Sherry(1983) defines reformulation as the final stage of gift exchange, dur
ing which a newly presented gift can impact the relationship between giver
and recipient. To date no one has examined exactly how gifts can affect rel
ation!;hips or what aspects of gift exchange contribute to realignment of t
he giver/ recipient relationship. Using depth interviews and critical-incid
ent surveys, our study explores how the recipient's perceptions of the exis
ting relationship, the gift, the ritual context, and his or her emotional r
eactions converge to affect relationship realignment. We identify six relat
ional effects of gift-receipt experiences. Further, we examine gift-receipt
experiences that have a consistent impact in the short and long term, and
those where the meanings and relational effects appear to change over time.
Implications for future research are also discussed.