Celebrities attending this year's Oscars are set to receive gift baskets containing thousands of dollars worth of goods.

Each year, actors and actresses who attend the prestigious Hollywood event are presented with items filled with special customised presents.

Lisa Gal of Hollywood Baskets told CNN goodie bags handed out at the Oscars are something attendees "anticipate from year to year".

Companies are said to compete to have their products included in the gift baskets, with only the most exclusive items used.

"It's great exposure for the companies in media press releases, not just about being in front of celebrities," Asha Blake of Goldenheart Media stated.

This year's Oscars are set to see some of the most famous names in Hollywood battle it out for a much-coveted prize.

Meryl Streep will go head-to-head with Glenn Close for the Best Actress award, while George Clooney is nominated alongside his close friend Brad Pitt.