Corporate gifting market estimated at £78.3m
The UK corporate gifting market is now worth a whopping £78.3m, new data from One4All has revealed.
Almost half (49.3%) of UK workers have received some form of reward or incentive from an existing or new supplier.
The average spend on a corporate gift is a surprisingly frugal £50.
For the most part, the spend takes place in private-sector organisations among competitive industries where purchasing materials and equipment is common.
Accordingly, 68% of the manufacturing industry partakes in corporate gifting, 67% of utilities, and 62% of information and communications sectors.
Declan Byrne, managing director at One4all Rewards, said: “There is a huge opportunity for companies in the UK to use B2B rewards and incentives – such as small gifts or invitations to events – to engage prospective clients, further build relationships with existing customers and encourage repeat custom.”
The study found that food and drink items are the most popular type of rewards, with 35% of those surveyed gifting items such as wine and hampers.
However, many businesses use gifts to build or reinforce relationships: 20% of B2B rewards are devoted to networking opportunities such as events and parties.