Corporate gifting is not a new phenomenon in the business world, in fact it has been a long-standing tradition. Companies have been using it to show appreciation, build relationships, and create brand awareness since a long time. A Forbes study shows that corporate gifting industry is valued at $242 billion. This industry has significantly expanded in recent years, with further projected growth in the future. Prior to COVID-19 outbreak, the market was valued at approximately $125 billion, however, in 2019, it surged to $217 billion. Due to the shift towards virtual operations, the expenditure on employee appreciation gifts skyrocketed, resulting in a substantial growth of the Global Corporate Gift Market. At present, the market has expanded to become a $242 billion industry. It is expected to surpass $3 billion in the next two years. One of the major reasons behind this rapid growth is the changing approach of companies towards corporate gifting. The future of this industry is set to look very different from the past. This article explains the changing trends in corporate gifting and their impact on the growth of the corporate gifting industry.
Personalization
One of the major shifts in the corporate gifting industry is personalization. Companies are no longer sending out generic gifts to customers, clients, employees and partners. Instead, they are spending some extra time in customization of gifts according to the recipients’ preferences, interests and needs. This trend is working wonders because personalized gifts show that a company values the relationship. It also makes them feel like the company has taken time to understand what the recipient would appreciate. This approach is quite helpful especially when making a lasting impression and creating a deeper connection.
Eco-Friendly Gifts
Sending eco-friendly gifts is another trend that is gaining momentum. As companies become more environmentally conscious, they are looking for ways to reduce waste while promoting sustainability. Such gifts can include things like reusable water bottles, sustainable food, and beverages etc. By using this tactic, companies can show that they are committed to promoting a safe and healthy environment. Consequently, it creates a positive impression with clients and employees who share similar values. Moreover, it demonstrates that there is an increasing demand for environmentally friendly and socially responsible products. This trend is likely to grow in future.
Companies that prioritize sustainability in their branding strategies and gifting are likely to have a competitive advantage over others. The reason is that they can attract a growing segment of environmentally conscious clients. Henceforth, this trend towards sustainability in gifting and branding is a positive development in the corporate gifting industry.
Diversity and Equality
Diversity and equality are crucial factors in modern day business practices. Consumers are becoming more socially aware and conscious about the impact of their actions including purchases, on the environment and society. Resultantly, companies have a huge responsibility to reflect these values and ethics in their products, services, and overall business culture. One way to show responsibility and equality is by supporting businesses that align with modern day values and practices. For instance, choosing to work with the trans community, people of color, specially abled people or people with down syndrome, women-owned companies or organizations is a powerful way to show equality. It demonstrates your dedication towards diversity, equality, and inclusion. Also, it shows that you support underrepresented communities. In the realm of corporate gift-giving, it would convey a constructive message and value-statement about your company. In sum, diversity and equality in your business creates a positive reputation of your company among your consumers. To ensure this, your corporate gifts should be aligned with the values and ethics of your recipients. In this regard, you can collaborate with various corporate gifting companies who are specialized in this field.
Nostalgia Gifts
Companies are adopting a new trend in promotional items. This trend is known as nostalgia gifts. It is appealing to every age group. However, it attracts millennials and generation Z the most as these generations find it very comforting in reliving their childhood memories. Moreover, it is also appreciating the retro style which is in trend at present. You can consider incorporating this sentiment into your corporate gift-giving to tap into this growing trend of reflecting on simpler times. This trend is expected to grow further in the coming years.
Digital Gift-giving
The trend of digital gift-giving is becoming more popular as technology continues to advance. Digital gifts are not only easy to send but they are also delivered instantly. It can save your time and create an instant impact. Therefore, it is the most convenient option for companies. A few examples of digital gifts include e-gift cards, virtual experiences, and subscription to online services etc. Additionally, these gifts are easy to personalize and can be tailored to suit the recipients’ interests, values, and preferences.
Experience-based Gifts
Another trend that is becoming popular in the corporate world is experience-based gifts. These gifts can include things like spa days, travel vouchers, and tickets to events etc. These type of gifts can be a powerful way to build relationships and create lasting memories. It also shows that a company values the recipients’ time and physical as well as emotional wellness.
Gifts that Support Well-being
In the post-pandemic world of 2023, people are looking for balance and calmness in their lives. This is because the focus on sobriety is growing, especially among adults. They pursue ways that promote fitness and wellness, whether through an improved work-life balance, mental health care or increased physical activity. Corporate gifts are playing an important role in this regard. As a result, corporate gifts that encourage fitness objectives, work from home setups, comfortable clothing and meditation are in high demand.
Gifts for Team Building and Relationship Building
The use of corporate gifts as a way of strengthening relationships withinxx a company and encouraging a sense of team spirit is becoming increasingly popular. Corporate gifts can be used to bring people closer together, enhance relationships with clients, and promote a pleasant company environment.
Lastly, corporate gifting is set to become more personalized, digital, experience-based, and eco-friendly in the future. Companies that want to excel and make a lasting impression would need to adapt to these changing trends in the corporate gifting industry. By doing so, they can build brand awareness, bolster relationships, show dedication towards their clients, employees, and the environment.
