This festive season is witnessing a boom in the corporate gift industry. Items of utility at affordable prices are high in demand. Additionally, a combination of utility items and aesthetic gifts is doing the rounds to enhance business relationships between clients and employees. The most important factor here is the budget. More people are looking at gifts that would not burn a hole in their pockets yet come across as unique and innovative.
What are the recent market trends saying?
Recent market trends are witnessing an upward curve in the last few years and insiders in the industry have estimated a market value of $2.5 billion for corporate gifts. Pioneers in corporate gifting solutions point out that consumers are looking for exclusive items at affordable prices. Companies want their corporate gifts to be unique and high in quality. Research shows that there has been a 200% rise in demand over the last couple of years. Regarding the types of gifts, it has been seen that there is a demand for a mix of traditional and modern ideas. More premium quality gifts are being demanded by consumers.
What are the types of gifts that are in demand?
• For senior level gifting, a few products like good travel gear, leather accessories and other hand-made writing instruments are highly popular. People in the senior levels are always on the go and such gifts are very useful for them. These have a price range of Rs. 200- Rs. 15,000, depending upon brands and quality.
• There has been a conscious moving away from traditional items like diaries, electrical appliances that used to be very popular with corporate gifting industry, just a few years ago. More companies are now focusing on picking up individual gifts that look and feel more innovative.
• There has been an upsurge in items like silver trays, candle stands, aromatic candles, chocolate boxes, dry fruit bowls and boxes, deities’ gift sets and sweetmeats.
• A range of high quality utility items are also in demand. They include silver plated idols of deities, crystal gift sets, wood and silver plated tissue boxes, silver plated tea/coffee sets and idols of Gods and Goddesses.
• Deity sets are always a popular corporate gift idea around festivals. Limited editions of silver and gold plated deity sets are manufactured for special occasions. Marble, sterling silver and porcelain are also popular choices.
• This is the age of customization of gifts. There is a rise in high-end gifting options like wine-bottles, different kinds of chocolates in an assortment of flavours. These might seem very expensive but can be bought at affordable prices from wholesalers.
Wide range of gifting options, popularity of the corporate gifting concept and affordable pricing has led to a boom in the corporate gifting industry. This trend is no longer restricted to company’s partners and associates. It has become a popular way of strengthening the bond between employers and employees. The motivational aspect has further boosted this industry. Marketing heads feel that this trend is here to stay.