Corporate gifts play a critical role in enhancing professional relationships and can be an indispensable tool for staying connected with employees, customers and partners. The study reveals external factors affecting the corporate gifts market in terms of gift frequency and spending, including changed working models, changes in gifting behavior, and emerging gifting occasions, such as the use of corporate gifts to support programs. DEI.
Key Research Findings
Sixty-one percent of corporate gift buyers in the Coresight survey said they have changed their work model since the COVID-19 outbreak. Of these, 91% expect the frequency of corporate gifts to increase (61%) or remain the same (30%). Additionally, 89% of all corporate givers expect gift frequency to increase (50%) or stay the same (39%) after the pandemic.
The Coresight study also revealed a shift in corporate gifting behavior that indicates it’s not limited to the holiday season. The top three gift-giving occasions cited by respondents indicate that corporate gifts are a year-round opportunity to build and strengthen relationships, which is vitally important in the new work environment.
- Employee recognition/milestone (66%, up from 64% in 2021)
- Existing customer/partner appreciation (52% vs. 49% in 2021)
- Holidays (49%, down from 55% in 2021)
In addition, organizations are giving fewer but higher-value gifts, with more respondents mentioning spending $100 or more in one-to-many corporate gifts than in 2021.
- $100–$125 (18%, compared to 17% in 2021)
- $125–$150 (15%, compared to 11% in 2021)
- $150+ (9%, up from 6% in 2021)
Corporate gift givers plan to spend more at the higher end of the order value spectrum, $4,000 or more for the average order amount for one-to-many gifts.
- $4,000–$5,000 (15%, compared to 13% in 2021)
- $5,000+ (13%, up from 9% in 2021)
Higher value spending is another driver of market growth and indicates a more mature understanding of how to use corporate gifts to entice recipients with gifts of quality versus quantity.
Corporate gifts for DEI
DEI initiatives are emerging as a top priority for organizations to invest in corporate gifts for 75% of respondents. There are many opportunities throughout the year for HR leaders to use giveaways to recognize and celebrate diversity, including Asian American and Pacific Islander Heritage Month, LGBTQ+ Pride Month, and LGBTQ+ Pride Month. of Black History, among others. Forty-five percent of respondents are already using gifts to support DEI programs, while 30% plan to support DEI with gifts in the future.
“The corporate gift market continues to see strong growth in terms of volume and value across organizations,” he said. pari raccah, Senior Vice President and General Manager of GiftNow. “It’s exciting to see how the 2022 survey results reflect the more intentional approaches organizations are taking with their corporate gifting efforts to help build and strengthen relationships with employees, customers and partners.”
corporate gift challenges
Organizations demonstrated a more sophisticated understanding of how to use corporate gifts, but respondents cited ongoing challenges with limitations on the types of gifts they can give, as well as the flexibility and scalability of gift programs. Forty-eight percent of respondents manage end-to-end corporate gifts in-house without a gifts platform. Among the top issues cited by respondents as “very challenging” for those managing their own corporate gifting efforts:
- Inability to purchase gifts from multiple brands/retailers (33%)
- Limited choice attributes like color and size (32%)
- Manage inventory, storage, and gift shipping (30%)
- Limited range of products (28%)
Fifty-two percent of those surveyed outsourced some or all of their corporate gifting needs. Outsourcing to a gift provider represents an opportunity for organizations to centralize and simplify corporate gifts and address the challenges noted above. Outsourced gifting also allows organizations to alleviate friction points such as inventory management and shipping, reduce costs and offer more engaging gifting experiences, reducing the number of issues cited as “very challenging.”
“The corporate gift market is growing at a rapid rate. One of the most exciting findings of this study is the use of corporate gifts as a means to support diversity, equity and inclusion (DEI) initiatives,” he said. Deborah Weinswig, CEO and founder of Coresight Research. “It is very encouraging to see that around three quarters of corporate gift givers already support or plan to support DEI through corporate gifts.”
most popular gifts
The study indicates that physical (53%) and digital (50%) gift cards will be the most popular corporate gifts this year. Gift baskets (48%), company-branded products (46%), and experiences like movies and sporting events (39%) round out the top five.
Find out more with the full report
The report details six key areas of focus on corporate gifts and strategic recommendations from Coresight.
To download the full Coresight Research study, Click here.
Coresight Research conducted an online survey of 300 corporate gift buyers in the US in april 2022 Y May 2021. Respondents represent industries such as retail, real estate, manufacturing, and health services, among others. The study covered one-to-one and one-to-many corporate gifts.
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About Coresight Research
Coresight Research is a research and advisory firm specializing in retail and technology. Established in 2018 by the leading global retail analyst Deborah Weinswigthe company is headquartered in New Yorkwith offices in London, lakes, Hong Kong, Carry off and mangaloreIndia). The firm provides data-driven analytics and strategic advice to clients including retailers, brands, enterprise technology companies, accelerators and more. In addition to being recognized for its breadth and depth of research, Coresight Research is known for its expertise in Porcelain market, assisting clients with market entry and cross-border e-commerce strategies. Coresight Research is also known for its Innovator Intelligence platform, which consists of a vast network of tech entrepreneurs that it actively cultivates through events, mentorship, and regularly updated reporting coverage. For more information visit coresight.com.
Coresight Press Contact:
erin hansonfor gift now