The Latest Corporate Gift Industry Statistics Explained
The global corporate gifts market is expected to reach USD 125.88 billion by 2024.
The statistic indicates that the global corporate gifts market is projected to grow to a value of USD 125.88 billion by the year 2024. This implies a substantial increase in the demand for corporate gifts in the upcoming years, likely driven by the business practices of enterprises worldwide. The rising trend in corporate gifting may be attributed to various factors, such as enhancing client relationships, employee recognition programs, and promotional activities. This statistic suggests significant opportunities for businesses in the corporate gifting industry to expand their market presence and cater to the growing needs of corporate clients.
The North American region dominated the market with a share of over 40% in 2018.
The statistic indicates that in 2018, the North American region had the highest market share compared to other regions, accounting for over 40% of the total market. This suggests that North America was the leading market for the particular industry or product during that time period. The dominance of North America in the market may be attributed to various factors such as strong economic growth, high consumer demand, technological advancements, or a favorable regulatory environment in the region. This information is valuable for businesses and policymakers to understand the competitive landscape and make informed decisions related to market strategies and investments.
In 2021, the United States corporate gifting market was valued at 19.5 billion USD.
The statistic that the United States corporate gifting market was valued at 19.5 billion USD in 2021 indicates the total monetary worth of the industry for that year. This figure reflects the amount of money spent by businesses on gifts for employees, clients, partners, and other stakeholders. The valuation suggests that corporate gifting is a significant and thriving sector within the U.S. economy, highlighting the importance of building and maintaining relationships through the exchange of gifts as a common business practice. Additionally, the substantial market value signifies the potential economic impact and influence that corporate gifting activities have on various industries in the country.
The corporate gift industry is expected to grow at a CAGR of more than 6% between 2021 and 2024.
This statistic indicates that the corporate gift industry is forecasted to experience substantial growth over the period between 2021 and 2024, with a compound annual growth rate (CAGR) exceeding 6%. This means that on average, the industry is expected to expand by more than 6% per year during this timeframe. This growth projection suggests a positive trend in the demand for corporate gifts, likely driven by factors such as increased corporate gifting for employee recognition, client retention, marketing purposes, and other business-related activities. Companies operating in the corporate gift sector may benefit from this projected growth by capitalizing on the expanding market opportunities and adjusting their strategies to meet the evolving needs and preferences of corporate clients.
The largest target market for the corporate gift sector is big businesses which make up 58% of the customer base.
The statistic suggests that the primary focus of the corporate gift sector lies in targeting big businesses, which constitute a significant portion, accounting for 58% of the customer base. This indicates that companies with a larger scale of operations and resources are key players in driving demand for corporate gifts. The statistics imply that big businesses are more likely to engage in corporate gifting practices, possibly due to their higher capacity to invest in building relationships with clients, employees, and partners through gifts. Understanding this demographic dominance in the market is crucial for companies operating in the corporate gift sector to tailor their products and marketing strategies to effectively cater to the needs and preferences of the big business customer segment.
The most popular types of corporate gifts are desk accessories (23%), bags (22%), and calendars (21%).
This statistic indicates the popularity of different types of corporate gifts among businesses, with desk accessories being the most commonly chosen gift at 23%, closely followed by bags at 22%, and calendars at 21%. The percentages represent the distribution of preferences among corporate gift-givers, suggesting that items that are practical and useful in an office setting are highly favored. The data suggests that businesses value gifts that are not only functional but also have a certain level of branding potential, as desk accessories, bags, and calendars are items that can often be customized with a company’s logo or branding message. This information can be valuable for businesses looking to select appropriate and well-received gifts for their clients, partners, and employees.
According to one study, 57% of business gift-givers spend over $50 per gift.
The statistic suggests that in a particular study, 57% of individuals who give gifts in a business context choose to spend more than $50 on each gift. This finding indicates that a considerable portion of business gift-givers prioritize higher-value items when selecting gifts for colleagues, clients, or other business associates. The statistic highlights the potential trend of investing a significant amount of money in each business gift, implying that gift-giving in the professional realm may carry a substantial monetary value for a considerable portion of individuals. This insight could have implications for businesses in terms of budgeting for gifts or understanding the expectations and norms around corporate gifting practices.
About 54% of corporate gifts are edible, like chocolates or candies.
The statistic ‘About 54% of corporate gifts are edible, like chocolates or candies’ indicates that slightly more than half of corporate gifts given by businesses are food items such as chocolates or candies. This implies that edible gifts are a popular choice among companies when selecting items to give to clients or employees. The preference for edible gifts may stem from their universal appeal and potential for enjoyment compared to non-edible gifts. This statistic underscores the importance of considering recipients’ tastes and preferences when choosing corporate gifts and suggests that food items are a common and well-received option in the corporate gifting landscape.
Nearly 80% of people could recall the branding of the promotional product received in the past 24 months.
The statistic “Nearly 80% of people could recall the branding of the promotional product received in the past 24 months” indicates that a substantial majority of individuals are able to remember the branding or logo associated with a promotional product they have received within the past two years. This level of recall suggests that promotional products can effectively establish brand recognition and reinforce brand awareness among consumers. The high rate of recall implies that promotional products are a viable marketing strategy for companies looking to enhance their brand presence and engage with their target audience.
Nearly 89% of consumers can recall the branding of a promotional product they received in the last two years.
