As we look forward to a new year, three leading names in the gift industry share their thoughts on the coming year.
“With retail footfall and spend down, and consumers feeling the financial pinch, I think we would all agree that 2023 has been a very challenging year for our industry,” states Alan Pimm, managing director of SIL/Sifcon.
“However, there is definitely a sense of better things to come. With an increased flow of customers coming to our showroom, all with a more positive outlook, and loving our new ranges, we feel that there will definitely be an upturn in 2024. We already have very good appointments for the early trade shows at Harrogate Christmas & Gift and Spring Fair and these should kick start what we believe will be a successful year,” predicts Alan.
“The uncertainty in the retail environment for both retailers and suppliers will be the biggest challenge for 2024,” states Evan Lewis, founder and managing director of VENT For Change. “While the public at large struggle to make ends meet in the midst of a cost-of-living crisis, it is becoming increasingly difficult to forecast the demand for gifts and stock up accordingly.”
As for opportunities, Evan adds: “As a growing environmental and social business, there are still retailers and consumer that want to buy responsibly and choose the right product that protects the planet and the people. Responsible purchasing remains a cornerstone of people’s purchasing decisions and could become even more important throughout 2024.”
Hannah Dale, founder and creative director of Wrendale Designs, says that the really big opportunity is to think more about sustainability in giftware.“Consumers and retailers are becoming more and more discerning about partnering with brands, and finding brands that have got strong sustainability values. Therefore, I think there are opportunities to make big improvements, to think more about sustainability – there’s a big opportunity there.
Meanwhile, the cost-of-living crisis continues to be a challenge,” continues Hannah. “People have got less money in their pockets to spend, so they’re thinking a lot harder about what they’re buying and being very careful about how they spend their money, especially if it’s on something special. I therefore think we have to think more and more about the economic climate.”
To read the full article in the January 2024 issue of Progressive Gifts & Home magazine click through to pages 35-37.
Top: What will 2024 bring for the gift industry?
