India’s gifting market is expected to grow from an approximately $ 119 million in 2019 to $ 159 million by 2025. The expected growth of the Indian gifting market throughout the forecast period to rising disposable income and the spread of western culture throughout the country. Furthermore, rising marketing strategies by leading brands, as well as personalization and customization of gift products, are a few of the drivers of the Indian gifting market. Also enhancing the country’s gifting industry are factors such as creative packaging, personalized notes, initial engraved boxes, and a seamless buying experience, particularly through online platforms. The gifting market in India is also being driven by rising digitalization and the adoption of modern manufacturing processes and technologies. Online gift stores are becoming increasingly popular among consumers because they offer a wide range of options on a single platform.
According to the report, mobile phones are used by 97 percent of Indian Internet users. As a result of rising consumerism and Internet penetration, Indian consumers are getting online gifts deliverymore frequently than ever before. Convenientgift sendingand stress-free delivery have also played a significant role.
Festive gifting, personal gifting, and corporate gifting are the three segments of India’s online gifting market. Corporate gifting has the largest market share of the three categories, accounting for up to 80 percent of the total market share, with consumer gifting (festive and personal) accounting for the remaining 20 percent. The gift card is another key category that is dominating the Indian online gifting market. The global gift card market is estimated to grow to $690 billion in the next five years, with India accounting for more than 10 percent of the industry.
Personal gifting, on the other hand, is on the rise as a large number of occasions are tallied, including not only wedding anniversaries, but also birthdays, Father’s Day, Mother’s Day, and other personal celebrations. Many of India’s largest online gift portal have kept a wide range of unique gifts to offer (flowers, cakes, and a personalized combo of sweets). According to the seasons and festivities of the moment, they also present sweets, chocolates, and gift cards. Even e-commerce retail giants are putting more money into creating a website for giftsbusinesses. Those businesses that prioritize their supply chain during the holiday season will see significantly higher profits.
Many young entrepreneurs and new companies are entering the online gifting market in India, broadening the sector in ways it has never been seen before. In the long run, this market area is intended to create large sums of money for newcomers in particular, as well as for the Indian economy as a whole. The internet sector of gifting will grow more organized during the next decade. Every decade, there is a continual chain of changes in gifts and gifting styles, and the online gifting sector will seize this chance before anybody else since they are far more versatile and adaptable in reacting to client needs than retail stores.
