The festival of lights offers a perfect opportunity to express your sentiments and strengthen business ties. “Diwali apart from being India’s most celebrated festival is a wonderful opportunity for the industry players s to express their gratitude and cement their ties with their respective employees, associates and clients,” said ASSOCHAM secretary general, Mr D.S. Rawat while releasing the findings of the chamber’s survey.
“But just like the last year, this year too the business houses are bracing for a muted Diwali affair evidently as majority of respondents of ASSOCHAM survey have tightened their purse strings and have slashed their budgets for Diwali gifts significantly,” said Mr Rawat.
This Diwali, Indian corporate houses are cutting down on their gift budgets. The fact is underlined in a survey carried out by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) during October courtesy ASSOCHAM Social Development Foundation (ASDF) looks at the ‘Diwali Gifting Intentions of India Inc’ in an elaborate research report. What are its findings? A press release points out:
Of the 150 companies interviewed, about 30 of them said they have decided to entirely do away with gifting concept this year and would use the extra funds to better use, highlights the ASSOCHAM survey. While about 90 respondents i.e. the majority of the total of those interviewed said they are going to spend less on gifts for their corporate connections this year and have drastically scaled down their budgets by about 45-50 per cent in this regard.
Corporate houses blamed the prevailing economic slowdown both in India and abroad together with decelerating industrial growth leading to an upward spiraling inflation, high cost of credit, dropping operating profits and difficult trading conditions for going slow this festive season. Of the remaining, about 12 respondents said their company has shortlisted very selective list of clients to whom they would distribute personalized gifts to show their appreciation and make them feel valued.
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