As per global research, the gifting market has witnessed growth of almost $65 billion dollars in the year 2021. As the demand for Valentine’s Day is increasing, the expert suggests that the industry is expected to grow up to $94 billion by 2031. It has become possible due to the awareness of Valentine’s Day celebrations and the demand for soft toys for Valentine or other gifts by today’s youth.
The gaming industry is really a huge market that is benefiting several businesses on special occasions. So, let’s understand what are the factors that are playing a significant role in boosting the demand during Valentine
1] Change In The Concept Of Celebrating Valentine’s Day
The first and most prominent reason that helps boost the demand for gifts on Valentine’s is the evolution in the way of celebrating. In the old days, this festival was mostly celebrated by couples. But now people understand that this festival is meant to spread love, and they like to enjoy it with their friends, family members, and office colleagues, which ultimately increases the demand for gift items.
2] The Convenience Of Ordering Valentine’s Gifts Online
Another important factor that has given an instant boost in sales of gift items on Valentine’s Week is the convenience of ordering gifts online. The availability of e-commerce platforms has presented people with easy accessibility to the items they need to choose. Now, an individual can easily search for the gift they want, place an order by just following easy steps, and send it directly to the recipient.
3] The Ease Of Opting For Personalized Gifts
Other than offering the convenience of ordering gift items online, one can easily opt for a personalized gift. This means the days are gone when a person needs to visit the place where he/she visits the store and give the order in advance. There are several platforms available now that offer Valentine’s customizable gifts according to the recipient’s taste and preferences and promise to deliver them as per individual requirements.
4] Collaboration Of Local Artists With Big Business
The surge in demand for online gifts during Valentine’s Day also brought great opportunities for artists and small businesses to make profits. The plan is simple; the big e-commerce sites with local artists will directly deliver personalized gifts as per the location. In this way, this initiative acts as the bridge between them, which ultimately helps in order fulfillment.
5] The Impact Of COVID-19 On The Gifting Industry
Believe it or not, the COVID pandemic has played an important role in boosting the gifting business. It was a time when the whole world was locked inside, and an e-commerce platform was the solution to showing love and affection on occasions like Valentine’s Day. This tradition is still being followed while the demand for gift items is increasing.
6] The Awareness Of Valentine’s Day Celebration
The impact of Covid 19 and the evolution of celebration is one part of the surging demand for gifts on Valentine’s Day. Apart from these factors, spreading rapid awareness on such occasions among people is one of the biggest reasons for the increment in the growth of the gifting industry. Today’s youth are more inclined to Western culture, where they love to follow the latest trends, which also includes choosing trendy gifts like personalized Valentine pillow gift for their girlfriend/boyfriend.
7] The Rise In The Purchasing Power Of People
As discussed earlier, the rise of e-commerce sites has promoted the convenience of choosing the right gift for the recipients. This convenience has given immense power to buyers to plan their gifts and impress their love. Now, people tend to make fast decisions in choosing the items that they want to purchase.
8] A Shift Toward Sustainable And Socially Responsible Gifts
One such reason whose contribution mostly ignores the growing demand for Valentine’s Day gifts is the increase in sustainable and socially responsible gift items. Now, people are more conscious about the environment and prefer to choose the items that help to contribute to making the world better. So, the gifting business that deals with such types of items tends to make more profit than their competitor.
9] The Growing Popularity Of Experiential Gifts
Just like environmentally friendly gift items, experiential gifts are now gaining immense popularity on Valentine’s Day. People value the experience offered by online gifting sites more than having the best product. This change in trend has ultimately increased the demand for gifts during Valentine’s Day.
The Growing Trend Of Gifting On Valentine’s Day
Valentine’s Day has been celebrated for centuries, and now it has transformed exactly opposite to what people used to celebrate in the old days. Now, exchanging gifts has become one of the important traditions to show love and care. The evolution of such traditions has provided immense growth in the gifting industry while surging in demand during Valentine’s Day. Now, it has become a billion-dollar industry while serving millions of people around the world.