Gift Cards Market Outlook
According to the report by Expert Market Research (EMR), the global gift cards market size attained a value of around USD 1,128.10 billion in 2023. Aided by the increasing use of smartphones and mobile applications and the shift from physical to digital cards, the market is assessed to grow in the forecast period of 2024-2032 at a CAGR of 16.3% to reach nearly USD 4,399.08 billion by 2032.
Gift cards are prepaid cards issued by retailers, financial institutions, or other organisations that can be used as an alternative to cash for purchasing goods or services. They come in both physical and digital forms and can be used at a specific store or across a variety of merchants, depending on the type of card.
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The global gift cards market has experienced substantial growth over the past decade, driven by a variety of factors, including advancements in technology, increasing consumer demand for convenient gifting solutions, and the rising adoption of digital payments. The proliferation of e-commerce and the growing popularity of online shopping have significantly contributed to the market expansion. As more consumers turn to online platforms for their shopping needs, the demand for digital and e-gift cards has surged, providing a seamless and versatile gifting option for both personal and corporate purposes.
One of the prominent gift cards market trends is the shift from physical to digital gift cards. Digital gift cards offer numerous advantages over their physical counterparts, including instant delivery, easy customisation, and the ability to redeem online or in-store. This shift has been accelerated by the increasing use of smartphones and mobile applications, which allow consumers to purchase, send, and redeem gift cards with just a few clicks. The convenience and flexibility of digital gift cards have made them a preferred choice for last-minute gifts and corporate incentives.
The corporate sector has also played a significant role in the gift cards market growth. Many companies are leveraging gift cards as part of their employee reward and recognition programmes. Gift cards are used to incentivise employees, boost morale, and enhance employee engagement. Additionally, businesses use gift cards for customer loyalty programmes, promotional campaigns, and as a means to drive sales and customer retention. The versatility and broad acceptance of gift cards across various retailers and service providers make them an effective tool for corporate gifting and marketing strategies.
Another key trend propelling the gift cards market expansion is the increasing personalisation and customisation of gift cards. Consumers are seeking unique and personalised gifting options that reflect the recipient’s preferences and tastes. As a result, many gift card providers now offer customisation features such as personalised messages, themed designs, and the option to add photos or videos. This trend has been particularly popular during festive seasons and special occasions, where personalised gift cards add a personal touch to the gift-giving experience.
The integration of advanced technologies such as blockchain and artificial intelligence (AI) is also transforming the gift cards market value. Blockchain technology is being explored to enhance the security and transparency of gift card transactions, reduce fraud, and improve the overall user experience. AI, on the other hand, is being utilised to analyse consumer behaviour and preferences, enabling retailers to offer more targeted and relevant gift card options. These technological advancements are expected to drive further innovation and growth in the market.
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Regional trends in the gift cards market indicate varying levels of adoption and growth across different geographies. North America remains a dominant market for gift cards, driven by high consumer spending, the widespread use of digital payments, and the strong presence of major retailers and e-commerce platforms. The Asia Pacific is witnessing rapid growth, fuelled by the rising middle-class population, increasing disposable incomes, and the growing popularity of online shopping. Countries like China, India, and Japan are significant contributors to the market’s expansion in this region.
The Europe gift cards market is also a key region in the global landscape, with increasing adoption in both the retail and corporate sectors. The demand for gift cards in Europe is driven by the growing trend of experiential gifting, where consumers prefer gifting experiences such as travel, dining, and entertainment over traditional physical gifts. This has led to the rise of gift cards for specific services and experiences, further diversifying the market.
Despite the positive growth trends, the gift cards market faces certain challenges. One of the primary concerns is the issue of unredeemed gift cards, which can result in financial losses for both consumers and retailers. To address this, some companies are implementing expiration dates and encouraging timely redemption through reminders and promotions. Additionally, the market must navigate regulatory and compliance issues, particularly in regions with stringent consumer protection laws.
Market Segmentation
The global gift cards 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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