The gifting market: Worth exploring further

Hate obtains in the world today. Yes, it is prevalent even in the month that is hailed as that of peace, love and understanding. The month of February.

Through the years, the emphasis and the common understanding by most of us is that this day is just for couples or lovebirds. The fact is, it is really for families, friends and enemies as well. Thus, on Valentine’s Day, when people tend to become more demonstrative to their loved ones, money flows and spending go up, as expected.

Historically, however, Valentine’s Day has religious significance and used to be referred to as St. Valentine's Day. It started as a liturgical celebration in honor of a Christian saint named Valentinus. Thus, until today, Saint Valentine's Day is religiously celebrated among Anglicans, Lutherans and the Eastern Orthodox. 

Though unverified, stories were made up about his martyrdom. However, that he was imprisoned and executed for officiating unions for soldiers who were then forbidden to marry and for ministering for Christians who were persecuted under the Roman Empire remain popular.

Indeed, Valentine’s Day was first associated with romantic love. However, it was only in the 18th century when it was associated with gift giving. Then, lovers tend to be more demonstrative by presenting flowers, offering chocolates or any confectionery and sending greeting or valentine cards. And as years pass, the bow and arrow carrying winged cupid was invented to symbolize one’s fall for another. 

And as we often say, the rest is history.  Globally, gift-giving is now a multi-billion dollar business. In the USA alone, the gifting market is estimated to be over $131 billion. As more and more buyers no longer go through the usual gift shops or department stores but through the internet, the figures could even rise dramatically. 

The rise is really dramatic and figures are head-turning. For instance, on candies alone, there were just “1,379 of manufacturing establishments that produced chocolate products in 2012, employing 37,998 people.” Then, “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 just 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.”

In the United Kingdom of Great Britain, the “gifting market” is, likewise, huge.  The fact is, in the UK’s annual £40bn 'gifting market', Valentine's Day 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 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. 

As BPOs sprout domestically, we can expect a rise in employment and a consequential increase in consumers’ discretionary spending. Moreover, the rise, globally, in the millennials’ disposable income will allow them to travel more and spend more.

Indeed, the country’s gifting market is, likewise, on the rise. Thus, the gifting market is worth exploring further.