After a dull year of the prolonged economic slowdown, which caused business uncertainty, the festival of Diwali have lifted the sagging spirits of India’s niche branded products distribution industry. Last year, the Diwali trend revolved more around lesser-priced customized gifting, with less inclination towards costlier branded products. This year, the game changer seems to be top and mid-level corporate houses opting for branded products.
A recent insightful news report in The Business Standard by K Rajani Kanth explains how branded products are scoring high on dazzling Diwali gifts.It makes the following observations:
- An Indian hospital chain placed orders with a leading corporate gifts & brand merchandising company for thousands of Cadbury festive packs, while a mobile company based out of Gurgaon released an order for 530 LCD televisions. A Bangalore-based software giant released a large order for TVs, DVD players, rice cookers and mobiles numbering 1,700.
- Another company that distributes branded products pointed out that companies were growingly looking for such stuff especially practically relevant and useful to the recipient like LCDs, induction cookers and microwave ovens. It received orders for close to 8,000 Cadbury festive packs and 1,000 pieces of Prestige cookers, among others, for this Diwali.
- The distinct shift to branded products is because many companies delayed decisions on gifting. And organizing customized products in quick time is tough hence corporate houses are steadily shifting to easily available branded stuff. Courtesy the shift to branded products from the earlier unbranded gifts like sweet boxes and dry fruits, these companies are anticipating roughly 10 percent growth this Diwali, over last year.
- Brand-domain experts like Harish Bijoor believe that obscenely-budgeted gifts will see a downtrend this Diwali. Terming the corporate gifting market in India as a ‘cottage industry’, he adds inflation in terms of prices has hit the sector hard. He observed, “The trend of eatables such as dry fruits, nuts, chocolates and sweets will reign high. There, however, is a bigger yen of customers to receive branded gifts, particularly when it is a gift of high-value. Further, websites of every kind offer branded items at good prices today. This is the new dimension to gifting today. Group discount sites are yet another added dimension of this year’s gifting market.”
- Drawing a line between the positive and negative aspects of corporate gifting, the expert felt that gifts received from vendors are being compared against one another and this causes a kind of “positive goodwill” for one year towards the one who has gifted greater value.
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