Provided is a cushioning material for being put into a packing box configured for encasement of electronic equipment. The cushioning material absorbs external stress applied to the electronic equipment encased in the packing box. The cushioning material includes: a first holder including a first plate configured to face the electronic equipment when the cushioning material and the electronic equipment are encased in the packing box, and a second plate configured to face an inner wall surface of the packing box when the cushioning material and the electronic equipment are encased in the packing box; and a first cushioning block provided between the first plate and the second plate.