PUBLISHER: The Business Research Company | PRODUCT CODE: 1643977
PUBLISHER: The Business Research Company | PRODUCT CODE: 1643977
Corporate gifting is the practice of companies giving gifts to clients, employees, or partners as a way to foster positive relationships, express appreciation and reinforce brand loyalty. These gifts range from personalized items and branded merchandise to practical goods, experiences and other gifts. Corporate gifts are often used during holidays, anniversaries, or significant business milestones, to strengthen connections, boost morale and create memorable impressions.
The corporate gifting market consists of revenues earned by entities (organizations, sole traders and partnerships) by providing corporate gifts to strengthen business relationships, boost employee morale and enhance brand loyalty.
The global corporate gifting market was valued at $610,053.50 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.00%.
Expansion Of Small And Medium Enterprises (SMEs)
During the historic period, the expansion of small and medium enterprises (SMEs) drove the growth of the corporate gifting market. As competition for talent intensifies, SMEs are increasingly integrating corporate gifting into their employee engagement and recognition strategies. Gifts, awards and incentives play a key role in boosting employee morale, enhancing loyalty and improving retention, all of which are essential for the continued success of growing SMEs. For instance, according to India Briefing, an India-based business news and guide publishing company, as of June 2023, the Udyam portal registered 20.09 million micro, small & medium enterprises (MSMEs), comprising 19.4 million micro-enterprises, 554,000 small enterprises and approximately 52,000 medium-sized enterprises. Micro, small and medium enterprises (MSMEs), which account for 27% of India's GDP, are crucial to the economy. Additionally, in July 2022, according to the Small Business Administration, small businesses in the United States constituted 99.9% of all operational companies, totaling approximately 30.7 million enterprises in 2021. This substantial figure underscores their significant contribution to job creation, with these businesses generating around 1.5 million new jobs annually, representing about 64% of the total new jobs in the US. Therefore, expansion of small and medium enterprises positively impacted the growth of the corporate gifting market during the historic period.
Personalized Gifts For Businesses To Strengthen Year-End Relationships
Major companies operating in the corporate gifting market are developing personalized gifts for businesses to strengthen year-end relationships. The personalized approach can enhance brand recognition and loyalty, as recipients are more inclined to associate the company with the thoughtful gift. For instance, in October 2024, Promo Direct, a US-based provider of customizable gifts, introduced a new line of corporate gifts tailored for the year-end and holiday season. This collection allows businesses to personalize items with their branding or messages, facilitating the expression of gratitude toward employees, clients and partners during the festive period. The range features sustainable products such as reusable tote bags, along with tech accessories like wireless chargers, gourmet food baskets and sophisticated stationery. Promo Direct highlights that these gifts not only serve as tokens of appreciation but also play a key role in strengthening business relationships and enhancing brand loyalty.
The global corporate gifting market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 0.115% of the total market in 2023.
Corporate Gifting Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global corporate gifting market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for corporate gifting? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The corporate gifting market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider corporate gifting market; and compares it with other markets.