A social networking system provides suggestions of gifts to users for presentation to a target user for a life event of the target user. Merchants provide bids for their products. The social networking system selects products as gift suggestions based on the merchants' bids, recipient's interests, and the candidate user to whom the gift is suggested. The selected gift and any messages relating to the life event are held until a specified time and then delivered to the target user. At the time of delivery, the target user may be provided with alternative products that the target user can select instead of the gift. The social networking system can earn revenue based on promotion of products as gift suggestions, promotion of products as gift alternatives, and for any financial transaction related to the gift.