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Emperor Pedro I of Brazil receives a sword as a gift from his wife Amélie that belonged to her father Eugène de Beauharnais. A gift or a present is an item given to someone without the expectation of payment or anything in return. An item is not a gift if that item is already owned by the one to whom it is given. Although gift-giving might involve an expectation of reciprocity, a gift is meant to be free.

In many countries, the act of mutually exchanging money, goods, etc. In many cultures gifts are traditionally packaged in some way. For example, in Western cultures, gifts are often wrapped in wrapping paper and accompanied by a gift note which may note the occasion, the recipient’s name and the giver’s name. In Chinese culture, red wrapping connotes luck.

An expression of gratitude for a gift received. An expression of piety, in the form of charity. An expression of solidarity, in the form of mutual aid. A potlatch, in societies where status is associated with gift-giving rather than acquisition. Easter baskets with chocolate eggs, jelly beans, and chocolate rabbits are gifts given on Easter. Greek Orthodox Christians in Greece, will give gifts to family and friends on the Feast of Saint Basil. American Jews give Hanukkah gifts to family and friends.

Hindus give Diwali and Pongal gifts to family and friends. Rakhi or Raksha Bandhan is another occasion where brothers give gifts to sisters. Buddhists give Vesak gifts to family and friends. Gifts are given to among African American families and friends on Kwanzaa. Exchange of gifts between a guest and a host, often a traditional practice. Promotional gifts vary from the normal gifts.

The recipients of the gifts may be either employee of a company or the clients. Promotional gifts are mainly used for advertising purposes. They are used to promote the brand name and increase its awareness among the people. In promotional gifting procedures, the quality and presentation of the gifts hold more value than the gifts itself since it will act as a gateway to acquire new clients or associates. Giving a gift to someone is not necessarily just an altruistic act.

It may be given in the hope that the receiver reciprocates in a particular way. A significant fraction of gifts are unwanted, or the giver pays more for the item than the recipient values it, resulting in a misallocation of economic resources known as a deadweight loss. Unwanted gifts are often “regifted”, donated to charity, or thrown away. One cause of the mismatch between the giver’s and receiver’s view is that the giver is focused on the act of giving the gift, while the receiver is more interested in the long-term utilitarian value of the gift. For example, many receivers prefer a future experience instead of an object, or a practical gift that they have requested over a more expensive, showier gift chosen by the giver. One means of reducing the mismatch between the buyer and receivers’ tastes is advance coordination, often undertaken in the form of a wedding registry or Christmas list. 4 billion was spent on unwanted Christmas gifts in the United States in 2017.