by Carolyn Edlund
The gift market offers a huge opportunity for many artists and makers. And hitting the right price range can boost your sales volume.
Fourth quarter is prime time for gift shopping.
The gift market is a fantastic opportunity for artists and creators, and finding the right price for your work can significantly increase your sales.
Long before the existence of writing or currency, people exchanged gifts. Giving gifts is one of the oldest and simplest things humans do. And when you give a gift, you’re actually communicating something important. It can make your relationships with others stronger and even change them for the better.
When you give someone a handmade gift, it says a lot about you. It shows that you appreciate special, well-made things, and you put thought into choosing the gift. There’s a big difference between wrapping up something unique and handmade and just handing over a gift card. Many people love handmade gifts because they want to express themselves and make the recipient happy.
What Shoppers Buy and When
The average gift purchased in a craft gallery averages about $125. These aren’t everyday gifts; they’re for close family or really special occasions. Things like weddings, anniversaries, baby showers, birthdays, Mother’s Day, Father’s Day, or graduations are great times to get a meaningful gift.
However, the holiday season is the busiest time for gift shopping. The last three months of the year, especially Christmas and Hanukkah, can make or break a lot of stores’ sales goals for the whole year. For many shops and galleries, over 40% of their yearly sales happen during this time.
If you create work in production for the wholesale market, you can take advantage of this fact by offering gift collections to your buyers, who will stock them for these important retail customers. If you sell retail only, you can match those prices in your online store, show booth or at other gift- selling venues.
What You Offer
Do you make items in your studio that are around that popular $125 price point? And do you offer items that are even less expensive, retailing for less than $100? These are key price point ranges that will appeal to many gift shoppers, and give you the best chance for brisk sales during the important holiday season. Prices aren’t everything, though. Make sure that your collection is filled with merchandise that is perfect for giving as gifts.
Hitting the ideal gift price range doesn’t mean that you need to discount. Think in terms of small works which are priced at the same amount per square inch as a larger painting. Create items that require considerably less work but convey your unique signature style and can carry a lower price point. Or, consider selling print-on-demand merchandise, broadening your range by using your designs on many giftable items, such as pillows, mugs, notecards, clothing and more.
No matter what you create, think about how your collection can meet the needs of gift shoppers. The more you are able to offer and the wider the price point range, the better you are able to appeal to the many people looking for very special gifts this season.