According to the report by Expert Market Research (EMR), the global gift cards market is projected to grow at a CAGR of 16.3% between 2024 and 2032. Aided by the innovative marketing strategies and the burgeoning e-commerce sector, the market is expected to grow significantly by 2032.
Gift cards, serving as prepaid stored-value money cards, have become integral to modern consumer culture. They are used by retailers and businesses as an alternative to cash for purchases within a particular store or related businesses. The surge in gift card popularity can be attributed to their convenience, versatility, and appeal as suitable gifts for various occasions.
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The gift cards market growth is significantly driven by the retail sector’s embrace of digital transformation. With the rise of online shopping, e-gift cards have emerged as a popular and convenient gifting option, particularly among the tech-savvy younger generation. These digital cards can be purchased and sent online, making them an excellent last-minute gift choice.
Another factor contributing to the market expansion is the increasing use of gift cards for corporate incentives. Businesses are recognising the value of gift cards as effective tools for employee recognition and customer loyalty programs. This trend is encouraging more companies to invest in gift card solutions, further fuelling gift cards market demand.
The diversification of gift card applications across various sectors is also noteworthy. In addition to retail, sectors like hospitality, entertainment, and food and beverage are increasingly incorporating gift cards into their business models. This expansion into new markets is creating more opportunities for the growth of the gift card industry.
Moreover, the gift cards market outlook is being influenced by consumer behaviour trends. The demand for personalised and customisable gift cards is on the rise, with consumers seeking more meaningful and tailored gifting options. This trend is prompting retailers and service providers to offer more diverse and customisable gift card options to cater to the evolving preferences of consumers.
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The global market for gift card is positioned for robust growth in the coming years, supported by technological advancements, diversification in applications, and evolving consumer trends. As businesses continue to innovate and adapt to the changing market landscape, the gift card industry is poised to play an increasingly significant role in the global economy.
Gift Cards Market Segmentation
The market can be divided based on card type, end user, and region.
Market Breakup by Card Type
- Closed-Loop Card
- Open-Loop Card
Market Breakup by End User
- Retail
- Corporate Institutions
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global gift cards market. Some of the major players explored in the report by Expert Market Research are as follows:
- Blackhawk Marketing Services, Inc.
- Fiserv, Inc.
- American Express Company
- Givex Corporation
- Qwikcilver Solutions Pvt Ltd.
- InComm Payments
- Others
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