Nigeria Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics Databook 2020: Market Size and Forecast 2015-2024 with Covid-19 Update Q2 2020

Dublin, Sept. 21, 2020 (GLOBE NEWSWIRE) -- The "Nigeria 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.

Despite near-term challenges, medium to long term growth story of gift cards in Nigeria remains strong. The gift card industry in Nigeria will continue to grow over the forecast period and is expected to record a CAGR of 14.8% during 2020-2024. The gift card market in the country will increase from US$ 1273.9 million in 2019 to reach US$ 2111.6 million by 2024.

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 Nigeria.

Historically, the gift card market in Nigeria has recorded a steady growth with a CAGR of 22.0% during 2015-2019. However, According to the Q2 2020 Global Gift Card Survey, gift card market in Nigeria is expected to be impacted across retail and corporate segments due to disruption caused by Covid-19 outbreak.

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.

The Nigerian gift card market has recorded robust growth during the review period. The country's economic expansion supported the gift card market and the overall financial sector's growth. Moreover, consumers' perception of the electronic payment system has been changing in recent years.

Consumers are widely accepting alternative payment options such as mobile wallets and electronic money transfer, instead of cash. The presence of the international brands in the Nigerian mobile payment system such as Visa with mVisa platform makes the mobile payment system more competitive. Moreover, it is expected that the global economic slowdown is unlikely to affect Nigeria's economy and the gift card market in the coming years.

The strong growth in the country's e-commerce sector primarily supported the overall retail industry during 2019, a trend expected to continue over the forecast period. Increasing smartphone penetration and consumer's inclination towards online shopping widens the e-commerce sector. The Nigerian e-commerce sector is dominating by domestic e-commerce companies such as Jumia and Konga. Therefore, gift cards from these online retailers are also gaining popularity among the Nigerians. Additionally, international grocery retailers such as Spar has a strong presence in the Nigerian gift card market .

The demand for gift cards is also increasing in line with the demand for cryptocurrencies. The trend of converting gift cards into bitcoins and then into cash is gaining popularity among the Nigerians. Cryptocurrencies and gift cards are driving the remittance market in Africa, and more specifically in Nigeria. Key players such as Paxful allows Nigerians to trade gift cards offered by domestic players such as Konga or Blessing Computer for bitcoins. Other notable players offering this service in the country are Cardnosh and Cardtonic.

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 Nigeria. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics.

Scope

Total Spend on Gifts in Nigeria

• By Consumer Segment (Retail and Corporate)

• By Product Categories (13 Segments)

• By Retail Sectors (7 Segments)

Gift Card Market Size by KPIs across Consumer Segments in Nigeria

• Gross Load Value

• Transaction Value

• Unused Value

• Average Value Per Transaction

• Transaction Volume

• Average Value of Card Purchased

• Number of Cards

Gift Card Market Size by Consumer Segment in Nigeria

• Retail Consumer

• Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)

Digital Gift Card Market Size in Nigeria

• By Retail Consumer

• By Retail Purchase Occasion

• By Corporate Consumer

• By Corporate Purchase Occasion

• By Company Size

Gift Card Market Size by Retail Consumer in Nigeria

• By Functional Attribute

• By Occasion

• Festivals & Special Celebration Days

• Milestone Celebration

• Self-Use

• Other

• Value by Purchase Channel

Gift Card Spend by Consumer Behavior and Demographics in Nigeria

• Consumer Purchase Behaviour

• Gift Card Buyer by Age Group

• Gift Card Buyer by Income Level

• Gift Card Buyer by Gender

Gift Card Market Size by Corporate Consumer in Nigeria

• By Functional Attribute

• By Occasion

• Employee Incentive

• Sales Incentive

• Consumer Incentive

• By Scale of Business

• Budget Allocation Trend for 2020

Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in Nigeria

• Food & Beverage

• Health, Wellness & Beauty

• Apparel, Footwear & Accessories

• Books & Media Products

• Consumer Electronics

• Restaurants & Bars

• Toys, Kids, and Babies

• Jewelry

• Sporting Goods

• Home & Kitchen Accessories & Appliances

• Travel

• Entertainment & Gaming

• Other

Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers) in Nigeria

• Ecommerce & Department Stores

• Restaurants & Bars

• Supermarket, Hypermarket, Convenience Store

• Entertainment & Gaming

• Specialty Stores

• Health & Wellness

• Travel

Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers) in Nigeria

• Gift Card Online Sales

• Gift Card Offline Sales

• 1st Party Sales

• 3rd Party Sales

• Sales Uplift

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