Research Shows Demand for Professional Photo Books Growing Fast — With No End in Sight
The economic recession of 2009 adversely impacted nearly every category of photographic products and services, with one big exception — photo books. Lyra Research says the market for photo books has been increasing for several years — and forecasts it will continue to rise, reaching 92.3 million in 2014, for a compound annual growth rate (from 2009 to 2014) of 18.9 percent.
This market growth is being driven by multiple factors: increased presence of photo book advertising, merchandising, and word-of-mouth buzz; increased incidence of first-time orders; and increased repeat orders from satisfied customers.
The growing adoption of press printed photo books is a boon to professional photographers looking to increase their revenue opportunities and generate more word-of-mouth marketing. In a recent InfoTrends study of U.S. professional photographers, those who offer personalized photo products like photo books said they account for nearly one-fifth of their total revenues. Photo merchandise revenues were especially high for nature and wedding photographers. Like traditional prints, high-end, heirloom-quality photo books can be enjoyed for generations—but carry a significantly higher price premium and profit margin than prints, and can have a substantial positive impact on professional photographers’ bottom lines.
Adding to the opportunity is the fact that once a consumer purchases a photo book, they are likely to do it again in the future, as revealed by a recent InfoTrends consumer survey.
“Although photo printing volumes have been decreasing over the past several years, professional photographers continue to print a very high number of photos and have been supplementing traditional prints with new products like custom photo books in their product portfolios. We find that even in a challenging economy, consumers are still likely to engage professional photographers to capture images from weddings and other important events, as well as traditional portraits,” says David Haueter, an associate director at InfoTrends.
For our photo lab’s clients, the opportunity is even greater. H&H Color Lab provides an array of photo books in soft, hard and photo covers — all of which offer quality construction, premium materials, strength, durability and consistent color that are unparalleled in the industry. And our low prices allow for a profit margin sure to delight you. Photo books from H&H Color Lab will wow your customers with their exquisite beauty and unmatched quality — keep them coming back to you for more.
Guest Post by Georgia McCabe – As an author, speaker, trainer and social media and photography evangelist, her perspectives entitled “A Picture is Worth a Thousand Friends…or Enemies” appear in print in the book entitled The Relationship Age, with social media guru Mari Smith. Georgia is a frequent guest blogger for our photo lab.