Who buys corporate gifts?
Who buys corporate gifts?
Corporate gifting is when a company will give presents to their clients, partners, and employees, as a tool to increase brand awareness, introduce new products, and motivate a good business relationship. These gifts can come in various forms, such as event tickets, branded merchandise, food and drinks, and gift vouchers.
A recent study conducted by a global research firm found that 60% of corporate gifts were intended for clients and external partners, whilst the remaining 40% were for internal stakeholders and employees. These gifts are most often purchased by senior executives, however there is no rule that says that junior employees cannot buy their own gifts for their colleagues and clients. In fact, this is recommended as it can increase personal relationships within the business as well as personal relationships between clients and their direct company contact.
If you are struggling to come up with the perfect gift for your clients, or employees, then keep reading to get inspired!
Why do people give corporate gifts?
There are various reasons why it is beneficial for a business to give gifts to their clients and employees. Some of these benefits include:
- Using gifts that utilise the company logo can be a good way to increase brand awareness, and ensure brand retention by reminding partners of the company's name.
- Gifting is an overall powerful tool for building strong business relationships and improving connections.
- These gifts can help in building brand loyalty by showing appreciation for existing customers, as well as attracting new ones.
There has been a significant increase in the popularity of corporate gifting post-pandemic, in both the UK and the US, with studies showing that businesses utilise this strategy to their advantage, and have thus experienced notable gains in customer retention and employee motivation. Furthermore, another study showed that employees who received a gift from their place of work felt significantly more valued and recognised for their work. This in turn had a positive impact on their overall well-being, and motivation, which led to higher rates of productivity and improved the performance of the business as a whole.
Corporate gift ideas
Any gift given by a company to its employees or clients is considered to be a corporate gift. It is important that these gifts remain in the boundaries of professionalism, whilst still portraying a level of thoughtfulness, acknowledging the relationship between the business and the giftee. No matter who is receiving the gift, it should make the recipient feel appreciated and respected, as this can not only increase business relationships, but also lead to further brand awareness.
With that in mind, whether you want to give a gift to your newest client, or a long-time employee, we have listed the top gifts we would recommend for you to give in 2023!
Dried flowers as corporate gifts
Arguably the most valuable corporate gift are those going to your clients and business partners, as they can be used to form a trusting business relationship. One of the main gift ideas used by corporations are branded merchandise/gifts. Typically these gifts will be useful, memorable, and unique to the giftee. These gifts are perfect as they can perfectly represent your company, and convey the reliability of your business. On top of this, giving a gift to your employees is more important than you’d think. It is a way to convey the values and ideologies of your business to your employees, both old and new. It will also help to motivate your employees, and as a result, increase the quality of the work being produced. However, it is important that you take care in understanding your employees, and providing them with a gift that resonates with their character.
One gift that you NEED to consider: dried flower bouquets.
In the past couple of years, dried flowers have exploded in popularity, becoming one of the top trends in the floral industry. They are a long-lasting alternative to fresh flowers, not only being cost-effective, but also environmentally friendly. They make the perfect gift, as they come in a variety of sizes and colours, giving you the opportunity to personalise a bouquet depending on who will be receiving them. Furthermore, the fact that they can last anywhere between 1-3 years means that the giftee will be receiving something that they can keep for a considerable amount of time, and can act as a memento of motivation. Not only this, but if you don’t want to give a full-sized bouquet, you can also have dried flowers in different creative varieties - you could send over a framed floral arrangement or a baby breath wreath. There are so many options, so get creative!
What is the size of the corporate gifting market?
You may be wondering, how big is the corporate gifting market?
Well, new data has revealed that the UK corporate gifting market is valued at £78.3 million. It also identified that nearly half of the workers in the UK (49.3%) have received some form of gift or reward, valued around £50, from the businesses they work for. Interestingly, the manufacturing industry is the highest percentage for motivating their staff the most with corporate gifts (68%). The most popular gifts being given by suppliers are food and drink items (35%), with things like bottles of wine, or gift hampers. The second most common were gift vouchers, which allowed the giftee the ability to choose their own gifts (29%). This was followed by monetary rewards such as commissions or bonuses (21%).
PR Newswire reported that in the U.S. the corporate gifting market experienced significant growth in 2021, despite the challenges that came about during the COVID-19 pandemic. It was estimated that the market was valued at $242 billion - a significantly higher figure compared to the UK. It was further estimated that there would be an increase in the market, with the value reaching $306 billion by 2024. The most popular gifts were both physical (51%) and digital (48%) gift vouchers, with most companies willing to spend between $75-$100 per individual gift.