Personalisation in the gift market19 Dec 2018
Say my name, say my name
If you’re a retailer who sells jewellery and gift items, you have an opportunity to maximise your revenue if only you’d get personal, and there’s serious heft in the personalised giftware market.
Although the personalised gift and jewellery market is fragmented, collectively it is estimated to be worth more than £1 billion annually in the UK. That figure places this market in the same category as promotional goods.
Customisable products have been a trend across retail for a few years, but the trend is only getting stronger - and enjoying particular vigour in the jewellery and giftware segments. Globally, the demand for personalised gifts is growing at 9% per annum.
Personalisation is the way forward
A survey run by YouGov three years ago, researching the trend for customisable wares, discovered some surprising findings:
- The demographic most inclined to purchase personalised gifts is 35 - 44 year old women
- Overall, men spend more than women on personalised gifts though women are quickly closing the gap
- The average spend for a personalised item is £36.50
- The top three customisable items are cards, mugs and jewellery
- Londoners love personalised stationary items
- People in Wales most appreciate personalised clothing
Personal reasons for giving and receiving
Of the 1,000 people interviewed for the survey, the majority of people claimed that they’d be more inclined to keep a gift of a personalised nature given to them.
From a giving point of view, there’s a difference in the motivation between men and women to purchase personalised gifts.
For women, selecting a personalised gift for a loved one is a way to show extra care has gone into the thought.
For men, creativity is the driver for purchasing personalised items.
This is great news for smaller retailers, who are ideally placed to take advantage of the growing demand for personalisation since this trend aligns well with independent stores.