Social gatherings and celebrations might have taken a backseat, but the culture of gift giving continues to play an important role today. More so now that the world still copes with the unprecedented and prolonged health crisis. Like all other industries, the gifting market is trying to reach consumers and get back on its feet fast. Thus, it is imperative for buyers to understand the dynamics of gift giving and consumer preferences.
Gift giving is more than just the material aspect of the gesture. In fact, there is a science to it. Studies show that humans are hardwired to get pleasure from giving. The act of giving gifts activates the brain to release natural chemicals such as endorphins, oxytocin and dopamine that promote positive feelings, and boost a person’s mood. It is an effective means to strengthen personal and customer-brand relationships.
While the overall outlook of the gifting industry is, at some point, dependent on the impacts of the pandemic, the situation also provides an opportunity in disguise that would benefit businesses.
Despite the challenges that the pandemic has brought upon businesses, the gift industry remains steadfast in providing the needs of global consumers who continue to cultivate the culture of gift giving. Global Sources’ latest e-book, Unwrapping the Gifting Trends of 2021, provides B2B buyers useful information on the buying preferences of consumers and the trends shaping the future of gifting.
Register here to get a free copy of Unwrapping the Gifting Trends of 2021.