Gift Economy & Indian Ethos
One need not be an economist to understand a gift economy. India has a rich culture of this concept, where one gifts something to another, without any expectation. Gifting is not just about the act of giving. With changing societal behaviour, gifting could be a simple gesture, an act of kindness or gratitude, a belief in the recipient, or even to receive better social acceptance.
A gift economy is where goods or services are given without an agreement about suitable payment or trade to be made in exchange. Without any expectation of monetary benefit, the gift economies depend on intangible outcomes ‒ like a sense of contribution, bonding, prestige, enhanced social visibility. The nature of gift economies is actually an interesting debate in anthropology. According to formal and modern anthropological research into this subject, the gift economies began with Bronisław Malinowski's description of the Kula ring in the Trobriand Islands during World War I.
A gift economy is an economic system without any agreement for anyquid pro quo. A gift economy places importance on intangible or social benefits. For example, looking at the Indian cultural aspect, I opine that we have had a Gift Economy as part of our ethos for centuries. Traditionally, we have had the culture of gifting for sharing, collaborating and contributing to others. We have worked with pillars of loyalty, gratitude, social honour, recognition of others’ achievements, karma for our gift economy.
Giving gifts freely between groups strengthens community bonds and builds trust, creating a more peaceful society. Indian society has had the culture of offering food to guests. Various festivals that we celebrate also define this cultural value of gifting, even to people one does not know personally. Offering “Seva” or service to others has been encouraged in the Indian way of life for centuries. Of late, modern scientific research seems to indicate that giving freely also increases individual happiness and feeling of self-worth.
Social fabric & Indian ethos
Gift economies attempt to create a social bond between gift givers and receivers. This builds strong social relationships between different communities, in which informal, reciprocal gift-giving ensures that no one in any community will go without one. Yet again, looking back at Indian ethos, we have had this deeply ingrained in our culture for long. Usually gift economies showcase some of this behaviour:
*Community inclusiveness: this ensures that those who have plenty and the intent share with those who don’t. It allows for having basic minimum for every member of that society, including those who cannot work or have no goods or money to exchange.
*Indirect gift-giving: In gift economy cultures, exchanging gifts is not limited to two people. It’s across the cultural community. So one does not gift only to someone who has gifted them earlier. This was our ethos which has been twisted in character with the Western concept of the “return gifts”. Sadly we teach that to our younger generation and yet expect them to be altruists! No wonder, that “return gifts” and of an expensive nature, seem to have taken over the way our traditional festivals were celebrated.
*Spirituality quotient: Gift economies bring a sense of social well- being and a spiritual quotient ‒that one’s gifting behaviour would be rewarded with good karma or social honour. Yet again, this is ingrained in much of our cultural upbringing.
*Modern gifting market
You experience a version of the gift economy, every time you go to a birthday party and bring back a present as part of accepted social custom. Or if you have been to college in the past 30 years, you would have celebrated some branded-day like Rose day, Valentine’s Day ‒ they are branded with the objective of evoking an emotion and a marketing initiative to create a social habit.
With increase in disposable income, western culture is being embraced as a modern way of living, and having a younger demographic is surely a factor in the growth of the Indian gifting market. Added to this, the adoption of digital commerce across the country has given rise to newer products. Brands ‒ big, medium or tiny ‒ offering customised gifting options and with personalisation to boot. The rise of the packaging sector in India is another reason that has contributed to this sector. In short, we don’t seem to need a reason to give a gift. No wonder, that the Online gifting market alone is estimated to be $64 billion currently and is expected to grow to $85 billion by 2024.
Customised gifting options that reflect the personality of the recipient seems to be a catalyst for this industry. For instance, a personalised plaque with photos and quotes from shared moments is a popular birthday gift. Gift cards are equally popular with Indian consumers. While it does not have a personal touch to the gifting, it surely allows the recipient to pick the product of their choice. It is natural that brands across categories, including hospitality, spas, food brands, F&B brands, offer gift vouchers, hampers for every occasion. Consumption is on the increase. There is a gift for every occasion, budget, mood, whim, fancy. Gifts can be products or services. They can be physically offered or sent digitally.
The growth in economic means has propelled the gifting concept. Yet most of modern day gifting has shied away from the gifting economy concept. Current gifting ideas seem to evoke instant gratification and for the recipient to return it in some form. Too much of gifting also loses its charm and purpose. Over availability of anything makes it lose value. Imagine the number of fancy pens or ties or sarees that you have received and kept unused. But in the modern consumption frenzy that we live in, how much is too much? And how do we stay rooted to the adage ‒ sharing is caring? In that lies our societal dilemma. The way our gift economy will shape in the future, will be a statement on whether we are an altruist society or one that has need-for- attention?
