The ‘Colombia Gift Cards Market Size Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the Colombia gift cards market, assessing the market on the basis of its segments like type, functional attribute, business type, application, and end user.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 961.40 million
- Forecast CAGR (2023-2028): 13.4%
- Forecast Market Size (2028): USD 1786.31 million
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The Colombia gift cards market is being driving by rising consumer living standards, increasing disposable incomes, and growing prevalence of hectic lifestyles. With more people entering the workforce and living busy lives, gift cards are becoming a popular gifting option for friends, families, and loved ones. The versatility of gift cards and ease of purchase enables buyers to instantly purchase gifts that recipients would like and use without spending time on searching for a suitable gift. They are particularly popular around holidays and for birthdays and other occasions.
Increasing number of local and global restaurants, stores, and e-commerce sites in Colombia accepting gift cards is a key factor bolstering the growth of the Colombia gift cards market. Acceptance of gift cards by popular stores and restaurants encourages people to purchase the cards as they can be more confident that the recipient would utilise the card.
More establishments are offering lucrative deals and discounts for gift cards, utilising the gift cards as marketing tools. Sales of gift cards enhance brand awareness and expand the consumer base of a particular store or restaurant, while also increasing sales. The gift cards can also be used to promote new products, new branches of stores, and new websites, aiding establishments in targeted promotions.
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Colombia Gift Cards Industry Definition and Major Segments
Gift cards refer to physical cards or digital tokens that have be allotted a specific cash value for which the gift card can be exchanged. The gift cards can be used at stores, establishments, or websites that accept that particular card, before the end of the gift card validity period.
Based on type, the market is segmented into:
- Virtual Card
- Physical Card
By functional attribute, the market is bifurcated into:
- Closed-Loop Card
- Open-Loop Card
On the basis of business type, the market is divided into:
- B2B
- B2C
Based on application, the market is categorised into:
- Apparel, Footwear and Accessories
- Consumer Goods
- Health, Wellness, and Beauty
- Restaurants, Cafe, and Bars
- Travel, Tourism, and Hospitality
- Books, Media, and Entertainment
- Grocery
- E-Commerce Stores
- Others
By end user, the market is classified into:
- Retail
- Corporate Institutions
Colombia Gift Cards Market Trends
Among the key trends in the Colombia gift cards market, is the rising popularity of virtual cards due to their increased convenience. Although physical cards can be physically handed to recipients, they typically need to be purchased in person or take time to be delivered. In comparison, virtual cards can be purchased and delivered to recipients instantly, making them popular as last-minute gifts.
The rising penetration of e-commerce stores in Colombia is another crucial trend that is anticipated to influence the Colombia gift cards market in the coming years. Supported by growing use of smartphones and improvements in logistics, more consumers are shopping online. With e-commerce stores, gift cards can be utilised by recipients from the comfort of their own homes, thereby increasing the likelihood of using the gift card, leading to greater purchase of the gift cards.
Increasing demand for gift cards from corporate institutions is anticipated to augment the Colombia gift cards market as more corporations adopt gifting cultures to keep employees happy. With expansion of global companies and growing popularity of corporate gifting, more companies are opting for gift cards. For corporate institutions of any size, gift cards are rising in popularity as they can be used for any purchase the employee desires, and companies can easily purchase in required volumes with spending time in choosing specific gifts.
Key Market Players
The major players in the Colombia gift cards market report are Amazon.com Inc., Apple Inc., MercadoLibre Colombia LTDA., Bixxus Colombia, AIRFILL PREPAID AB, Éxito, Payless ShoeSource PSS de Colombia S.A.S, Falabella.com SAS, El Kiosco del Regalo, Columbia Sportswear Company, El Corral Gourmet, Gift Card Colombia SAS, and ARTURO CALLE SAS, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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