Decline in corporate gifting this Chinese New Year

Singapore

COMPANIES here are feeling the effects of a sluggish economy, if the decline in corporate gifting is anything to go by.

Local gift businesses have seen a reduction in order volumes from corporate clients this Chinese New Year, with many citing the reduction in corporate gifting budgets as the cause. Meanwhile, corporate orders for Chinese New Year goodies have soared, perhaps indicating a shift towards cheaper options for gifts.

"For our Signature Vessel hampers, we sell about 1,000 vessels every year," said Chris Kok, marketing manager of FarEastFlora.com. "This year, we are seeing a drop of about 10 to 15 per cent."

FarEastFlora.com's Signature Vessel hampers are a favourite among corporate customers for gifting to their business partners. On a whole, Ms Kok said that orders from companies have been slower this year; some clients have…