Corporate Gifting Survey: Insights on Singapore’s Gifting Trends

Corporate gifting is a popular practice that has been around for decades. It is a way for companies to show appreciation to their clients, employees, and partners. Corporate gifting involves giving gifts to people who are associated with a company, and it is usually done during holidays, special occasions, or as a way of saying thank you.

A recent corporate gifting survey conducted in the US showed that 43% of the respondents stated that improved relationships are the main advantage of corporate gifting. The survey also revealed that 88% of corporate gift buyers look for good-quality products when buying gifts. Furthermore, the survey showed that 35% of respondents cited gifting more than usual since working remotely.

Understanding Corporate Gifting Dynamics is essential for companies that want to maximise the benefits of corporate gifting. This article will explore the corporate gifting market, the US and UK corporate gifting markets, and provide insights on how to maximise the benefits of corporate gifting.

Key Takeaways

• Corporate gifting is a way for companies to show appreciation to their clients, employees, and partners.
• Improved relationships are the main advantage of corporate gifting.
• Understanding Corporate Gifting Dynamics is essential for companies that want to maximise the benefits of corporate gifting.

Understanding Corporate Gifting Dynamics

Corporate gifting is a dynamic strategy that businesses leverage to nurture and deepen relationships, showcase gratitude, and fortify connections by thoughtfully presenting gifts to clients, team members, business partners, or potential customers. In this section, we will explore the insights, trends, and predictions of the corporate gifting market.

Market Insights and Coresight Research Findings

According to the Coresight Research survey, the corporate gifting market is dwarfed in size, accounting for only 17% of the total US gifting market. However, the survey reveals that gifting frequency is on the rise, with 35% of respondents citing gifting more than usual since working remotely. It is also interesting to note that the study found that personalised gifts, unique gifts, and branded swag are more appreciated than generic gifts.

The Impact of Pandemic on Gifting Practices

The Covid-19 pandemic has had a significant impact on gifting practices, with remote work and hybrid work arrangements becoming the norm. The pandemic has also led to a shift in gifting occasions, with virtual events and the holiday season being the most popular. The pandemic has also highlighted the importance of technology in the gifting industry, with gifting platforms such as GiftNow becoming increasingly popular.

Corporate Gifting Trends and Predictions

Corporate gifting trends are constantly evolving, and it is essential for businesses to keep up with the latest trends to stay relevant. The advisory firm Synchrony predicts that businesses will increase their budgets for corporate gifting, with a focus on personalised gifts that create an emotional connection with the recipient. The use of CRM systems to track gifting performance and increase brand awareness is also expected to rise.

In conclusion, the corporate gifting market presents a significant opportunity for businesses to build and strengthen relationships with clients, partners, and employees. By understanding the dynamics of the market and keeping up with the latest trends and practices, businesses can create a positive impact and increase engagement and trust with their stakeholders.

Maximising the Benefits of Corporate Gifting

Corporate gifting is a powerful tool for businesses to strengthen professional relationships, show appreciation, and recognise the contributions of clients and employees. However, to maximise the benefits of corporate gifting, it is important to choose the right gifts, develop effective strategies and execute them with precision.

Strengthening Professional Relationships

Corporate gifting is an effective way to build and maintain professional relationships. By showing appreciation and recognition, businesses can improve their connection with clients and partners. Personalisation is key when it comes to corporate gifting. A personalised gift can convey a message of gratitude and demonstrate a positive impact on the recipient. Gift cards, gift baskets, and experiences are popular options that can be tailored to suit individual preferences.

Choosing the Right Gifts for Clients and Employees

When choosing gifts for clients and employees, it is important to consider their preferences, interests, and needs. Generic gifts may not have the same impact as unique gifts that are tailored to the recipient. High-quality products from reputable retailers can demonstrate a commitment to excellence. Food and drink items are popular options that can be enjoyed by many. It is also important to consider the budget and spending limits when selecting gifts.

Strategies for Effective Gifting

Developing effective strategies can help businesses execute successful gifting programs. Timely delivery is crucial to ensure that gifts are received during the holiday season or at the appropriate time. Technology can be used to streamline the process and ensure that gifts are delivered on time. Gift baskets and experiences can be used to incentivise performance and recognise achievements. Personal experience and positive impact can be achieved by including handwritten notes or personalised messages.

In conclusion, corporate gifting is an effective way to improve professional relationships, show appreciation, and recognise contributions. By choosing the right gifts, developing effective strategies, and executing them with precision, businesses can maximise the benefits of corporate gifting. So, go ahead and show your clients and employees that you value their contributions with thoughtful and personalised gifts.

Frequently Asked Questions

What exciting trends are emerging in the corporate gifting industry?

The corporate gifting industry is constantly evolving, and there are several exciting trends emerging. One of the most significant trends is the focus on sustainability and eco-friendliness. Many companies are now opting for gifts that are environmentally friendly, such as reusable water bottles, bamboo utensils, and recycled paper products. Another trend is the personalisation of gifts, which allows companies to create unique and memorable gifts that reflect their brand and values.

How do corporate gifts impact employee morale and motivation?

Corporate gifts can have a significant impact on employee morale and motivation. When employees receive gifts from their employer, it shows that they are valued and appreciated. This can boost morale and motivation, leading to increased productivity and job satisfaction. Additionally, corporate gifts can help to foster a sense of loyalty and commitment among employees, which can lead to higher retention rates.

What are the most popular types of gifts in the corporate sector?

The most popular types of gifts in the corporate sector vary depending on the industry and the target audience. However, some of the most popular gifts include branded merchandise, such as pens, mugs, and tote bags, as well as tech gadgets, such as wireless chargers and Bluetooth speakers. Other popular gifts include food and drink items, such as gourmet chocolates and wine.

How can businesses measure the ROI of their gifting programmes?

Measuring the ROI of a gifting programme can be challenging, but there are several ways to do so. One way is to track the number of leads generated or deals closed as a result of the gifting programme. Another way is to measure employee engagement and retention rates, as well as customer satisfaction and loyalty. Additionally, businesses can track the cost of the gifts and compare it to the revenue generated to determine the ROI.

What innovative strategies are companies using to personalise gifts?

Companies are using a range of innovative strategies to personalise gifts, such as incorporating the recipient’s name or initials, using their favourite colours or patterns, or including a personalised message. Some companies are also using data analytics to personalise gifts based on the recipient’s interests, hobbies, or past purchases. This allows companies to create gifts that are truly unique and tailored to the recipient.

In what ways do corporate gifts influence client relationships and retention?

Corporate gifts can have a significant impact on client relationships and retention. When clients receive gifts from a business, it shows that the business values their relationship and is committed to maintaining it. This can help to build trust and loyalty, leading to increased retention rates. Additionally, corporate gifts can help to create a positive brand image and increase brand awareness, which can lead to new business opportunities and referrals.