Study: Internet beats specialty stores for gift buying
April 21, 2008
Stevens, Pa.—The Internet was the second most popular venue for gift buying in 2007, a new study by Unity Marketing shows.
According to Unity Marketing's examination of the $65.2 billion gifts and decorative accents market, the Internet trailed only discount department stores as the place where consumers bought gifts.
The study defines giftware as items that are manufactured and marketed specifically as presents, such as collectible figurines, personalized items and occasion-specific merchandise.
The study also showed that specialty gift stores continue to lose ground to the Internet.
These stores accounted for only 7 percent of the overall giftware market in 2007, and the number of stores has declined 21 percent in the past five years, from 75,102 in 2002 to 59,032 today, according to the study.
Specialty gift stores that have survived are ones that have expanded their scope, moving into personal care, jewelry, fashion accessories and music.
"The key for success for both manufacturers and retailers of giftware products is to stay out in front of the consumer, offering them products that are out of the ordinary, new, fresh and special," Unity Marketing President Pam Danziger said in a media release. "The giftware market is a fashion business and companies are rewarded primarily for innovating and offering something new to consumers."
RSS
