BANGALORE, India, Feb. 15, 2022 /PRNewswire/ -- The Gift Cards Market is Segmented by Type (Universal Accepted Open Loop, E-Gifting, Restaurant Closed Loop, Retail Closed Loop, Miscellaneous Closed Loop), by Application (Restaurant, Retail, Coffee Shop, Entertainment): Opportunity Analysis and Industry Forecast, 2022-2028. It is published in Valuates Reports under the Gifts Category.
Due to the COVID-19 pandemic, the global Gift Cards market size is estimated to be worth US$ 443540 million in 2022 and is forecast to be a readjusted size of US$ 643550 million by 2028 with a CAGR of 6.4% during the review period.
Major factors driving the growth of the gift card market are:
Increasing online e-commerce, omnichannel marketing strategies by various organizations, covid-19 outbreak, corporate gift cards to reward the employees, and increasing penetration of digital wallets and smartphones, are some of the major factors driving the growth of the gift card market.
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TRENDS INFLUENCING THE GROWTH OF GIFT CARDS MARKET:
Several business sectors are becoming more inventive in their approaches to expanding their operations as a result of increasing economic pressures. In this case, gift cards are likely to be used as a promotional tool. For businesses like restaurants and cafeterias, gift cards are seen as a critical source of quick revenue flow.
The value of gift cards has changed dramatically for these industries as a result of the COVID-19 pandemic. The primary growth factors of the market are consistent consumer engagement with shopping, owing to the rapid expansion of digital commerce, as well as an increase in the number of new technologies that provide customers with creative and seamless payment options. Furthermore, as gift cards become more technologically advanced, businesses can increase sales by making their product offerings more unique and appealing, propelling the gift cards market forward.
During the forecast period, the gift card market is expected to grow at a faster rate due to the evolving concept of omnichannel and multi-channel marketing. Furthermore, there is a growing trend of rewarding employees with corporate gift cards for their contributions and achievements.
The increasing penetration of gift cards as a promotional tool, particularly by the banking and finance sector, as well as rewards in the form of loyalty points, vouchers, or schemes offered by key players to maintain their position in highly competitive markets, are driving the global gift card market.
The growing popularity of smartphones is expected to boost the gift card market by giving customers more flexible and convenient payment options. Furthermore, during the forecast period, an increase in the use of digital wallets is expected to provide lucrative growth opportunities for the gift cards market players. Unmet needs and a surge in demand for better transactional solutions are driving this expansion. As the use of mobile phones and internet penetration grows globally, the gift card market is shifting from plastic to digital gift cards. As the number of such integrations rises, the market is expected to rise as well.
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GIFT CARDS MARKET SHARE ANALYSIS:
Based on the application, restaurant and departmental stores are expected to hold the largest market share of 60%.
Based on region, North America is anticipated to be the most lucrative during the forecast period. The main players of the gift card industry are located in the United States, Europe, China, and Japan. Amazon accounts for nearly 10% of the market share.
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Gift Cards Market By Company
- Amazon
- ITunes
- Walmart
- Google Play
- Starbucks
- Home Depot
- Walgreens
- Sephora
- Lowes
- Carrefour
- JD
- Best Buy
- Sainsbury's
- Macy's
- Virgin
- IKEA
- H&M
- Zara
- AL-FUTTAIM ACE
- JCB Gift Card.
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SIMILAR REPORTS:
- The Italy gift cards market size was valued at USD 6.55 Billion in 2020, and is projected to reach USD 18.26 Billion by 2028, growing at a CAGR of 13.9% from 2021 to 2028.
- Due to the COVID-19 pandemic, the global Smart-connected Wallets market size is estimated to be worth USD 272.6 Million in 2022 and is forecast to a readjusted size of USD 383.6 Million by 2028 with a CAGR of 5.9% during the review period.
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