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Corporate Gifting Market Estimated Growth Trends, Size, Share And Analysis Report 2024-2033
Corporate Gifting Market Estimated Growth Trends
According to The Business Research Company's, The corporate gifting market size has grown strongly in recent years. It will grow from $765.46 billion in 2023 to $839.57 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to corporate relationship building, recognition and appreciation, branding and marketing, occasion-based gifting, competitive edge.
The corporate gifting market size is expected to see strong growth in the next few years. It will grow to $1157.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to sustainability and ethical gifting, virtual and remote work trends, globalization impact, health and wellness focus, data analytics in gifting strategies. Major trends in the forecast period include innovations in packaging, customization and personalization, technology-driven gifting solutions, focus on eco-friendly and sustainable gifts, artisanal and locally sourced products, inclusive and diverse gift selection.
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Market Drivers and Trends:
The increasing use of gift cards is expected to propel the growth of the corporate gifting market going forward. Gift cards refer to prepaid cards or vouchers that contain a specific monetary value, allowing the holder to purchase goods or services up to the card's stored value from the issuing retailer or business. Gift cards provide flexibility for recipients to choose items or experiences that suit their preferences, making them suitable for corporate gifting programs. For instance, in August 2023, according to Gift Rabbit, a US-based affiliate marketing website, gift card sales increased by 22% in 2021 compared to 2020. Further, by 2025, the number of businesses offering gift cards is expected to increase by 23%. Therefore, the increasing use of gift cards will drive the growth of the corporate gifting market.
Major companies operating in the corporate gifting market are developing advanced technology, such as AI-powered platforms, to enhance gift personalization and improve recipient engagement. AI-powered platforms in corporate gifting help streamline gift selection, tailor offerings to individual preferences, and optimize the overall gifting experience, resulting in stronger client relationships and increased brand loyalty. For instance, in September 2021, Alyce Inc., a US-based company that develops online corporate gifting platforms, launched the next generation of smart gifting capabilities and partnerships to enhance its corporate gifting solution. This AI-powered platform offers advanced features and collaborations that enable businesses to create more impactful and personalized gifting experiences for their clients, prospects, and partners. The platform includes features such as custom gift marketplaces, global gifting execution through Staples Promotional Products, and 1-to-many gifting on behalf of sales, providing efficiency and intelligence for strategic programs and campaigns.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Major companies operating in the corporate gifting market report are Walmart Inc., Zara, Proforma Company, 4imprint Group plc, BIC Graphic SA, CustomInk LLC, Tervis Tumbler Company, Staples Promotional Products, ePromos Promotional Products Inc., The Gem Group Inc, Quality Logo Products Inc., Crown Trophy Inc., R.S. Owens And Company, Sweda Company LLC, Swag.com Inc., Shenzhen Osea Technology Co. Ltd., The Magnet Group, Ever Rich Gift Limited, Logo Emblem Industries Co. Ltd, NINGBO WILSHINE STATIONERY CO. LTD., Pujiang AF Crystal Craft Co. Ltd., Crest Craft Company , Farfromboring Promotions LLC, LION PROMOTIONAL GIFT CO. LIMITED, Quanzhou Changyi Crafts Gifts Limited
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