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Gifting 2003: The Dynamics of the Gifting Consumer
Unity Marketing, May 2004, Pages: 100
This report provides The Who, What, Where, How Much and Why of Gift Giving & Shopping
The gifting market, that is the buying and giving of gifts to family and friends, is a $253 billion market. That means almost one out of every ten dollars spent at retail is to buy a gift. For marketers and retailers gifting represents a rare and unique opportunity to directly and personally touch two target markets at once: the gift giver who buys the gift and the gift recipient to whom the gift is given.
Thus gifting is an exponential marketing opportunity. By combining elements of both word-of-mouth and sampling, gifting magnifies and intensifies the marketing power of both to influence future shopping behavior of the gift giver and recipient. Capturing a greater share of the gifting marketplace, therefore, is a significant marketing opportunity for product marketers and retailers.
The key to crafting an effective gifting marketing strategy is to really understand the dynamics of gift giving, shopping and selection. A key finding from this research is that the majority of gift shopping takes place throughout the year, not just during the last two months. Out of the total $2,062 annual gifting budget, the typical gifter spends only 40% at Christmas, leaving 60% of gift spending occurring over the course of the year.
This in depth report, based upon both qualitative and quantitative research, provides powerful new insights into why people buy gifts and ways marketers and retailers can gain a greater share of gifting spending.
People buy and give gifts to build and enhance their emotional connection with the recipient. In other words, the gift itself (e.g. 'noun') becomes the means to an end and that end is to strengthen relationships. While marketers focus on designing the next big gift product and retailers carefully merchandise their stores with gift ideas, the big opportunity for gift marketers and retailers is to enhance the gifting experience (e.g. 'verb'), rather than focus solely on the gift.
By researching the gifting experience, we have provided this major new research study of the gifting market. No other research study has investigated gifting from the experiential point of view and in such depth, including gift giving incidence and spending throughout the whole year, including 7 major gifting holidays and 12 gifting occasions (e.g. birthdays, anniversary, wedding, friendship, etc.). The key attributes of what makes a good gift are presented, as are the types of stores where gifters prefer to shop and why. How people choose across the wide range of gifting options is explored, including gift certificates and cash, home furnishings, entertainment, apparel, gifts of experience, etc. Marketers and retailers can put these insights to work to increase gift sales and build repeat gifting business.
The purchase incidence among 15 leading gift categories is also researched, including Christmas-themed ornaments and decorations.; Inspirational-themed gifts; Glass figurines and/or sculpture; China and/or tabletop gifts, such as serving pieces, candlesticks, vases, etc.; Candles and candle accessories; Crystal stemware, bowls, decanters, vases, etc.; China or porcelain figurines and/or sculpture; Flowers, plants and/or garden accessories, including cut flowers and bouquets; Personalized, customized, etched, engraved, monogrammed giftware; Jewelry and/or watches; Personalized photography items, such as personalized albums, pictures, etc.; Photography-related gifts, such as frames; Licensed merchandise; Plush and/or stuffed animals; Lighted collectible villages, houses and/or cottages; Wooden baskets, including handmade collectible baskets.
This research is sponsored in part by the gift industry's most forward-thinking companies, including Department 56, Glass Baron, Lenox, Longaberger, and Walt Disney, among others.
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