gifting industry_ market analysis

8/10/2019 Gifting Industry_ Market Analysis

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Global corporate gift market is aligned with the economy. Corporate and business gift giving is a

part of the business incentive programs now. This trend will be more pronounced in the years to

come. Companies generally give gifts as a token of expressing appreciation, developing business

relationships, and generating friendliness.

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Amount being spent as corp orate gifts sho ws signs of con tinuous rise t his year. The amount being

spent as corporate gifts range from $50 to $299, which has increased by nearly half (49.9%) in

2013 from that of one third (34.5%) in 2012. The trend of corporate gift giving is now adopted by

most of the businesses. Business gifts are now given on more occasions as compared to earlier,

and have nearly doubled in 2013, which is around 10% which earlier was 5.6% in 2012.

Promotional events and recognition programs for employees play a good role in boosting

business. Globally, 52.3% of companies gave gifts during promotional events in 2013, compared

to 40.7% in the year 2012. Employee recognition programmes and gifts have taken over 51.5%of

the gifting market this year, which is an increase from 38.3% in 2012.

A survey conducted in 400 corporate respondents shows that out of them 352 have includedcorporate gifting as a part of their incentive program.

The statistics shown below tells us how much corporate are spending for gifting.

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Most of the businesses prefer purchasing gifts directly from the manufacturers, around 38% buy it

from distributers or from online shopping portals. The below figure shows what all gifts are given

by the companies. It is found that maximum businesses give out gift cards (66.6%), still less

businesses prefer office accessories (42.3%), apparels (41.2%) or electronics (36.5%).

The corporate giving gifts generally spend an average of $44.98 for their employees and around

$33.92 for their clients and prospects in the year 2013 as compared to $41.70 and

$26.48respectively, given in 2012.

The popularity of food and beverages is continuously increasing. People now prefer perennial

food baskets or branded wine bottles as compared to the promotional products are branded stuffs

like pens, T-shirts and mugs to advertise the company or brand. Companies generally follow

tiered giving where they do not give same gift or equal priced gift to everyone. Top clients are

presented with higher value gifts while employees may be given budget-friendly items. This kind

of gift giving will be more economic and more effective.

Ongoing Trends in Gifting

Clients always prefer useful gifts. They appreciate gifts like scented pens having company logo,

which is made using 100% recycled plastic or newspaper, or office accessories like USB flash

drives that can be used as bottle openers, or iPhone speaker that will charge three devices as the

same time. Big corporate companies are also giving tequila shot glass carved from good quality

rocks.

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Employees are of the opinion that rather than attending company holiday parties they would like

to have some useful gift instead. Popular corporate gifts include:

Gift Cards or Cash BonusThese are the most common liked by everyone whether it is a client

or employee.

Promotional GiftsSuch gifts come up as a perfect opportunit y to expose your brand that will

complement your corporate ad campaigns.

Electronic GadgetsThese are great gifts that everyone expects to get some time. Corporate

also give out company Smartphones, tablets or other electronic devices. TSA approved

backpacks are also common.

Give Women Feminine GiftsLadies generally like getting gifts, they will be excited about the

same. Giving a girly gift make it more personal. Use this opportunity to give a fashionable gift like

a clutch or handbag, or apparels.

Challenges Facing the Gifting Industry

At times corporate gifting might be considered as a gesture of bribery, which in an illegal act in

several countries. This might in turn affect corporate relationships. Gifting has to be done privately

as a token of friendship rather than in the context of business.

Companies those operate outside the home market need to be aware of the cross-border

cultural differences, and analyze whether gift giving will be appropriate and what gift is to be

given.

Certain types of gift giving are found to cross the ethical threshold.

The growth trend is sure to continue, and we might find lot more changes (like in any other

industry) in the gifting trends in the near future. Times change, people and their preferences

change Change dear friends is the only constant in this world!

I leave you with this gift: an old classic from Bon Dylan Times They Are a Changin


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