Retail100 Consulting

Gifting during times of economic uncertainty

More so than ever, customers will be very conscious of budgets this Christmas. So retailers need to find ways to ensure customers feel inspired and reassured that they have bought the perfect gifts that recipients will love, says Retail100 Consulting director and co-founder Elaine Hooper

This year, Black Friday will be hugely important, as customers will need to find ways to make their budget stretch further, so they may be more organised than usual. Make sure you are well set for this event with stock at a variety of price points which are called out clearly in-store and online, with savings made obvious.

Homemade

Homemade gifts are set to be really popular this Christmas and are very well received, as the recipients know that love and time have been spent on the presents. So ideas to support this theme should be displayed in early November, to inspire customers to get creative.

Obvious products are items that add a final flourish to the homemade gift. So cake tins, beautiful jars, ribbons, and frames to surround a family photograph or a child’s drawing.

These types of products can all be grouped under a theme of ‘Creating the perfect Christmas gift to give’.

Customers will be sticking to budgets, so display products online and in-store with really obvious price points of £5, £10, and so on - and make it easy for them to shop

Hampers

to be ‘useful’, so hampers of food, drinks, or candles, are historically real winners in times of recession.

Offering the option to ‘build your own hamper’ so customers can work to a budget and include an assortment of gifts is a great idea. Encourage this with empty hampers and a selection of items that can be used to fill them.

Body Beautiful

Bath, body and beauty products are always popular gifts, especially if you know the brands that the recipient uses. So merchandise beauty coffrets together at varied price points - they really represent good value for money.

Beat the Chill

With the increase in energy prices, people may be turning down the thermostat. So a theme of ‘Beat the Chill’ may be evident this winter. But gifting doesn’t need to be boring. Think weighted blankets, beautiful knitted bed socks (or kits to knit your own), spa bath robes, and gorgeous cosy slippers.

Charity

Charitable giving is important, especially now. So consider introducing a ‘buy a gift, give a gift’ initiative, where customers buy one item and then buy another to pass on to your business’ chosen charity.

Experiences

Gift experiences will be incredibly well received, as spending on ‘self treats’ will be compromised, so give the gift of afternoon tea, a beauty/spa experience, or a family day out. Ensure you publicise your gift experiences in-store and promote the participating company that you have partnered with to offer this type of gift.

Wish list

Families may be reducing their individual Christmas gifting budgets and clubbing together with other family members and friends to buy a recipient one gift that they really desire. So ensure you offer a wishlist service/facilities online or in-store and share this idea with your customers. This will guarantee that gifts which are slightly more expensive are still considered.

While recipients may end up only opening one gift, if it’s something that might not be within their own budgets to buy for themselves, then it really will be a fantastic Christmas present.

Elaine Hooper is a director and co-founder of Retail100 Consulting, which is a consultancy firm with 100 years of retail experience that helps retailers and brands grow. Coming from a retail background, she worked for John Lewis for 32 years. Categories and roles covered included space planning, project proposition lead, and senior buyer in seasonal, beauty and home categories.

Elaine is skilled in end-to-end strategy, licence and private label product development, sourcing, and maximising brand potential, with experience in leading teams, coaching and mentoring. Email: hello@retail100consulting.co.uk Visit: www.retail100consulting.co.uk; www.linkedin.com/company/retail100-consulting

L-R: Sara Allbright, Anna Berry, Neil Amer and Elaine Hooper