Gift Cards in the Workplace: A Look Ahead to 2024 and Beyond
Gift cards are set to continue their reign as a favored choice in corporate gifting trends, but what's the story behind their steadfast popularity, and how will they evolve as we journey into 2024 and beyond? In this blog, we'll not only explore the enduring appeal of gift cards but also dive into an exciting development that promises to make corporate gifting even more captivating.
The Evolution of Corporate Gifting Trends
According to their findings, gourmet food is the reigning champion in client gifting, commanding a significant 38.6% of the market. Office accessories are not far behind, making up 26% of the client gifting landscape. The study also reveals that tech accessories, including wearables, are gaining prominence, with 11.2% of respondents indicating their inclusion in gift hampers.
One fascinating discovery is the emergence of custom gifting, constituting only 10.7% of the overall gifting category. While relatively small at present, this category is on the rise and becoming increasingly desirable. It's a trend that's expected to continue to grow in the coming years.
The 2024 Outlook for Gift Cards in Corporate Gifting Trends
As we look ahead to 2024, gift cards are expected to maintain their prominence within the corporate gifting landscape. Here are some insights into what the future holds for this gifting trend:
1. Enhanced Personalization
The trend of personalization is set to intensify. Employers will likely leverage data analytics to better understand their employees' preferences, enabling them to offer more tailored gift cards. This approach will strengthen the emotional connection between employers and their teams.
2. Sustainability and Eco-Friendly Options
Corporate social responsibility is a growing concern. Gift card providers will likely introduce more sustainable and eco-friendly options, such as digital gift cards and partnerships with eco-conscious brands. This aligns with the increasing focus on sustainable corporate gifting trends.
3. Incentives and Recognition Programs
Gift cards will continue to be used in employee incentive and recognition programs. Employers will increasingly rely on these incentives to boost employee morale, productivity, and engagement.
4. Integration with Employee Benefits
Incorporating gift cards into employee benefits packages is expected to gain traction. Employers may offer gift cards as part of healthcare and wellness programs, making them a valuable and attractive perk for employees.
5. Improved Technology and Security
As digital gift cards become more common, the technology behind them will evolve to ensure better security and ease of use. This will make digital gift cards a preferred choice, particularly for remote or global teams.
In conclusion, gift cards are set to maintain their dominant position within the corporate gifting arena in 2024 and beyond. eYantra's recent insights reveal not only the current landscape but also the potential for custom gifting to become a prominent and sought-after category. This evolution in corporate gifting trends is a reminder that as we progress into the future, the most meaningful gifts are often those that bear a personal touch.
Companies can seize this opportunity by incorporating custom gifting into their strategies, enhancing their relationships with clients and employees in a more personal and impactful way. As the saying goes, "It's the thought that counts," and custom gifting embodies this sentiment beautifully.eYantra is the largest B2B Corporate Gifting and Custom Merchandise solution provider in India with an impressive portfolio of more than 12000 products to choose from across 100 brand associations. Check out more about eYantra here.