The statistic indicates that a significant majority of consumers, approximately 89%, are able to remember the branding of a promotional product they have received within the past two years. This high recall rate suggests that promotional products have a strong impact on consumer memory and brand recognition. This statistic underscores the effectiveness of promotional products as a marketing tool for businesses to create lasting impressions on their target audience. It also implies that investing in promotional products can lead to increased brand visibility and awareness among consumers, potentially influencing their future purchasing decisions.
About one-third (31%) of U.S. consumers own a promotional bag.
The statistic that about one-third (31%) of U.S. consumers own a promotional bag indicates that a significant portion of the population in the United States possess at least one promotional bag. Promotional bags are often distributed by companies as part of their marketing strategies to increase brand visibility and enhance consumer loyalty. The fact that nearly one-third of consumers own a promotional bag suggests that this marketing tactic is fairly effective in reaching and engaging a substantial segment of the population. Additionally, owning a promotional bag may serve as a reminder of the brand or company that distributed it, potentially influencing future purchasing decisions and promoting brand recall among consumers.
In research, it’s shown that 82% of people have a more favourable impression of a brand after receiving a promotional product.
The statistic reveals that a significant majority, 82% of the individuals included in the research study, reported having a more positive view of a brand following the receipt of a promotional product. This finding suggests that promotional products hold considerable influence in shaping consumer perceptions and attitudes towards brands. The high percentage indicates that providing promotional items can be an effective marketing strategy in enhancing brand favorability and generating positive associations among the target audience. As such, businesses and marketers can leverage this insight to incorporate promotional products as part of their overall marketing efforts to increase brand recognition, loyalty, and ultimately drive customer engagement and purchase intent.
On average, 20% of organizations allocate between $1,000 and $10,000 annually on corporate gifts.
This statistic suggests that, on average, 20% of organizations spend an amount between $1,000 and $10,000 each year on corporate gifts for various purposes. This spending range likely indicates a moderate level of investment by organizations in fostering relationships with clients, employees, or other stakeholders through tokens of appreciation. The fact that this expenditure falls within a specific range also highlights consistency in budget allocation for corporate gifting among a sizeable proportion of organizations surveyed. Overall, this statistic reflects the importance placed by a significant percentage of organizations on utilizing corporate gifts as a strategic tool for maintaining positive relationships and enhancing goodwill.
In China, the corporate gifts market was reported to be $12 billion in 2015.
The statistic “In China, the corporate gifts market was reported to be $12 billion in 2015” indicates the estimated value of the corporate gifts industry in China for the year 2015. This figure suggests the total amount of money spent on corporate gifts by businesses in China during that particular year. Corporate gifts play a significant role in Chinese business culture, often used as a way to foster relationships, show appreciation, and establish goodwill with clients, partners, and employees. The large size of the corporate gifts market highlights the importance placed on gift-giving in the Chinese business context and underscores the economic significance of this industry within the country’s overall business landscape.
6 in 10 consumers keep promotional products for up to two years.
The statistic “6 in 10 consumers keep promotional products for up to two years” indicates that 60% of consumers tend to hold onto promotional items for an extended period of time. This suggests that promotional products have a significant staying power in the minds of consumers as they are used and retained for a longer duration than other forms of advertising. This statistic is important for businesses as it highlights the potential long-term impact and visibility that promotional products can have in reaching and engaging customers over an extended period, ultimately maximizing brand exposure and recall among target audiences.
Approximately 81% of consumers keep promotional products for a year or more.
The statistic that approximately 81% of consumers keep promotional products for a year or more indicates a high retention rate of these items among consumers. This statistic suggests that promotional products are effective in creating a lasting impact on the recipients, as most individuals hold onto these items for an extended period of time. This level of retention implies that promotional products can serve as valuable marketing tools, offering prolonged exposure and brand visibility to consumers over an extended period. Businesses can leverage this statistic to inform their marketing strategies and investments in promotional products to engage with their target audience effectively and leave a lasting impression.
More than 60% of businesses expected to give gifts to both employees and clients/customers in 2018.
The statistic “More than 60% of businesses expected to give gifts to both employees and clients/customers in 2018” suggests that a majority of businesses surveyed or analyzed were planning to distribute gifts to both their employees and clients/customers in the year 2018. This finding could indicate a common practice among businesses to show appreciation and strengthen relationships with their workforce and customers. Such gift-giving initiatives likely aim to enhance employee morale, foster customer loyalty, and potentially drive business growth by maintaining positive relationships. This statistic underscores the significance of gift-giving in the business world as a strategy for nurturing relationships and promoting goodwill.
The top five industries for corporate gifting are Finance, Health Care/Pharma, Education, Not-for-Profit, and Manufacturing.
The statistic states that the top five industries that engage in corporate gifting practices are Finance, Health Care/Pharma, Education, Not-for-Profit, and Manufacturing. This implies that companies operating within these industries are more likely to give gifts to clients, employees, or other stakeholders as a way to foster relationships, express appreciation, or enhance their brand image. Corporate gifting is a common strategy used in various sectors to build goodwill and strengthen business connections. By identifying these top industries for corporate gifting, businesses offering such services can target their marketing efforts more effectively towards companies within these specific sectors.
References
0. – https://www.www.researchandmarkets.com
1. – https://www.saac.net
2. – https://www.hbr.org
3. – https://www.www.asicentral.com
4. – https://www.homebusinessmag.com
5. – https://www.www.giftstoria.com
6. – https://www.www.prnewswire.com
