India Inc Splurges On Corporate Gifts This Diwali

India Inc Splurges On Corporate
Gifts This Diwali
This Diwali, India Inc will splurge on corporate gifts. According to a study by ASSOCHAM, companies have upped their budget for festive spending and corporate gifting by nearly 15% over last year.

“A slight rise in consumer confidence together with improved job security, a perceptive improvement in business sentiment and festive optimism has encouraged India Inc. to loosen the purse strings as majority of companies have increased their budget for festive spending for clients and employees by about 10-15 per cent this Diwali,” said DS Rawat, general secretary of the chamber.

He added, “Besides, majority of companies are planning to substitute traditional gift options with Diwali exclusive pre-paid cards which seems to be emerging as the most preferred gifting solution for corporate sector”.

Rawat noted the fact that companies are willing to increase their budget for festive spending is an indication of the rise in the consumer sentiments, which has been down over the last few years.

“India Inc. has been cutting back its corporate gift budgets significantly, however, it seems to be getting generous this festive season owing to growing expectations of an economic turnaround and a positive business outlook for trade and industry,” averred Rawat.

When it comes to the choice of gifts, prepaid gift cards are fast gaining popularity among the companies as as it is safer, easier to carry and gives people the freedom to splurge on things they wish to buy. Gadgets such as smartphones, tablets and other such hand-held devices too are being preferred by various companies. The companies are opting for e-commerce websites for placing bulk orders for gadgets as these online portals are offering huge discounts on them.

Traditional gifts such as crockery, assorted chocolates, sweets, dry fruits, imported liquor, bed sheets, gold coins, jewellery, home décor, tableware, luxury watches, designer apparel, expensive writing instruments, leather bags, free holiday packages, movie tickets, dinner coupons, spa vouchers and hampers with a mix of festive essentials like torans, diyas and aromatic candles continue to remain a favourite among the companies.