Businesses around the world are spending more on gifts, according to Giftpack, an international AI-driven gifting service available in 78 countries. As of October 2021, the average check had increased by 66%, averaging at $125 per unit year-over-year.
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The median corporate gift budget also saw a significant rise, with most of its 22% growth margin attributed to gifts for employees. “COVID-19 reminded businesses how important it is to show their employees that the company cares about them,” said Archer Chiang, Giftpack founder and CEO. “Gifts are an obvious way to bolster motivation and even support mental health while working remotely. Also, they can help a lot when it comes to improving client engagement rates and building long-lasting relationships.”
Chief Technology Officer (CTO) was the most generously rewarded position in 2020-2021, with an average gift amounting to $1,000, double the amount for CEO ($500) and CFO ($500). Other titles with high average checks included Executive Assistant ($250), Business Development Manager ($240), Sales Representative ($200), Chief of Staff ($180), Software Engineer ($150), and Marketing Associate ($120).
According to Giftpack, gift popularity varies by region. In the US, most users narrowed their search criteria to “security,” “habit-forming,” “outdoor experience,” and “mental health.” Meanwhile, Asia’s top keywords included “family” and “home decor,” while in the EU the most popular categories were “kitchen” and “remote working.”
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Giftpack currently serves more than 900 corporate accounts in addition to more than 20,000 individual clients. The company’s own AI solution finds gifts from a catalog of over three million products available worldwide. By analyzing the gift recipient’s personal keywords, social media, and digital footprint, the service gets a sense of their tastes, interests, and preferences in order to provide the best-personalized options.
According to Coresight Research, the US corporate gifting market is projected to reach $242 billion by the end of 2021 and grow to $306 billion by 2024, at a rate of over 8% a year.