Budgets up, hampers in, India Inc Diwali Gifts to light up festivities

The spirit of giving is back in India Inc this Diwali.

After a lacklustre 2023, corporate gifting players including IGP, FNP, PrintStop, Loopify and Swageazy are seeing a 25-50% jump in business this season, as a large number of companies who either did away with gifting last year or slashed budgets by up to 50%, once again loosen their purse strings for employees, channel partners and clients alike.

Gifting is happening across sectors, with banking, financial services and insurance (BFSI), manufacturing, retail, global capability centres and small and medium enterprises (SMEs) in the forefront. IT/ITeS companies, which, with their huge workforces, are among the biggest spenders on Diwali gifts, have also staged a recovery after a washout last year, as have startups.

“Overall, things are much better this year; we as a company have grown by 44%,” said Tarun Joshi, CEO of multicategory gifting company IGP. Among their clients, BFSI firms, especially brokerages, securities and insurance, are most active, both in terms of gifting employees as well as clients. Manufacturing is also going strong.

Pratik Shah, cofounder of gifting company PrintStop, said since end-August, they have seen a 120% surge in enquiries over 2023, which translated to a 30-35% pickup in business. IT has made a comeback, particularly Indian companies, though IT multinationals are more circumspect, he said.

Agrees Sameer Wahie, CEO of enterprise gifting platform Swageazy. “IT/ITes may not yet be back to its peak but it’s a big upside from last year. They are operating at around 75-80% of peak levels compared to 45-50% in 2023. Many more ITeS players are doing Diwali gifting this year.”

While IGP said gifting spends have remained more or less consistent at Rs 800-2,000 levels, going up to Rs 10,000 at top end, most gifting companies said clients have bumped up budgets. PrintStop is seeing average spends go up to Rs 2,000 from Rs 1,000-1,500 last year; at Loopify, it’s risen from Rs 1,000-1,500 to Rs 2,500-3,000.”Gifting budgets have gone up not just for companies’ clients and partners but also for employees. Last year, the average gift value for employees stood at Rs 750, this year it has crossed Rs 1,000. For clients and stakeholders, last year it was Rs 1,500-2,500, this year it’s at Rs 2,000-4,000,” said Avi Kumar, chief marketing officer of gifting brand FNP, which has seen a 25-30% jump in business.

Besides traditional dry fruits, chocolates, home decor, wellness and fitness products, utility items and eco-friendly gifting options are popular. Sustainability is in focus and so are curated gifts.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}