir
and gift stores in the world. This activity generates around 17 billion in revenue each year
(www.hoovers.com). Disney, Hallmark, Spencer Gift, and other prominent firms are included
here. The high work intensity shared by all memento manufacturers is a distinguishing trait.
Souvenirs are frequently handcrafted. A worker's portion of overall revenues in the souvenir
sector is only $ 80,000 per year. There has been an increase in the availability of major
businesses or shopping malls in the souvenir trade (unlike in the case of Bulgaria). The average
size of such a store around the globe is roughly 2400 square meters.

The worldwide souvenir industry It is estimated that there are over 30,000 souvenir and gift
outlets in the world. This activity generates around $ 17 billion in income each year
(www.hoovers.com). Disney, Hallmark, Spencer Gift, and more well-known companies are
represented. The high labor intensity shared by all memento producers is a defining feature.
Souvenirs are frequently handcrafted. In the souvenir industry, a worker's share of overall
revenue is only $ 80,000 per year. There has been a rise in the presence of significant firms or
shopping complexes in the souvenir sector (unlike in the case of Bulgaria). The average size of
such a store throughout the world is about 2400 square meters.

Souvenir sales are a significant supplemental tourism activity in the majority of tourist areas. Its
assessment as part of supplementary tourism activities is in the context of the manufacturing and
trading of comparable items, which provide additional economic revenue for tourist destinations
and local communities, and its function in tourism is also evaluated in the article. Foreign
tourists' preferences for local goods in Bulgaria have been shown. These preferences shape the
product direction of this auxiliary tourist business significantly.

The Bulgarian dictionary defines a souvenir as a "little, aesthetically created object that serves as
a memento." The entire notion of constructing these items stems from this definition. Those little
items act as reminders. As a result, the visitor purchases something, which draws them back to
the location of their visit. Tourists' desire to link an object with a certain area or culture in a
specific nation is strong. As a result, from the standpoint of souvenir manufacture and sale, this
is an "investment in memory." As a result, tourists will only hunt for the distinct and one-of-a-
kind things that define the place.

Souvenirs, in this sense, serve as advertisements for the tourist destination or community. They
will be the tourists' most vivid recollections of their journey. Aside from the countless images,
the memento will be the only item that remembers and promotes the spot visited. As a result, the
memento is also becoming a marketing tool.

From an economic standpoint, this is an activity that has yet to see purely industrial growth.
Souvenir manufacturing in Bulgaria is more of a craft, resulting in a wide range of mementos.
The sale of memory artifacts is a normal continuation of the production activity inside the tourist
center or village. As a result, the function of souvenirs in the tourism business has economic,
psychological, and advertising signs.

Reference:
http://www.quaestus.ro/wp-content/uploads/2012/03/Milen-PENERLIEV.pdf
https://www.prnewswire.com/news-releases/philippines-gift-card-and-incentive-card-market-report-
2021-market-is-expected-to-grow-by-15-4-to-reach-523-6-million-in-2021---forecast-to-2025--
301450694.html