Formidable Niche

It's a tough job, but someone had to do it — put a retail price tag on our industry. So we did. But it wasn't easy. Using the latest available data from a variety of resources — including vetted sources such as the U.S. Department of Commerce and the U.S Census Bureau, as well as other data supplied by our own retail magazine group's research department — we rolled up our sleeves and did some serious number crunching.

Of course, some categories, as well as some products that we know are sold as gifts, could not be included; merchandise like umbrellas, flip-flops, women's scarves, wraps and hats, for example. The reason: We couldn't find data for these products that we could accept as reliable.

Nevertheless, we believe our readers will find the results of our research a viable “reality check,” and enlightening as well.

For those at the heart of our business — the specialty/independent retailers and vendors that represent but a portion of the “whole,” as calculated by Gifts & Decorative Accessories — our research provides a vivid picture of what kinds of product the gift consumer is looking for today, as well as some ideas of where retailers might find untapped potential. Some may even find room for growth in categories they don't currently serve or with products they don't currently sell.

Retailers, in particular, might consider revisiting their decisions about products and categories they previously nixed, based on the billions of dollars they now realize consumers are shelling out for them. A fresh look at inventory, with an eye to what consumers are willing to open their wallets for, could help drive new revenue.

At the very least, our research will give independent retailers a sound idea of what it looks like out in a gift retail playing field that includes all the players, traditional and non-traditional distribution channels alike.

Although the entire gift and decorative accessories sales universe is yet to be determined, our calculations represent the lion's share of it. And it has a rather loud roar.

Compared with the $84.5 billion furniture and bedding industry and the $27.4 billion home textiles industry, we are an impressive ally to both at $367 billion, give or take several billion.

And although we are a discretionary income business — like the $491 billion restaurant industry — our economic clout in the economy is nothing short of impressive.