Respondents to this year’s Progressive Gifts & Home Retail Barometer, which offers a micro survey into life on the high street for independent UK gift retailers, summed up 2017 in a word as “challenging”, with competition from Amazon, other competitive websites, supermarkets, garden centres and charity shops impacting heavily. Business rates, rents, the National Living Wage and the minimum wage remained serious concerns.
However, on the upside, some 58% of those surveyed said that business was better or the same as in 2016, with 59% confirming that they had enjoyed a better year. For 70%, the average spend increased or remained the same, with the best performing products candles, jewellery and greeting cards. Diversification too, was a positive factor, with almost all retailers surveyed introducing new products, and eco products entering the charts for the first time.
In terms of marketing, social media was way out in front, with Facebook, Twitter and Instagram regarded as the most effective way of engaging with customers.
Looking ahead to this year, encouragingly, some 84% of respondents said they felt that their business would see marginal or significant growth, or remain about the same, up on last year (80%).
