Fast-changing dynamics of corporate gifting industry

Giving and receiving gifts has become a big business. It can be treated as a routine activity or else the very idea will backfire as you may end up creating negative impression in the minds of your employees, clients and business associates – something that you cannot afford.

So corporate houses, the marketing and branding divisions in particular, are very meticulous in gifting giveaways even while sticking to their budget constraints, further stretched by rapidly rising inflation and higher bottom lines. Despite this every year, the scope and size of our overall corporate gifting industry is only growing.

Of course, like many other sectors, the domain of corporate gifting is facing its own challenges. On the one hand, sectors like aviation, media, and advertising are experiencing slowdown. On the other hand, the norms or forms of gifting are undergoing subtle changes, moving into the `receiver’s personal domain – even in the corporate realm. Movie tickets, lunch and buffet coupons, food hampers, holidays, adventure trips, fitness programs etc are being seen as tangible and intangible ideas that can linger in the memory for a longer time than a ubiquitous pen or diary, which of course, still matter from the point of view of branding and promotion.

In fact, things have now dramatically changed. The country’s top companies are leaving no stone unturned and even emerging business houses are going out of the treated paths to push the boundaries of routine gift giving norms so as to cajole both, their business associates and employees. On the other hand, to capitalize on this lucrative opportunity, leading gift manufacturers in India are introducing many unconventional, interesting and offbeat gifts in the marketplace.

With rising business complexities coupled with finicky nature of increasingly meticulous consumers seeking innovative offerings, the entire dynamics of the gifting industry is undergoing a significant change. This has given rise to the trend of catchy designing, packaging and presentation – as important as the gift inside itself. Last but not the least, while choosing the right gift is important, how you give or present it, is also vital because gifting is not just about brand recall, it’s about people. Make it a point to select a utility item instead of just a luxury gift with high face value but little functionality quotient.

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