Singapore Gift Card and Incentive Card Market Report 2021: Spend Analysis by Digital / e-Gift Card, Retail and Corporate Consumers, Top Retailers, Distribution Channel, Occasions, and Demographics
Dublin, May 27, 2021 (GLOBE NEWSWIRE) -- The "Singapore Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Spend Analysis by Digital / e-Gift Card, Retail and Corporate Consumers, Top Retailers, Distribution Channel, Occasions, and Demographics - Jan 2021 Update" report has been added to ResearchAndMarkets.com's offering.
Gift card industry in Singapore is expected to grow by 12.2% on annual basis to reach US$ 1053.8 million in 2021. Despite near-term challenges in 2021, medium to long term growth story of gift cards in Singapore remains strong. The gift card industry in Singapore is expected to grow steadily in H1 2021 and record a strong growth in H2 2021. The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 10.4% during 2021-2025. The gift card market in the country will increase from US$ 938.9 million in 2020 to reach US$ 1562.6 million by 2025.
The gift card market in Singapore grew despite impact on socio-economic environment by the COVID-19 outbreak. While the pandemic has negatively impacted growth across key industries, there has been a large-scale adoption of digital payment both by retail and business consumers. Supported by broader industry trends, and shift in consumer behavior, overall gifting and gift card industry has witnessed fundamental changes. Consequently, sale of digital gift card has witnessed sharp increase.
According to the publisher's Global Gift Card Survey Q4 2020, around 68% of surveyed individuals revealed that they purchased more gift cards for festive season 2020, as compared to 2019, indicating rising interest. Fine dining, diversified retail, and wellness experiences were the most popular gift card categories. Also, due to the pandemic, retailers and merchants are extending validity of gift cards to enable customers use their unused gift cards, which could further boost gift card adoption.
Singapore's e-commerce industry is one of the fastest growing in the South East Asia and is expected to US$10 billion (S$10 billion) in 2020 as there has been an increase in online purchases due to COVID-19. Change in consumer buying behavior is expected to support e-commerce growth going forward.
Also, in April 2020, Singapore's government and its Enterprise Singapore (ESG) launched e-commerce booster package which will provide 90% of the total cost of setting up online presence for SME retailers. E-commerce growth in the medium to long term is expected to support e-gift card growth in the country, as retailers use it as a marketing and customer acquisition mechanism.
Scope
Total Spend on Gifts in Singapore
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 Singapore
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 Singapore
Retail Consumer
Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size in Singapore
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 Singapore
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 Singapore
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 Singapore
By Functional Attribute
By Occasion
Employee Incentive
Sales Incentive
Consumer Incentive
By Scale of Business
Budget Allocation Trend for 2021
Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in Singapore
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 Singapore
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 Singapore
Gift Card Online Sales
Gift Card Offline Sales
1st Party Sales
3rd Party Sales
Sales Uplift
Closed Loop Gift Card Market Share by Key Retailers. Key Retailers Covered Include:
NTUC FairPrice Co-operative Pte Ltd
Dairy Farm International Holdings Ltd
Shen Siong Supermarket Pte Ltd
Takashimaya Co Ltd
Mustafa Holdings Pte Ltd
Courts Asia Ltd
Al Futtaim Group LLC
Yamada Denki Co Ltd
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