A gift or a present is an object given without the expectation of payment. Although gift-giving might involve an expectation of reciprocity, a gift is meant to be free. In many human societies, the act of mutually exchanging money, goods, etc. may contribute to social cohesion. Economists have elaborated the economics of gift-giving into the notion of a gift economy. By extension the term gift can refer to anything that makes the other happier or less sad, especially as a favour, including forgiveness and kindness.

In many cultures they are traditionally packaged in some manner. For example, in Western culture, gifts are often wrapped inwrapping 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.