CHICAGO, Nov. 15, 2022 /PRNewswire/ -- Today global management consulting firm Kearney's consumer think-tank, the Kearney Consumer Institute (KCI), releases its Q4 2022 Briefing on Gifting, Celebrate good times (come on!): Unwrapping the nuances of gifting. The report looks into the increasing complexity of gift giving, ways in which consumers' approaches to gifting vary across demographics and geographies, and how retailers and brands should respond to the new gift-giving environment.
"Global gifting this season is layered with complexity," said the report's author Katie Thomas, who leads the Kearney Consumer Institute. "People's reasons to give gifts span a huge spectrum, and those reasons are changing over time and look different depending on the country."
"With 71 percent of consumers saying that gifting is fun, there is generally positive sentiment around gifting, though there are complicated psychological feelings too, including anxiety, financial strain, and the need for reciprocity." The KCI began exploring how consumers perceive gifting at different ages and life stages they actually care most about.
The briefing addresses themes such as:
The study reports on feedback from consumers, making the case that gifting may be due for a revolution when viewed in light of younger generations' habits, increased access to different products, and growing discussions on sustainability. "Even children's birthday parties, previously a sacrosanct occasion for bestowing gifts on the birthday child, are now sometimes about donating those gifts, rather than giving them to the child being celebrated."
The biggest takeaway for retailers is that the gifting market will be more diversified, perhaps adding in stress-reducing services for consumers such as gift curation, bundling, and smart merchandising. Partnering across brands to build one-stop shopping for events and occasions and reducing the "bad" time spent are additional ways to reduce friction.
"Looking at broader trends around the widening income gap, consumers' feelings on mental health, increased use of digital, and sustainability as a growing priority, all of those things are slowly changing behavior over time," said Tanya Moryoussef, a manager in Kearney's consumer practice. "Younger generations in particular are tending toward giving less at the holidays and giving gifts more to show love and respect."
A copy of the Q4 KCI Briefing Celebrate good times (come on!): Unwrapping the nuances of gifting is available here.
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About the Kearney Consumer Institute
The Kearney Consumer Institute (KCI) evaluates today's business challenges and opportunities through the eyes and experiences of consumers, advocating a consumer-first perspective. By leveraging consumer behavior data and insights, we generate conversation, and ultimately action, around how to address consumer needs with meaningful benefits. Through extensive consumer market research, we can help you identify the right opportunities by surfacing key consumer market insights and trends.
Using a consumer-first lens the KCI looks at today's consumer revolution not by thinking about consumers, but by thinking like consumers. Our consumer-centric approach includes simple, precise, plain-language conversations on topics like trends, consumer communities, convenience, loyalty, service, fair pricing, and product development and technologies
U.S. Media contact:
Meir Kahtan, MKPR, email@example.com, +1 917-864-0800
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