Just How Big is Gifting?
Originally published November 15, 2016
When we launched our partnership with MyRegistry.com, we mentioned in the initial announcement that we are helping Bonagora users tap into a lucrative gifting marketing, with registry sales estimated to exceed $35 billion, at a reduced cost. We received many questions about that figure. Where does that figure come from? Is the gifting market really that big? So, we set out to answer those and provide more context on the benefits of pursuing a relationship with MyRegistry.
First things first… about that market size. Several independent research studies have validated that sales from registries for weddings and baby showers drive that business. Nearly 90% of couples getting married create registries; with an average of 2.4 million ceremonies each year that average as many as 165 guests, the gifting for engagement parties, shower and the big day itself add up fast. And, there are as many as four million babies born each year; with 78% of new moms relying on registry lists to help welcome their new child and then doing something for siblings as well.
But, there’s more to gift registries than their tradition use for weddings and babies. While weddings and babies are still the top reasons to create a registry, make room for house warmings, anniversaries, birthdays and more. Don’t forget all of the gifting that also takes place for more public holidays, like Christmas, Hanukkah and even Mother’s Day and Father’s Day. Most of us already know that gifting is big for those celebrations, but what’s relatively new is the fact that today consumers now realize that registries are just as practical, convenient and easy for these events as well. That adds a whole new source of growth on top of weddings and babies.
Tens of thousands of people create lists for all of those other events. Of note given the season, MyRegistry has seen a recent increase of use for winter holidays especially. Spending for these occasions actually dwarf those more personal celebrations, quickly exceeding that $35 billion by many times over.
Here are a few other important sales points to share. While gift registry sales are a huge opportunity, they represent just the tip of the iceberg. Registrants happy with their registry experience end up being more loyal customers in the future and can end up creating additional gift lists over time — imagine going from wedding to housewarming and more. Plus, MyRegistry research shows that as many as 60% of the gift purchasers they see are new shoppers for a business; that presents ongoing sales potential for their own self purchase that can be far greater than the initial gift purchase. All of this means that a registry has value far beyond its initial gift list.
To stay focused on the near term, registry activity has very positive momentum right now. Even as there are continual opportunities throughout the year, year-end holidays and the spike expected in wedding planning in coming months (because we are now into peak engagement season through Valentine’s Day) has the potential for quick results for businesses who offer their customers a gift registry. So, we don’t see any reason to not begin your journey with MyRegistry.com. However, for those who need a little more incentive, you’re in luck. Get started with MyRegistry now to receive instant onboarding, a 10% total discount and no service charge until the beginning of 2017. That’s up to a month and a half of free use!
As this offer is exclusively for Bonagora users, please reach out to MyRegistry’s Susan Miller at email@example.com for more details on how to proceed.