The gifting industry in India which is estimated at $30 billion in the next 4-5 years of which $400 million would be attributed to the digital space. The e-commerce landscape in India has witnessed a massive boom over the past decade. Of which, the online gifting industry is one of the biggest contributors to the growth of Indian e-commerce space. The global gifting industry is estimated to be $475 billion, and India is expected to emerge as one of the most influential contributors by 2024. A research report by Global Reports Store revealed that the country is set to touch $84 billion by 2024 from $65 million at present.
Today, the concept of personalized gifting has gradually evolved with an increasing number of millennials being inclined toward personalized gifting – both for corporate and personal gifting. The growing popularity of online retailing is increasingly making it easier for consumers to browse and choose products from a variety of options. Both generation X and Y are tech savvy and opt for services available online. It is expected that with the advent of globalization and increasing internet penetration, the overall online gifting industry is set to grow on a rapid rate. The surge in economic growth, rising disposable incomes, aspirations, idea of long distance/overseas gifting and exposure to global trends are some of the driving factors contributing to the growth of online gifting industry recently.
Other contributing factors like digital evolution and advancement in technologies, the introduction of Artificial Intelligence and machine learning has given a significant boost to the overall growth of e-commerce space in India and globally. The future of Indian online gifting industry is bright and is set to scale threefold in the next five years. It has been witnessed that the industry in the last five years has been more organized and is tending to pace its momentum at a significant rate. The gifting industry is broadly categorized into festive, personal and corporate gifting. Corporate gifting enjoys the lion's share of the industry, accounting to 80%, with consumer gifting contributing to 20%. Another important category making a vital contribution to this space is the gift cards. The global gift cards industry is expected to touch $690 billion with India contributing to more than 10% of the total share.
Over the next five years, the online gifting industry is going to experience a massive boom further organizing the segment at a micro level. Change in consumer buying behavior and millennials purchasing power is significantly contributing to the overall growth of online gifting industry presently. With time the gifts and gifting styles both have evolved. Affluent lifestyle and new buying needs of the aspirants are contributing towards the industry transformation to a large extent. The gifting industry in India which is estimated at $30 billion in the next 4-5 years of which $400 million would be attributed to the digital space.
Corporate Gifting Industry, By Segment
Corporate Gifting Industry, By Buying Behavior
Offline (Traditional Shop)
Corporate Gifting Industry, By Region
• Rest of Europe
• Rest of Asia-Pacific
• Latin America
• Middle East & Africa