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Gift Cards Market Is Estimated To Grow At CAGR Of 15.4%, 2021-2028 | Latest Industry Coverage by Douglas Insights
Some prominent global gift card market players include Amazon.com, Inc., American Express Company, Apple Inc., Target Corporation, Starbucks Corporation, Walmart Inc., and many others.
Isle of Man, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Gift Cards Market by 2021-2028 | Demand, Trends, Opportunities, Challenges, Risks Factors Analysis, Competitive Situation | Key Players, Types, Applications, Regional Analysis
The Gift Cards Market research report from Douglas Insights helps market researchers, analysts, industry professionals, and businesses identify market trends and growth drivers, as well as constraints, barriers, and forecasts. Douglas Insights is the world's first comparison engine for market research reports and offers the largest selection of private and public market reports. This digital tool also allows researchers and industry professionals to compare various reports based on publisher ratings, table of contents, publication dates, and prices.
Gift cards are a good replacement for cash. Gift cards allow the recipient to shop at their preferred stores in exchange for the gift card's value, thereby avoiding the stigma associated with giving cash. In the coming years, the global market for gift cards is expected to expand due to the versatility and convenience of this method of gift-giving. This market is anticipated to expand at a 15.4% CAGR between 2021 and 2028.
The pandemic caused travel restrictions and disruptions to supply chains, which harmed the market for gift cards. However, as a result of recent improvements, the global gift card market is projected to expand as more people opt for convenient gift-giving options.
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Market Drivers
The market for gift cards is expected to expand as more people adopt smartphones, which offer greater payment flexibility and convenience. For example, Gyft is one of the most popular options for gift cards as it's accessible to both iPhone and Android users. The software allows users to load their gift cards and use them when shopping.
The adoption of gift cards by corporate companies is another factor driving the gift card market. Companies view gift cards as a means of communication, appreciation, and relationship building with their customers, business partners, and employees. In addition, it allows them to create an inclusive workplace by employing effective recognition and reward systems.
In addition, gift cards enable retailers and marketers to increase brand awareness, boost customer engagement, and track customer behavior. Additionally, some banks offer discounted gift cards to their customers, driving the gift card market.
In recent years, there has been an increase in demand for payment solutions that feature innovative products and technological advancements. As global mobile and internet usage continues to increase, the gift card industry is shifting from plastic to digital gift cards. Thus, it is anticipated that the global gift card market will expand in the coming years.
Several businesses in the gift industry are looking for innovative ways to expand their operations and use gift cards as a promotional tool. For businesses in the service industry, such as restaurants and cafeterias, gift cards are a vital source of immediate cash flow. However, during the COVID-19 pandemic, the value of gift cards has changed drastically for these businesses. In addition, advances in gift card technologies have helped businesses increase their sales by diversifying their product offerings, thereby boosting the global gift card market.
However, one of the gift card market's biggest challenges is a lack of security. Gift cards are always at risk of getting hacked, which may hinder the growth of this market. In a rush to switch to e-gift cards, which are cheaper, more flexible, and more convenient, companies have overlooked possible security threats. Another constraint is that there are many gift companies offering innovative gift ideas to customers considered to be more thoughtful. Due to this reason, some customers prefer to stick with the traditional gift-giving method.
Key players
Some prominent global gift card market players include Amazon.com, Inc., American Express Company, Apple Inc., Target Corporation, Starbucks Corporation, Walmart Inc., and many others.
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Gift Cards Market Report Coverage
Report Attributes | Details |
Market Size in 2021 | $XXBN |
Market Size Projection in 2028 | $XX BN |
CAGR (2021-2028) | 15.4% |
Largest Market | North America |
Growth Drivers | Flexibility and easy payment choices, Corporate firms' adoption of this convenient gift-giving method |
Segmentation | By Material Merchant Type (Restaurants, Department Stores, Grocery Stores, Supermarkets/Hypermarkets, Discount Stores, Coffee Shops, Entertainments, Salons/Spa, Book Stores, Home Décor Stores, Gas Stations, Visa/Master Card/American Express Gift Cards, Others) By Merchant Type (Universal Accepted Open Loop, Restaurant Closed Loop, Retail Closed Loop, Miscellaneous Closed Loop, E-Gifting) By End User |
Regional Analysis | North America (US, Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Europe (U.K, Germany, Italy, France, Spain, Russia and Rest of Europe), APAC (China, Japan, India, South Korea, Australia, ASEAN and Rest of Asia Pacific), ME (GCC Countries, Israel, and Rest of Middle East) & Africa (South Africa, North Africa and Central Africa) |
Key Companies Covered | Amazon.com, Inc., American Express Company, Apple Inc., Target Corporation, Starbucks Corporation, Walmart Inc., and many others. |
Segmentations
By Country
US
Canada
Mexico
By Merchant Type
Restaurants
Department Stores
Grocery Stores
Supermarkets/Hypermarkets
Discount Stores
Coffee Shops
Entertainments
Salons/Spa
Book Stores
Home Décor Stores
Gas Stations
Visa/Master Card/American Express Gift Cards
Others
By End-user
Business
Individuals
Others
By Price Range
High (Above 400 US$)
Medium (200-400 US$)
Low (0-200 US$)
Others
By Type
Universal Accepted Open Loop
Restaurant Closed Loop
RETAIL CLOSED LOOP
Miscellaneous Closed Loop
E-Gifting
Others
Key questions answered in this report
COVID 19 impact analysis on global Gift Cards industry.
What are the current market trends and dynamics in the Gift Cards market and valuable opportunities for emerging players?
What is driving Gift Cards market?
What are the key challenges to market growth?
Which segment accounts for the fastest CAGR during the forecast period?
Which product type segment holds a larger mark et share and why?
Are low and middle-income economies investing in the Gift Cards market?
Key growth pockets on the basis of regions, types, applications, and end-users
What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Unique data points of this report
Statistics on Gift Cards and spending worldwide
Recent trends across different regions in terms of adoption of Gift Cards across industries
Notable developments going on in the industry
Attractive investment proposition for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2028 (forecast)
Table of Content:
Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation
Executive Summary
2.1. Market Snapshot: Global Gift Cards Market
Market Dynamics & Factors Analysis
3.1. Introduction
3.1.1. Global Gift Cards Market Value, 2016-2028, (US$ Bn)
3.2. Market Dynamics
3.2.1. Key Growth Trends
3.2.2. Major Industry Challenges
3.2.3. Key Growth Pockets
3.3. Attractive Investment Proposition,2021
3.3.1. Merchant Type
3.3.2. End-user
3.3.3. Price Range
3.3.4. Type
3.3.5. Geography
3.4. Porter’s Five Forces Analysis
3.4.1. Threat of New Entrants
3.4.2. Bargaining Power of Buyers/Types
3.4.3. Bargaining Power of Suppliers
3.4.4. Threat of Substitute Merchant Types
3.4.5. Intensity of Competitive Rivalry
3.5. Value Chain Analysis
Market Positioning of Key Players, 2021
4.1. Company market share of key players, 2021
4.2. Top 6 Players
4.3. Top 3 Players
4.4. Major Strategies Adopted by Key Players
COVID 19 Impact Analysis
5.1. Global Gift Cards Market Pre Vs Post COVID 19, 2019 - 2028
5.2. Impact on Import & Export
5.3. Impact on Demand & Supply
…………….. ToC continued
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