Gifts Market: Rapidly growing
India is one of the most hospitable and socialising countries in the world, where gifting is part of its culture, heritage & social customs. Be it business or personal occasions, India and Indians are amongst the most passionate people about giving and receiving gifts. According to Technopak, India’s leading Management Consultants, the total size of Indian corporate & personal gifting market put together is about 250,000 crore today. Of this, corporate gifting market in India is estimated to be 12,000 crore and is growing at over 200% per annum.
Like everything else, gifting market too is changing profile in India. Personal gifting as a culture is on the rise, with number of gifting occasions increasing from Anniversaries, Weddings, Birthdays, Valentines’ Day, Rakhi, to Mother’s day, Father’s day and so on. Besides, consumers want to now buy gifts from stores which are unique, stylish, personalized, in tune with their preferences, and reflect their status as well.
As the HGH India Research team discovered, for India Inc.’s corporate world too, gifts are moving from “promotional’ to “emotional”. Companies in sectors like Pharmaceutical, Telecom, Information Technology, Finance, Insurance, Hospitality, and Media, are increasingly opting for gifts which strike a more personal and emotional chord with the recipient, be they employees, customers or business associates. People today look for innovative ideas with a personal touch, keeping the profile of the recipient in mind.