Dublin, Sept. 11, 2020 (GLOBE NEWSWIRE) -- The "Brazil Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast (2015-2024) - Covid-19 Update Q2 2020" report has been added to ResearchAndMarkets.com's offering.
Gift card market in the country will increase from US$ 4,481.5 million in 2019 to reach US$ 7,414.4 million by 2024.
In value terms, the gift card market in Brazil has recorded a CAGR of 18.6% during 2015-2019.The gift card industry in Brazil will continue to grow over the forecast period and is expected to record a CAGR of 13.8% during 2020-2024.
Brazilian economy has been severely impacted due to Covid-19 outbreak. This has impacted gifting industry across retail and corporate segments. Though growth of gift card industry will be impacted, there are certain segments such as self-use which will gain significant market share. Prepaid payment instruments are popular in Brazil due to large unbanked and underbanked population. Existing socio-economic scenario created due to pandemic is expected to support growth in this segment further and gift card will be a key beneficiary.
Gift card has gained market share across retail gifting occasions. Corporate adoption of the gift card is also one of the factors providing positive growth momentum to the industry. Companies are increasingly making use of gift cards to offer rewards and incentives to their employees.
Digital gift cards have recorded strong growth in the Brazilian market. This is driven to a large extent by growth of e-commerce industry. As the e-commerce market in Brazil continues to grow leaps and bounds along with increasing internet penetration rates, the adoption of gift cards to purchase products online is also expected to continue to rise.
Adoption of e-gift cards in Brazil has increased in both retail and corporate segments. In retail segment, e-gift cards are being primarily used as a payment instrument. In corporate segment, e-gift card adoption in mid-tier and small scale businesses have recorded strong growth with companies focusing on rewarding their employees instantaneously.
With over 45 million people in the country not having a bank account, acceptance of gift cards to make purchases on the internet is expected to record strong growth over the forecast period, despite short term challenges due to Covid-19. Moreover, consumers in Brazil are also increasingly making use of gift cards to trade bitcoins. Some of the popular third-party gift card providers in the country include streetsmartbrazil.com and carddelivery.com.
Reasons to Buy
- In-depth understanding of gift card and incentive card market dynamics: Understand market opportunity, key trends and drivers along with five-year forecast (2014-2023) for gift cards and incentive cards in Brazil.
- Develop market specific strategies: Identify growth segments and target specific opportunities across consumer segments and occasions to formulate your gift cards strategy; assess market specific key trends and risks.
- Get insights into consumer attitude and behaviour in Brazil: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through gift cards for both retail and corporate consumers.
- Get complete perspective through six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and value of transactions.
- Distribution channel insights: Understand gift cards sales dynamics by channels - online vs offline and by 1st party vs 3rd party sales.
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