Recently, gift promotion is taken as an important issue for firms. Due to the free gift, consumers tend to discount gift’s value. Does this discounting evaluation spill to other products belonging to the same category of the gift so that these products also be devaluated by consumers? The research is going to investigate whether the discounting perception toward gift would spill to other products with the same brand of the gift, or spill to the same product with other brand. In this study, we defined the phenomenon as a “spillover effect of gift promotion”. Reviewing relevant literature, spillover effect was discussed in the field of brand extension or brand alliance; however, there is little discussion about spillover effect of gift promotion. Therefore, it is necessary to deeply investigate the forming and fluctuation of spillover effect of gift promotion. In brief, this research consists of two studies. Study one focuses on the forming of spillover effect of gift promotion. Study two further examines its fluctuating factors, including an antecedent factor—promotion depth of gift promotion, two consequent factors about perceived value of spillover, and two moderating factors—brand awareness and involvement of gift. Experiment Design is going to be adopted in the two studies. Expected contributions comprise discussions about background theory of spillover effect of gift promotion, accumulation of gift promotion research, and offering significant managerial implications for managers.