The gifting market: On the rise
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 (more than two thousand years ago), 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.
In Cebu, for one, this holiday season alone confirms this. Notably, this year, two big malls just opened in Cebu City. Another one was opened in the Municipality of Liloan. Considering the existing malls (big and small) around Metro Cebu, the number of malls now is quite staggering. Yet, shoppers are overflowing in each of these malls. Frustratingly, at times, due to this buying spree, traffic was horrible and parking spaces were always full.
Garments, toys, cakes, pastries, chocolates and hams were among those selling briskly. These scenes and experiences were replicated all over the country. Thus, retailers, wholesalers, importers and manufacturers were cashing in and were turning in millions of pesos of sales daily.
Elsewhere around the world, figures were more staggering. In the USA (figures are readily available with its Census Bureau) alone, the statistics were head-turning. For instance, on candies alone, there were “1,379 of manufacturing establishments that produced chocolate products in 2012, employing 37,998 people.” “California led the nation with 152 of these establishments, followed by New York, with 119. The estimated value of shipments in 2011 for firms producing chocolate and cocoa products was US$13.5 billion.”
There were “445 establishments that manufactured non-chocolate confectionary products in 2012.” Moreover, there were “3,170 confectionery and nut stores in the United States in 2012.” “These establishments employed 20,419 people. California led the nation in this category with 46 establishments.” “Non-chocolate confectionary product manufacturing, meanwhile, 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.”
There were “23,413 of jewelry stores in the United States in 2012”. Jewelry stores offer engagement, wedding and other rings to couples of all ages. Until today, these establishments turn in millions of dollars of sales as well annually.
In the United Kingdom of Great Britain, the “gifting market” is, likewise, huge. For one, the UK Retail Occasions 2013 report stated that "A high proportion of consumers place very little personal importance to the occasion,” it qualified though that "with the majority believing it to be a waste of money." The facts, however, showed otherwise, as more than half of the British consumers buying heavily on these occasions.
The fact is, in the UK’s annual £40bn 'gifting market', apart from Christmas, Valentine's Day is also something really big. Notably it is just right behind Halloween, Mothers' Day, Easter and Christmas. 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. Surprisingly too, without being provocative, in 2013 alone, they’ve noted a huge increase in the sale of underwear for women during Valentine’s Day.
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. Undeniably, the country’s gifting market is, likewise, on the rise.
However, celebrations like Christmases or Valentine’s Days and the other major revelries will have its own share of critics. Commonly, critics single out the fact that the true value of the celebration is diminished by its commercialism.
But as Charles M. Schulz, the very famous American cartoonist agreeably said, “All you need is love. But a little chocolate now and then doesn’t hurt.”
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