Since 2009, corporate gift buying has taken a bit of a dip. While many companies continued incentives and business gift buying, it was at a lower level than from previous years. Recent results from the annual 2013 Corporate Gift IQ study by Incentive Magazine show that the market is improving, and more companies are placing a higher importance on corporate gifts, particularly for Incentive Gifts.
Here are some highlights from the study:
More than three quarters (77.4 percent) of respondents said that corporate and business gifts are part of their incentive programs this year, compared to less than two-thirds (63.5 percent) last year.
The amount being spent on corporate gifts also shows signs of rising this year. The number of respondents spending $50 to $299 rose to nearly half (49.9 percent) in 2013 from about one third (34.5 percent) in 2012. And the percentage of respondents who said they spend less than $50 per person on corporate gifts dropped from 57.6 percent in 2012 to 45.1 percent in 2013.
The number of respondents who said they have been giving business gifts on more occasions over the past two years nearly doubled in 2013, rising to 10 percent from 5.6 percent in 2012. At the same time the number of respo
Promotional events and employee recognition programs played a role, as 52.3 percent said they gave gifts at promotional events, compared to 40.7 percent in 2012. Employee recognition gifts jumped to 51.5 percent of respondents this year, up from 38.3 percent in 2012.ndents not sending corporate gifts at all in that time period dropped to 4.7 percent in 2013 from 9.5 percent in 2012.
What does it mean?
As a gift company focusing on business gifts for incentive travel in the Caribbean, we at Caribbean Trading Company are excited by the good news! We are firm believers that incentive gifts for business travel do provide positive value and help to reinforce the message of the program.
In addition, there are strong psychological and motivational factors that support giving. Our personal experience of corporate gift buying in Puerto Rico is in line with the above numbers for 2013: we did indeed see less gifts, for fewer nights, with a smaller budget, and made adjustments with our product offerings to support that.
We will continue to offer gift concepts at a variety of price levels to continue to attract gift givers at all budget levels, but are pleased to see an increase in budget, as there are so many local unique gifts by artisans and specialty suppliers that offer an elegant gift option.
Click here to download a PDF version of this whitepaper by Incentive Magazine.
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