The 18th PG&H Retail Barometer – a unique annual survey which tracks the health and wealth of independent gift retailers – revealed that, despite the ongoing cost of living crisis, which it was feared would affect consumer spending on non-essentials, to include gifts – 2023 was actually a good year for many gift indies, with their business up 12% on 2022.
Despite the financial challenges that consumers faced in 2023, some 42% of independent gift retailers surveyed confirmed that the average spend had increased slightly on the previous year, with 12% reporting that it had increased significantly and another 29% saying it was on a par.
Across the year, star performing product sectors were home fragrance and plush, followed by greeting cards. Some 59% of those surveyed invested in their website, with half sprucing up their shops with new units.
Plus, almost 60% of respondents said that last Christmas, trade was better than the previous year, with over a third reporting it was about the same. Only 6% said that their sales were worse.
Looking to this year, encouragingly, there is plenty of optimism, with a whopping 89% hoping to see marginal growth, significant growth or remaining on a par with last year.
To read the full article in the March/April issue of Progressive Gifts & Home, on pages 19-27, CLICK HERE .
