Gifting Market: Presenting a steady growth

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Gift for your loved one

Gifting MarketGifts have always held a special place in human lives. Right from the ancient times to the modern era, the tradition of gifting has never changed. It is a form of giving objects or things to an individual or group of people without expecting any kind of monetary payment. It is generally given to make someone feel special or express ones love or gratitude and charity. Gifting helps in creating a bond between two people and cementing their relationship. Giving gifts and presents has been a part of human culture. Exchange of gifts between parents and kids, couples, relatives, families and friends has been going on for eras together.

Gift articles are being given or taken mainly on special occasions or festival times. Their type and categories also varies from each other. There are different types of gifts for different type of functions, age group and gender. Gift Industry capitalizes on festivals like Halloween, Christmas, Easter and Thanks giving day as these are the period if gifting in the western countries whereas Diwali, Holi and Dussehra are the important ones in India. They are other events like Mother’s day, Valentine’s Day, Father’s day where gifts are accepted and given. Apart from these, birthdays, anniversaries and marriages are also important events where presents are given largely.  The gift market has a large variety of gift and novelty items belonging to different objectives and festivities. Sweets, flowers, greeting cards, chocolates, teddy bears and jewelry are the most popular items for gifting. Toys and kids objects are also one of the main selling items in gifts section. Showpieces, watches, perfumes and clothing are also major sellers in this segment. The demand for gifts mainly soars during the festival and special social functions. Gift coupons and vouchers are another form of offerings that are made today. Companies are too offering free gift items along with their products to attract more customers and increase their sales. Gift shops and galleries are the place where they are generally available. Crockery, glassware, home appliances and gift baskets are also hot sellers of the section. Expensive gift objects like cars, HDTV, diamond sets are in use as well. Online shopping portals have kind of boosted the gift segment with large number products and discounts offer given on them.

With global expansion of economy and changing lifestyle of the people, the pattern of exchanging gifts has also changed. The gift market thrives on several factors like income, needs and liking of the people. As disposable income grows the buying and selling in this sector too sees a jump. There is a huge amount of bulk buying by the retailers and gift shops provide huge revenue for the gift manufactures. The major category, gift shops was responsible for the bulk of industry sales totaling $7.2 billion in 2009 as well as 49.8 percent of market share. The second largest category was gift, novelty, and souvenir shops had more than 22 percent in market share and sales of $2.3 billion. Apart from that greeting card retailers contributed another $1.1 billion to the industry’s bottom line.  Even though it vastly remains as an unorganized sector it’s still showing good amount of steady growth.