As more people place a priority on buying gifts that are expressly meant to make loved ones feel unique and enhance personal ties, personalization in the gifting sector has been rising quickly. Market participants may now plan, develop, and deliver finished goods in record speed because to growing digitization and advanced production techniques and technology.
The gifting industry in India is anticipated to grow from $119 million in 2019 to $159 million in 2025, according to a report by the market research firm TechSci Research. Corporate and personal gifts make up the two segments of the giving sector, with the former accounting for 80% of the total market. The overall expansion of the gifting industry in India is being disrupted by the rise of a digital economy and the rising per capita income of millennials. This allows customers to shop online with ease and satisfaction.
New Psyche of Indian Customers
Customers in India are more willing and able to pay for various types of presents, which has significantly contributed to this transformation. The seamless experience that emphasises care, thanks, and gratitude is made possible by creative packaging, personalised letters, initial engraved boxes, and other elements.
Growing importance of online shopping
Thanks to the increasing acceptance of online commerce, consumers can now browse and buy giftable goods more conveniently. Online shopping, for instance, is now available for personalised lamps, plants, tiles, calendars, tote bags, scrolls, crystals, and other things in addition to the traditional photo frames, mugs, and cushions. It is anticipated that a wide variety of personalised presents with innovative design, material, and technology will be available as internet usage increases. The act of giving has a seasonal component as well.
India’s expansion of Online Gifting
Due to rising income levels and affordable gifting options with exceptional inventiveness, the digital gifting business in India has been steadily expanding over the past ten years. The past four years have established the customised gifting market as a significant one, making it a popular gifting option among Indian customers. The online gifting market is divided into two segments: corporate and personal, with shares of 80% and 20%, respectively. Additionally, India’s corporate sector alone is worth Rs 12,000 crore and is expanding at a rate of over 200 percent annually. Customized gifts are recipient-focused and adhere to their preferences and choices.
Some Factors contributing to the Growth in personalised gifting are:
- Western Influence on Indian Culture
- Rise in the Purchasing power of customers
- E-Commerce expansion and accessibility
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