Consumer financial services company Synchrony’s GiftNow experience management solution has commissioned a survey by Coresight Research into corporate gifting called Unwrapping the American Corporate Gifting Opportunity.
Based on the analysis of data from an online survey of 300 corporate gift buyers in the US conducted in May 2021, the respondents included representatives from the retail, real estate, manufacturing and health services industries.
Among the standout findings are that nearly fifty percent of businesses say they intend to increase the frequency of their gift giving post COVID-19. During the pandemic, the US corporate gift-giving market has experienced significant growth and is projected to reach a value of $242 billion this year – increasing to $306 billion by 2024.
“Our research found that 48% of respondents benefited substantially in relationship building due to corporate gifting and 45% are benefiting substantially from making the recipient feel valued. It’s evident that corporate gifting’s ROI is motivating more companies to increase their gifting frequency,” said Deborah Weinswig, CEO and Founder of Coresight Research. “The market’s continued growth is very promising but will be contingent on introducing more creative gifting options, and retailers can play a big role here.”
Gifting Continues Despite Pandemic
During the pandemic, 35% of respondents said they gifted more than usual since they began working remotely, with the reasons behind the change being keeping teams motivated and maintaining client connections.
Among the survey’s other findings were that:
- Both physical and digital gift cards are the most purchased corporate gifting items over the past 12 months, and are expected to further benefit from the accelerated transition to ecommerce instituted by COVID-19
- 48% of respondents reported utilising gifting for events in order to increase engagement and show appreciation
- Between $75-$100 is the most popular price range, with 25% of respondents spending in this range
“Businesses understand the power of corporate gifting and plan to increase their investment; however, they want to be assured that gaining access to higher quality and larger varieties of gifts is seamless,” said Jennifer Muller, CMO of GiftNow at Synchrony. “This presents retailers and merchants a tremendous opportunity to expand their e-commerce operations to create an easy-to-navigate gifting journey for corporate gift buyers and enable access to more gift card types and giftable products that can significantly increase their sales. It’s a $64 billion revenue opportunity during the next three years leading to 2024 they cannot afford to miss.”
