The latest Business Gift Satisfaction Report by Knack provides some guidance, based on a survey conducted with 1049 individuals who had received a business gift within the last year.
There are a few differences across demographic groups and regions of the U.S. that may be exceptions to this rule. C-Suite executives and people in the Northeast have a higher expectation of gift spend, while women, Midwesterners, and Baby Boomers generally have lower expectations. Still, the research provides a handy rule of thumb around spending ranges for gifts based on the occasion as well as the business seniority of the recipient.
For an important business milestone, for C-suite clients, or for your most valuable clients, consider spending between $140 and $160 on your gift. Only 10-12% of recipients surveyed suggested that partners or vendors should spend more than $200. In that case, if your gift is going to a senior executive in New York or Boston, you might consider spending a bit more.
To celebrate a promotion, or to give gifts to mid-level managers, or to thank loyal clients, research suggests spending in the $75 to $100 range. And for junior level clients, for holidays, or work anniversaries, the expectation is a spend between $50 and $65.
Always, no matter what the value, be thoughtful in your gifts. The last response you want is a millennial mocking your gift on Instagram. Browse the Givenly.com site and rest assured you can make someone feel very special while staying within these price points.
Knackshops" "Business Gift Satisfaction" report