Hey there! It’s me, your friendly neighborhood Startup-Man, Arun Rajiah, It’s Women’s Day, and this is my chance to show some extra special appreciation! To all the amazing Wonder Women out there, I salute you for your strength, resilience, and courage. You’re an inspiration to us all and deserve to be celebrated. Here’s to a day of joy, love, and empowerment. Be bold, be brave, and never forget that you’re incredible!
Happy Women’s Day!!
Today I’m here to talk to you about the wild, wonderful world of the gifting industry.
It’s no secret that humans from primitive cavemen to the Egyptian era, the history of gift giving is as old as human civilization itself. Whether it was an animal tooth, a stone, or a token of good luck, gifts have been used to express feelings of love and appreciation since the dawn of mankind. today I’m here to give you the lowdown on the origins, history, and evolution of gift-giving.
The Origins of Gift Giving
The giving of gifts is one of the oldest human activities, dating back to the origin of our species. In primitive cultures, people would give each other rocks, animal teeth, or other natural objects to show love and affection. As tools were developed, the gifts started to become more elaborate – with holes drilled into animal teeth and stones to wear as necklaces.
In the Egyptian era, Pharaohs built pyramids as a way of storing their wealth for the afterlife and idols to support their beliefs. Meanwhile, in the Roman period, people used good luck tokens as presents to carry favors and show allegiance – something that still happens today.
The Middle Ages saw gifts being used to show allegiance in times of war and betrothals, with the giving of dowries ranging from coins to precious metals to livestock. In many cultures, these practices still exist today.
The Psychology Behind Gift Giving
Gift-giving is a way of connecting with people and expressing our feelings. We give gifts to celebrate birthdays, and anniversaries, show love and affection, or just say thanks. It’s no surprise that there’s an entire industry dedicated to creating and selling gifts, allowing people to find the perfect present for any occasion.
But why is gift-giving so rewarding? The giver of a gift expresses their emotions and hopes to share those with the receiver of the gift. In turn, the receiver of the gift feels the emotions, and a connection is made. This feeling of purpose and satisfaction enlightens the soul and brings out the best in us.
Why is it Important to Give Gifts?
The benefits of giving gifts are endless. Studies have shown that giving gifts can make us feel happier, improve our state of mind, and build stronger connections with others. It’s even contagious – when we give a gift, not only does the recipient become more likely to give, but so do those around us who witness the act.
You see, nowadays, more and more people are looking for gifts that will make their loved ones feel special and show them just how much they’re appreciated. To make that happen, companies have turned to advanced manufacturing techniques, technology, and digitalization to create custom gifts that are tailored to each individual recipient.
The Global Market Size of the Gifting Industry
Boy, the worldwide market for personalized gifts is really something! It’s estimated to be worth 29185.97 million smackeroos in 2021, and thanks to some smart folks with their calculators, it’s projected to grow at a CAGR of 8.32%. If that’s the case, by 2027 it’ll reach a whopping 47144.17 million. That’s a lotta swag!
The Gifting Market in India is Booming
In India, the gifting market is estimated to be worth around $119 million in 2019 and is projected to reach $159 million in 2025 according to TechSci Research. This market is divided into two categories: corporate gifting and personal gifting, with the former taking up most of the market at 80%.
The emergence of a digital economy, as well as rising per capita income among millennials, is revolutionizing India’s gifting industry. Companies are offering features like innovative packaging, personalized notes, initial engraved boxes, and a seamless shopping experience, particularly through online platforms.
Valentine’s Day 2023: Love and Luxury
It was that time of year again, folks! Love was in the air, and according to Forbes, it got even more expensive this time. Consumers are expected to have spent a whopping $25.9 billion on Valentine’s Day – that’s an 8% increase from last year! And if you think that’s a lot of money, just wait until you hear what India is doing.
It looks like the folks over in India have caught on to the Valentine’s Day spending bug and are making sure to keep up with the rest of the world. They may not have released any official figures, yet, but it’s safe to say that the romantic holiday had a huge impact on the Indian economy.
The Evolution of Indian Buyers
The growth of the Indian customer has been instrumental in driving this change, as they are now willing and able to pay for different kinds of gifts. Creative packaging, customized notes, and initial engraved boxes have all helped create a seamless experience that emphasizes care and gratitude.
The Growing Popularity of Online Retail
Ah, we all knew it would happen eventually – India’s online retail market has jumped to 6.5%, and the organized players account for 18.5% of the country’s total $836 billion annual retail market. That’s right, folks – online businesses have propelled the share of organized retail in India to a whopping 18.5%! A little birdie told me that this number is only gonna keep climbing higher and higher in the coming years!
Internet retailing has made it easier for customers to browse and purchase gifts. You can now find products like personalized lamps, plants, tiles, calendars, tote bags, scrolls, and crystals online. With increased internet penetration, it’s likely that we’ll see more and more customized gifts soon.
Factors Influencing the Market’s Evolution
There are several elements that have contributed to the growth of the personalized gifting market in India, including the influence of Western culture, the significant rise in the purchasing power of customers, and the boom of the e-commerce industry. Celebrations like Diwali, Christmas, and New Year have all seen an increase in corporate and personal gifting, while special occasions like Mother’s Day, Father’s Day, and Thanksgiving have seen a boost in personalized gifting.
The eYantra Industries recently published a report, titled Corporate Gifting and Trends Report 2022, that revealed that the Indian gifting market is worth an estimated whopping Rs. 2,50,000 Crore. Of that, corporate gifting is said to make up an impressive Rs. 12,000 crores. Our Indian folks really know how to show their appreciation!
So, there you have it! We’ve discussed the secret origins of gifting, the psychology behind it, why it’s important to give gifts, the global market size of the industry, how the Indian market is booming, and the factors influencing its evolution. It’s clear that there’s a huge opportunity for startups to capitalize on this growing industry. There are so many kinds of gifts to choose from, and with the right strategy, startups can make sure their products stand out from the crowd. So, what are you waiting for? Get out there and start gifting!
Thank you for reading!