While buying corporate gifts for employees is an investment, it has a domino effect. As a result, it becomes an excellent ROI for organizations seeking to appease their employees or vendors. These gifts hold more meaning since many corporations are yet to return to work from the office. What are the current corporate gifting trends in India?
let's dive into the statistics.
Here are some of the important gifting statistics and trends of 2023 to know:
Corporate gifts such as caps, power bank, notebook, T-shirt, and knick-knacks gives highest return on investment (ROI) in terms of social media post engagement.
Note: source of these statistics are added below. Let’s dive into the statistics one by one.
Whether it is gifting each other or vendors, most respondents have a well-defined budget. Having a well-defined budget for many organizations is essential so that employees do not receive gifts of different values as it may create differences.
Spending INR 1000-5000 per individual is a decent amount in the corporate gifting industry. There is a vast range of customised and personalised gifts that organisations can buy to appease the recipient within this amount.
Companies looking for corporate gifts in the price range of Rs 1000 to Rs 5000 can opt for household items like kitchen sets, stainless cookers, gift baskets with high-end laptop backpacks, sling bags, and so on.
Without a doubt, the first online marketplaces everyone thinks of when they have to buy gifts is either Amazon or Flipkart. These two online retail websites have an incredibly massive range of presents available in different price ranges. What’s more, it is easier to find gifts according to individual preferences much more quickly than anywhere else.
The phrase beauty is in the eye of the beholder has never been more true. Regardless of the type of corporate gift, individuals desire it to be packed decoratively. Packaging of high quality translates to perceived value. Therefore, the package's aesthetic appearance becomes a crucial deciding element in determining the value offered by the goods within.
It is often beneficial when individuals go a step ahead and purchase corporate gifts that are considered ethical. This usually has to do with handmade gifts or products that are not trending yet.
India is a melting pot of many heritages and cultures. And India's handicraft tradition is still alive and well. Therefore, gifting locally made handicrafts influences sales prospects, employees, and existing consumers.
Buying corporate gifts made in India is the current trend. Moreover, many handicraft items can be customized, making the corporate gift extra special. These gifts are often distributed on special occasions such as birthdays, milestone achievements and festivals.
Sustainability is a big topic in India. As a result, businesses are attempting to shift toward zero-waste or low-waste solutions.
According to a survey, almost eight out of ten people prefer to buy items from companies that give back to the community. And 90% of those polled are prepared to pay a higher price for it. In addition, environmentally-friendly gifts send a positive message as they can be reused or planted in the future.
It often happens that corporations leave the decision of corporate gifts entirely up to the employees. Giving employees and vendors corporate gift cards gives them the freedom to purchase whatever they prefer. Apart from gift cards, memberships to eBook and audiobook websites and Non-Fungible Tokens (NFTs) are also becoming popular as digital corporate gifts in India.
Organizations realize the need to sustain business relationships and have once again returned to corporate gifting, despite the fact that business tremendously suffered for many. With many companies still asking their employees to work from home, accessories such as Wi-Fi routers, ergonomic chairs, and power banks are quite preferred.
The corporate gifting trends, especially in the corporate world, to show appreciation is not going to lessen. Employers and leaders are now understanding the importance of building a personal connection with their employees. This is possible when they opt for thoughtful and useful gifts to celebrate their employees.
Gifts such as caps, power bank, notebook, promotional T-shirt, and knick-knacks gives highest return on investment (ROI) in terms of social media post engagement.
The corporate gifting industry did not take a break at all despite the fact that India is still staggering after the pandemic. In fact, the majority of the corporations have ditched the standard gifts and have switched to wellness and immunity-boosting products. For example, gifts such as immunity-boosting teas, customized masks, hand sanitizers and ayurvedic products are a top hit amongst corporates.
Personal well-being will undoubtedly be given the highest priority in the future. Many employees still work from home in India today. Hence, businesses have moved one step ahead with giving them personalized and customized gifts based on individual preferences.
Apart from customized gifts, the biggest question is the value a corporate gift brings. This has become a worldwide trend, not just in India. Corporates want to ensure that the gifts they give their employees bring some real value to their lives instead of being forgotten in a corner.
By 2024, the Indian online gifting business is expected to be worth $84 billion. With the idea of long-distance gifting made simple, especially for WFH employees, online gifting has taken Centre stage. The online gifting business in India has strong long-term growth possibilities, especially given the current epidemic that has devastated brick-and-mortar stores.
Note: Bookmark this page as we will keep updating this page with our annual corporate gifting report 2023.
The pandemic has changed the corporate gifting scene in India. From standardized gifts, organizations have become thoughtful about giving even better and more meaningful corporate gifts that actually add value to the lives of the recipients.
Many of these gifts are geared towards ethical products or customized wellness products that can be used regularly rather than just be displayed in a corner. Despite the fact that the pandemic drastically slowed down India’s economic growth in the last few years, the gifting industry is still very much alive.
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