by Gail Oliver, Online Marketing Consultant
I often see people offering $20 necklaces for Mother’s Day and I sort of cringe. Now, I would expect a $20 necklace from my 13 year-old son for Mother’s Day, but I’m not going to buy a $20 necklace for my mother, it just feels too cheap. I realize some people are on tight budgets, but gifts take on a life of their own as everyone has a price point they feel is appropriate. If you are positioning an item as a potential gift, you may want to know some stats about the average prices people spend, so you are pricing your products for the correct gift giver.
Grad Gift Pricing
The National Retail Federation said that college graduation gifts hit a new high last year to an average price of $102.50. Now, this price is a range covering parents, grandparents, aunts, uncles, etc., and you can safely assume that parents will spend the most.
Valentine’s Day Gift Pricing
The National Retail Federation also indicated that the average price spent on a Valentine’s gift in 2015 was $146.84, and that men tend to spend more on the gift than women do.
Wedding Gift Pricing
Again, I often see $25 products being positioned as a wedding gift and I think no way. According to American Express people will spend $179 on a close family member’s wedding gift, $119 on a close friend’s, $114 on a relative’s, $79 on a friend’s, and $66 on a coworker’s for an average of $108.
Anniversary Gift Pricing
Now, what about anniversary gifts? According to research done by the Daily Mail, couples spend on average $170 on the first anniversary, $173 on the 10th anniversary, $242 on the 25th anniversary and $208 on the 40th anniversary. Again, this is couples buying for each other, not children buying for parents.
Baby Shower Gift Pricing
The consensus at the blog, Baby Center suggests that the average amount spent on a baby shower gift is $20 to $25 for a co-worker or acquaintance, $50 for a close friend, or $100 for a best friend or family member (or a group gift).
Kids Birthday Party Gift Pricing
According to Learnvest, most people spend $10 to $20 on gifts for regular classmates but $20 to $25 for your child’s closest friends (at the elementary school level).
Teacher Gift Pricing
The price spent on a teacher’s gift does vary according to a person’s budgets, but Parenting magazine says the range for teacher’s gifts is $20 to $75.
This why many people avoid trying to target an individual or occasion altogether and will simply have shop categories entitled: Gifts $10 to $25, Gifts $25 to $50, Gifts $50+ and so forth.
A Real World Pricing Example
I wanted to buy a birthstone necklace for my 16 year-old daughter’s birthday and price was one factor I searched on. I wasn’t even considering any necklace under $50 because it didn’t feel special enough for a 16th birthday. I also didn’t want to go too much over $125 because she is only 16. Therefore, this became my search: “birthstone necklaces $50 to $125″. These are things you need to think about this when targeting a specific gift giver.
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© 2016 Gail Oliver. All rights reserved.