UK – In the recently presented Market Report 2023, Sourcing City draws a balance of the COVID years and the impact of Brexit to-date, summarises the current market figures of the promotional products industry for the United Kingdom and Ireland and gives an outlook of the possible market development.
According to the survey, among the most important statistics is the fact that the promotional products market has increased by 4.2% from 1.134 billion British Pounds (approx. 1.325 billion Euros) in 2022 up to 1.182 billion British Pounds (approx. 1.382 billion Euros) in 2023. Prior to COVID, in the year 2019, the turnover of the promotional products market amounted to approx. 1.17 billion Pounds (approx. 1.37 billion Euros), which means the market has completely recovered and further developed. David Long, CEO of Sourcing City and author of the survey emphasised in the summary of the results that the leading sales and supplier companies of the industry have once again demonstrated their entrepreneurial spirit in finding opportunities and customers wherever they could. Many industry companies are leaner than prior to the pandemic regarding staff, overheads and warehouse stocks. On a personal level, the year 2023 had been characterised by the cost of living crisis due to the high inflation rate, surprisingly this had however not been reflected by the general economic performance of the promotional products industry.
In addition to the current turnover figures, the survey which is available exclusively to Sourcing City Purple Club members in detail, encompasses an analysis of the promotional products companies according to size and region as well as an overview of the product groups with the highest turnovers.
