Slowdown Blues: No Big-Bang Corporate Gifting This Diwali

Corporate gifting outfits see a 30% drop in sales

Diwali was the time of the year when corporates would strengthen their ties with clients, suppliers and business associates by gifting, often quite extravagantly.

But this year, with the slowdown biting, corporate have tightened their belt. And, among the first budgets to get hit is gifting. Corporate budgets have declined by 1020 per cent, according to corporate gifting companies and industry estimates, bringing down gifting volumes by 30 per cent.

Subrata Mukherji, Business Head of tea brand Typhoo India, believes that while personal gifting remains the same, “the slowdown has definitely affected corporate gifting and there is thoughtful conscious gifting happening with defined budgets allocated.”

According to Anil Batra, who is the founder of a corporate gifting company, BusinessGifts.in, the market sentiment is extremely low which has dampened the festival vibe and, thus, gifting has taken a backseat.