India’s Gift Market is estimated close to $30 Billion dollars. With gifting taking center-stage during festivals and marriages in India and also recently in corporate reward programs worldwide, the Gift Industry has positioned itself as a top revenue earner.
The gifting industry in India has registered a strong growth over the past decade and the market is currently experiencing a revolution, with new product innovations at attractive prices accompanied by attractive packaging.
The surge in economic growth, rising disposable incomes and aspirations, increasing exposure to global trends, and long distance gifting are some of the factors bringing about a shift towards premium upgrades.
Corporate gifting has become a part of nearly every company’s marketing strategy and this trend has pushed up the demand for corporate gifts in India exponentially. According to industry insiders, the estimated market for corporate gifts is over Rs.12,000 crores and is expected to grow between 8 to 12 percent annually.
India has a rapidly growing market for home décor. According to ‘Indian Home Furnishing Market Forecast & Opportunities, 2018’, by 2018 the home furnishing market in India is expected to grow at CAGR of 8% by value to reach USD 5.29 billion.
The Indian Handicrafts and Gifts Industry has outgrown its image to evolve into a rapid growing industry with a turnover from US $1.2 million to US$ 1.9 billion in the last decade. There has been a consistent annual growth rate of more than 15 per cent over a 10-year period.
The Indian Houseware market is growing at a steady 25-30% per annum.
The demand for electronics in the Indian market is projected to rise to US $125 billion in the next 2-3 years and US $400 billion by 2020.