Dublin, Oct. 02, 2020 (GLOBE NEWSWIRE) -- The "Ireland 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.
Historically, the gift card market in Ireland has recorded a steady growth with a CAGR of 13.3% during 2015-2019. However, According to the Q2 2020 Global Gift Card Survey, gift card market in Ireland is expected to be impacted across retail and corporate segments due to disruption caused by Covid-19 outbreak.
This report details the impact of economic slowdown along with change in business and consumer sentiment due to disruption caused by Covid-19 outbreak on gift card industry in Ireland.
Though growth of gift card industry will be impacted due to pandemic, there are certain segments such as self-use which will gain significant market share. Adoption of e-Gift cards is also expected to increase significantly over the next 4-6 quarters. There are interesting trends emerging across various segments, which are expected to fundamentally reshape gift card industry dynamics.
Despite near-term challenges, medium to long term growth story of gift cards in Ireland remains strong. The gift card industry in Ireland will continue to grow over the forecast period and is expected to record a CAGR of 8.6% during 2020-2024. The gift card market in the country will increase from US$ 604.0 million in 2019 to reach US$ 840.7 million by 2024.
Growth of the gift card market can be attributed to the surge in the e-commerce market, government regulations and an increase in the usage for corporate bonuses to employees.
One4All and FromMe2You, are the key players driving the growth of the gift card industry in the country. One4All has been one of the biggest contributors to the gift card industry in Ireland. At present, the company works with 3500 companies, of all sizes and offers gift cards under the Staff Incentives, Bikes4Work, Christmas club, and Trade Promotion Programme. In November 2019, One4All launched a virtual multi-store gift card, One4all Digital Gift Card, which is acceptable in more than 8,500 shops and outlets across Ireland. The digital gift card can be used through Apple Pay and One4All mobile app on the Android platform. FromMe2You enabled its consumers to order the gift cards easily by partnering with Felxi-Fi.
The corporate houses in Ireland are increasingly utilizing the Benefit in Kind allowance (BIK ) available for them and using gift cards to offer bonuses to their employees, to save thousands. Under the Small Benefit Exemption Scheme/BIK corporates can pay non-cash bonuses to their staff up to EUR 500, completely free of Income Tax, PRSI or USC. This helps businesses save hundreds and thousands of euros as they don't have to bear the tax portion of the bonus. Using gift cards annually and on an ongoing basis, helps save the businesses an amount up to approximately EUR 650 per employee.
The Irish government introduced the Consumer Protection (Gift Vouchers) Act 2019 in November 2019, which aims to regulate gift cards and vouchers. According to the new Act, gift cards will remain valid for five years. In addition to increasing the validity of the cards, the Act forbids any limit on the number of gift vouchers/cards that can be used by a consumer in one transaction. This move will further increase the sales of gift cards, as consumers will get more time to redeem their gift cards and utilize the card amount effectively. The Act also enables the consumers to receive change or a credit note of the difference value when they buy something of a lesser amount than the gift card/voucher. All of these factors along with the emerging trend of buying altcoins with gift cards will continue to support the growth of the gift card market in Ireland.
This report provides a detailed data centric analysis of gift cards and corporate incentive cards market along with consumer behaviour and retail spend dynamics in Ireland. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics.
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 Ireland.
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 Ireland: 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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