Visiting a Home: When visiting a Chinese friend's home, it's almost mandatory to bring a small 礼物. Common choices include a nice box of fruit, a specialty snack from your hometown, tea, or alcohol. It doesn't have to be expensive; the gesture is what matters.
Business Context: In business, giving a 礼物 can help build goodwill. These are often more formal, such as high-quality tea, local handicrafts from your home country, or company-branded items (but not cheap trinkets). The goal is to show respect and sincerity.
Festivals and Celebrations: For events like the Spring Festival or weddings, the most common 礼物 is a 红包 (hóngbāo), a red envelope with money. For birthdays, more personalized gifts are common, similar to the West.
Formality: The word 礼物 itself is neutral and can be used in both formal and informal situations. For more commercial or formal contexts, the word 礼品 (lǐpǐn) might be used, often seen on gift boxes or in stores.