David Long
GB – The Market Report 2022 that was recently presented by Sourcing City takes stock of the COVID years and the impact of Brexit hitherto, summarises the current market figures of the promotional products industry in the United Kingdom and Ireland and gives an outlook of the possible market development. For example, the COVID pandemic led to a reduction in the market volume of the promotional products industry. Estimated to be approx. 1.17 billion British Pounds (approx. 1.3 billion Euros) in 2019, the market has shrunk by 37% or correspondingly 430 million British Pounds (approx. 485 million Euros). In spite of the emergence of new crises in 2022, such as the Ukraine war and high inflation, which is having a strong impact on British households, the turnover of the industry recovered in 2022 and managed to achieve around 97% of its pre-COVID level. According to the survey, the current turnover volume is 1.13 billion British Pounds (approx. 1.27 billion Euros).
The Market Report puts the positive development in spite of the crises among other things down to streamlining measures carried out during the pandemic and the flexible, resilient structures of the industry: “It is pleasing to see that the UK industry continues to prove its resilience and entrepreneurial spirit. The world economy has faced significant challenges in recent years and to date the UK promotional merchandise industry has responded well. No doubt there are more challenges to face, but the companies in this industry are known for moving quickly to respond to market changes, and I remain optimistic that we will come through the coming years strongly,” David Long, CEO of Sourcing City, summarised.
The survey, the full version of which is exclusively available to Sourcing City Purple Club members, includes in addition to the current turnover figures also an analysis of the promotional products companies according to size and region as well as an overview of the highest yield product groups.
