Cos plan slashing gifting budget this Diwali: Assocham

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Companies may cut their corporate gifting budgets by up to 20 per cent in view of the uncertain recovery in economic growth and spiralling prices of essential commodities, an Assocham study says.

Hyderabad: Companies may cut their corporate gifting budgets by up to 20 per cent in view of the uncertain recovery in economic growth and spiralling prices of essential commodities, an Assocham study says.

"A depreciating rupee, weak consumer demand showing up in sluggish sales, muted wage growth, impact of turbulence in global markets are certain key factors forcing corporates to slash their Diwali gift budgets significantly," the survey said.

On the other hand, cost of living and prices of food items have grown faster than earnings, compelling people to refrain from overspending during the festive season.

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