Corporate gifting industry is consistently developing considering the additional events like promotions, work anniversaries, organization anniversaries, and the sky is the limit from there. On statistics, the normal market of corporate gifting is worth ₹ 12,000 crore. With a critical development chart, it stamps more than 150% development for each annum. The corporate gifting industry is spreading its wings in all directions and is creating a great impact on marketing and branding companies.
Some of the major participants in corporate gifting industry are from promotional products, apparel, gadget, home & office lifestyle and stationery. Some new players like eco-friendly products are also entering the league pertaining to the needs of market.
Also, some of the prominent sectors to be named in corporate gifting industry as clients are Finance, IT, Insurance, Telecom, Pharmaceuticals, Hospitality and Media. Whereas, the prominent seasons giving boom to the corporate gifting sector are Diwali, New Year and Christmas along with a number of occasions like Employee recognition, token of appreciation to an old client and vendors, prospective clients, promoting companies brand, events give ways etc.
According to Technopak, one of India’s leading management consultants, the total size of Indian corporate and personal gifting market put together in 2017 is about `250,000 crore’. Of this, corporate gifting market in India is estimated to be `12,000 crore’ and is growing at over 200% per annum.
Gifting in India can be split into 3 broad categories – Festival Gifting ($7.5billion), Personal Gifting ($20billion) and Corporate Gifting ($2.5billion).
The evolution of the Indian customer has played a key role in bringing about this change, as this customer has both the willingness and the ability to pay for innovative products.
The surge in economic growth, rising disposable incomes and aspirations, increasing exposure to global trends, and long distance gifting are some of the factors that have contributed to bring about this shift towards premium upgrades.
As per Forbes India, Last year, spends across sectors on corporate gifts (for customers as well as internal gifts for employees) were in the range of Rs. 150 – Rs. 300. But this year it has gone up to Rs. 300 – 550.
And you can bet the financial sector is feeling its oats again. From being the gloomiest sector last year, this year it was the most generous, spending an average of Rs. 600 per gift for employees and customers.
IT was in second place, spending between Rs. 300 and Rs. 350. Its impact on the business wasn’t insignificant, because, “IT budgets are lower than the financial sector, but they have the volume, in terms of employees.” Telecom, FMCG, and manufacturing followed close behind IT.
Promotional Products Association International (PPAI) has conducted surveys of corporate gift givers and recipients. They have shown that vendors who gave corporate gifts were twice as likely to increase their chances of being contacted by recipients as those that didn’t have a gift program.
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