Personalized gifting market: Worth delving in
Customarily, gift giving is occasion-driven. While a few have religious significance, others are mere creations of the retail industry players to entice buyers to spend. So that, today, we give gifts on Christmas, Valentine’s day, mother’s day, father’s day, etc. Gifts are even given on occasions the millennials fondly referred to as “monthsarries”.
Indeed, gift giving, especially among Christians, started more than two thousand years ago. It was when God gave his only begotten Son to the world to be with us and lived amongst us. Likewise, on that very day, three wise men echoed the same gesture by giving frankincense, gold and myrrh. And as we often say, the rest is history. Gift-giving is now a multi-billion peso business in the country and a multi-billion dollar business globally.
Traditionally, garments, toys, cakes, pastries, chocolates and hams are among those selling briskly. These scenes and experiences are replicated all over the country. Thus, retailers, wholesalers, importers and manufacturers are cashing in and are turning in millions of pesos of sales daily.
Elsewhere around the world, figures are more staggering. In the USA (figures are readily available with its Census Bureau) alone, the statistics are head-turning. For instance, on candies alone, there were “1,379 of manufacturing establishments that produced chocolate products in 2012, employing 37,998 people”. The estimated value of shipments in 2011 for firms producing chocolate and cocoa products was US$13.5 billion.” On the other hand, non-chocolate confectionary products was an estimated $8.4 billion industry.”
There were “14,344 of florist establishments in the USA in 2012”. “These businesses employed 62,397 people. These establishments imported cut flowers and buds for bouquets in 2014 through November worth US$294,730,180. Moreover, the total value of fresh cut roses as of October 2014 was $407,807,220.”
In the United Kingdom of Great Britain, the “gifting market” is, likewise, huge. While buying cards, flowers and chocolates are still among the most preferred, restaurants are likewise making a killing as families and lovers throw in dinner as part of their celebration. For Valentine’s Day alone (as part of the huge gifting market), the British Retail Consortium said sales volume could exceed £1.3bn.
Today, however, the gifting market has widened a bit. Apart from these traditional presents, personalized gifts are in and are certainly on the rise. The research study by Technavio (a leading technology research and advisory company with a global coverage and focuses on emerging technology trends that can shape the market) on the global personalized gifts market for 2017-2021 “provides detailed industry analysis based on skill and technology (hand decoration, embroidery, engraving, printing, and carving), product (photo and non-photo personalized gifts), retail format (in-store and online), and geography (the Americas, Europe, APAC, and MEA).”
It says in its report that the “global personalized gifts market size is expected to reach US$ 31.63 billion by 2021.” It further said that “the Americas is predicted to be the leading regional segment, generating both highest revenue and maximum incremental growth through the forecast period.”
Technavio analysts singled out at least three key factors that are contributing to the growth of the global personalized gifts market. “These are growing gifting culture and increasing demand for seasonal decorations; innovative gifting solutions and advancements in technology; and the expanding online retail, kiosks, and online distribution channels.”
“Seasonal decorations, such as decorative cups, plates, and napkins, account for a major portion of the total revenue generated in the market. Also, the growing home and wall décor market have also been aiding in the expansion of the growth opportunities for personalized gifts.”
On the other hand, product innovation continues to generate consumer interest. Consequently, it translated to increase in sales.
More importantly, the distribution channels have changed a lot. “The expanding online retail, kiosks, and online distribution channels have played very important roles in the continuing growth of the global personalized gifting market.”
We are also experiencing the same in the country today. On seasons like this or special days, like Valentine’s Day, while some items are on sale some prices shoot up. Department stores’ wears and apparels sections are also devoured by panicking patrons. Restaurants are filled and long queues are familiar sights. Moreover, personalized gifts are very visible too. The couple’s shirts, personalized mugs, etc. are just among those that are on the rise.
Indeed, the country’s personalized gifting market is, likewise, on the rise. Thus, the personalized gifting market is worth delving in.
- Latest
