The Giftware Association has joined the Bank of England and a coalition of UK trade associations this week as part of the Genesis Initiative, presenting new evidence on trading conditions and confidence across the gift, home and stationery sector.
Alongside organisations including The Greeting Card Association, the meeting brought together industry voices to highlight current market trends, challenges facing small businesses, and the barriers holding back growth across the UK’s independent retail and brand landscape.
Central to the discussion were findings from the Genesis Initiative survey, conducted among Giftware Association members, which reveals fragile confidence and mounting pressure on small retailers and suppliers. Key findings from the Giftware Association Genesis survey include:
· Business confidence remains fragile: Sentiment is largely negative, with members expressing frustration at current economic conditions and uncertainty about the year ahead. Many expect confidence to stagnate or decline without decisive policy action.
· Weak growth expectations: Over half of respondents anticipate reduced business growth, citing flat or weakening domestic demand and notable declines in export activity.
· Employment and wage pressures intensifying: Employment levels are expected to remain static or fall, with modest pay increases and some wage freezes reflecting rising employment costs.
· Limited pricing power despite rising costs: Businesses continue to face cost inflation but are unable to pass these on fully to consumers, resulting in squeezed margins.
· Investment constrained by uncertainty: Many firms are delaying or reducing investment, focusing on cash preservation rather than expansion, innovation or recruitment.
· Regulation and lack of incentives hindering growth: Members consistently identify complex regulation and insufficient incentives as key barriers to investment and job creation.
· Feeling overlooked by government: There is a strong perception that small businesses and independent retailers lack adequate representation, with calls for more targeted support for the High Street, hospitality and creative sectors.
Commenting on the findings, Gemma Sault, Managing Director of The Giftware Association, said:
“Our members are resilient, but confidence is clearly under strain. Small retailers and brands are navigating rising costs, limited pricing flexibility and ongoing uncertainty, while feeling increasingly overlooked in national economic decision-making. The Genesis Initiative has been a vital opportunity to ensure these voices are heard directly at the Bank of England.”
The Giftware Association will continue to work with policy makers, industry partners and trade bodies to advocate for practical reforms, fair regulation and meaningful incentives that enable sustainable growth across the gift, home and stationery sector.
