2023 may feel like it’s still far away, but it’s creeping up faster than you think! With a new year comes a whole slew of fresh trends in the fast-growing world of corporate gifting.
According to a 2021 Coresight Research survey, the US corporate gifting market is projected to reach $306 billion by 2024.1 These corporate gifts usually fall under two main umbrella categories: external gifts for customer appreciation and internal gifts for employee appreciation.
What gifting trends should your brand be considering for your next gifting campaign? Here’s what 2023 might bring:
Simpler Is Better
The same Coresight Research survey revealed that gift cards are the most popular type of corporate gift, projected to account for around 37% of gifts. While they might seem overly simple and not “personal” enough, gift cards have one enormous benefit going for them: they’re genuinely useful. Even if gift cards or other monetary gifts aren’t quite your brand’s style when it comes to corporate gifting, keep utility in mind when choosing gifts. After all, the same rule applies to corporate gifts as it does to personal gifts: prioritize the recipient’s real needs and wants, not the giver’s preferences.
Give Experiences, Not Just Products
After a few years of pandemic-related closures and restrictions, people are more appreciative than ever of great experiences. Consider corporate gifts that aren’t as tangible as gift cards but are more memorable. This could range from tickets to special happenings, performances, sporting events, organized outings, tours, and more. These “experience” gifts are great for both customer and employee appreciation, and they help show that your organization views them as well-rounded people, not just in relation to their role within your company. As a bonus, they create a positive emotional association between your company and a positive experience for the recipient, helping build trust and loyalty.
Make It Personal
A generic gift doesn’t have nearly the same impact as a personal one. Remember, the key to gift-giving is to show genuine appreciation to an individual and make them feel valued by the company. Certain types of gifts, like apparel and other branded products, make a more significant impact when they’re personalized. This doesn’t necessarily mean something obvious, like monogramming or putting someone’s name on a product (although those are great, classic options!). It means taking into account the many choices the recipient might make, and even letting them do the customization themselves. From color options to customizable fits, look for ways to make even the most “traditional” gifts into a personalized experience.
Gifting Goes Green
No matter what kind of corporate gifts you’re giving, “greening up” the process can make a significant impact. People are more conscious than ever of the environmental impact of their choices – and they’re paying attention to companies’ commitments to sustainability, too. If you’re giving a tangible gift, consider something made using sustainable processes and materials, and something that will be useful, not just end up in a junk drawer. If you’re giving “experience” gifts, keep in mind how these experiences might positively or negatively contribute to your company’s sustainability commitments. Depending on the circumstance, recipients might even appreciate a gift that ties directly to “making the world a better place,” like sponsoring or donating to a wildlife or environmental initiative in their name.