The goody-filled giveaway features a large Dooney & Bourke satchel for the ladies or a Tumi duffel bag for the men.
Inside the women's bag will be treats to help her feel beautiful, including Euphoria perfume by Calvin Klein, L'Oreal cosmetics and InStyle's book The New Secrets of Style.
His bag will include Euphoria for men, a custom shirt by designer Alexander West and a style book for guys. Both bags will include a DVD directed by this year's Cecil B. DeMille recipient Martin Scorsese. Each bag is valued at $500.
Meanwhile, for the first time, guests will have a place to sip champagne, nosh on hors d’oeuvres and touch up their make-up before presenting an award. During the telecast on Sunday, presenters will be able to get pampered backstage in the Presenters Lounge, a room specially created by interior designer Kenneth Bordewick. The surroundings are sure to make the stars feel like a million bucks: The room features a chandelier with more than 2,000 crystals, furnishings worth $500,000 and artwork totaling about $3 million.
"I wanted to combine the glamour of old Hollywood," Bordewick tells PEOPLE, "with the contemporary glitter of today."
Watch the 52nd Annual Grammy Awards on Jan. 31 at 8 p.m. ET/PT, live on CBS – and catch up on all the news and style from the show on PEOPLE.com!