Two themes in this research were arranged to investigate effects of gift promotion depth. Gift promotion depth was defined as a percentage of gift price by main product price. The first theme proposed that there is a turning point in promotion depth and the turning point was fluctuant in accordance with brand image. If the brand image was high, the turning point was 50% Fhowever, if the brand image was low, the turning point was downward to 40% under low brand image of main product and downward to 20% under low brand image of gift. Based on these findings, promotion depth was divided into two categories-reasonable (depth before turning point) and exaggerated (depth after turning point) promotion depth. The second research theme focused on the effect of reasonable or exaggerated promotion depth and its interaction with brand image of main product and gift. Findings included three points. First, the deeper the reasonable promotion depth was, the higher the perceived value of product bundle was (eg. positive relationship). However, in the range of exaggerated promotion depth, negative relationship was exhibited. In addition, brand image of main product and gift did show significant moderating effect. That is, the difference of perceived value of product bundle between the highest and lowest depth under the situation of high brand image was larger than that under the situation of low brand image.