IT/ITeS companies - which, with their huge workforces, are among the biggest spenders on Diwali gifts - have slashed their gift budgets by up to 50% and some have done away with gifting altogether, gifting companies such as PrintStop, IGP, Loopify and Swageazy told ET. "There's a blanket reduction in gift budgets. IT typically accounts for about 50% of our clients; there's been a 50% drop in their spends," said Pratik Shah, cofounder of customised gifting company PrintStop.
