Industry analysts foresee a $7 billion dollar market by 1998, but with tougher competition for its spoils. (Column)

Modest growth will characterize the foreseeable future of the greeting card category, according to the latest edition of "The Greeting Card Market," an industry study published by research firm Packaged Facts.

The report says that retail sales of greeting cards will pass the $7 billion dollar mark by 1998, with annual growth averaging five percent between now and then. Although the drive to 1998 should amount to $500 milliom more in sales than had been previously estimated, unit growth will be stuck between a mere 1 and 1.3 percent per year, Packaged Facts predicts. And any potential for subsequent expansion will be face a major challenge as baby boomers, traditionally die largest card users, exit the …