Here is a marketing tip some of you will find helpful.
I searched here for party supplies vs Mother's Day in Australia on Google Trends for the past five years. If you look at the Google Trends graph, demand for party supplies over the past five years is constant throughout the year. This makes sense as people celebrate birthdays, holidays, anniversaries, and other events that require party supplies year-round. The demand does not significantly fluctuate seasonally.
Now look at the quantity. It dwarfs an important marketing season like Mother's Day. It is about six times as much.
Here is a report by IMARC Group, the global party supplies market size reached US$ 13.2 Billion in 2022 and is expected to reach US$ 21.1 Billion by 2028, exhibiting a growth rate (CAGR) of 7.6% during 2023-2028.
This is good growth, and it is interesting that this report states that Australians will cut down spending soon, but not for their kids and probably not for this in general.
Why not handle this to increase party supplies sales in your shop?
Here are nine reasons to consider bringing more of such festive goods into your product mix:
1. Constant demand
As a retail store owner, you can capitalise on the constant demand for party supplies. Since it is consistent, it is much easier to service. Unlike many marketing holidays, these items do not rapidly lose value if you do not sell them immediately. You could sell a banner for a five-year-old birthday all year round.
2. High-Profit Margins
Products like balloons, streamers and paper banners have high markups. These high margins make party supplies a profitable department for shop owners to carry.
Simply put, party supplies offer significant profit potential.
3. Impulse Purchases
Impulse buying is a crucial driver of extra-party retail sales. When customers come in to pick up birthday cards or other such items, they will get inspired by these products in your store. This leads to unplanned purchases - grabbing armfuls of decorations, plates and party favours to build out the entire celebration.
4. Last-Minute Needs
Party supply buyers often purchase items right before an event occurs. Having an assortment of supplies readily in-store meets this demand for last-minute purchases - something online shops cannot do.
5. See and touch products
Customers like to see and touch such party products before buying. They want to assess party supplies up close. Often they need to feel the size and measure of a plastic tablecloth, see the metallic sheen on a banner, and see the difference in the balloons.
6. Diversify Offerings
Bringing in party supplies allows you to diversify your overall product mix. People who do not come will be attracted, expanding your customer reach. Party supply customers may discover your other offerings too.
7. Flexible Placement
Party supplies require minimal space and storage. You can creatively tuck select party items into previously dead areas of your shop.
Take advantage of these underutilised areas.
8. Upselling Opportunities
For party supplies, people like bundles. The cost of these items is rarely that high, so people tend to over-buy.
9. New Customer Growth
If your party supplies work for regular celebrations, you will find many niche party supplies that ethnic groups, e.g. Indian, Chinese, etc, need.
If your shop gets to be considered a destination for such goods, there is room to grow.
10. Your software does it now
Your POS Software is working now in shops that sell such items so you have the technology now free.
The party supplies market provides compelling reasons for retailers to do more here. Demand is constant, margins are high, and impulse purchases are standard. Shoppers also like seeing and touching party supplies in-store, making them much more attractive than online stores.