According to the report by Expert Market Research (EMR), the India gift cards market is projected to grow at a CAGR of 18% between 2024 and 2032. Aided by the growing trend of digital gifting and the expansive use of gift cards in corporate settings, the market is expected to grow significantly by 2032.
Gift cards, also known as gift vouchers, are prepaid stored-value money cards that can be used as an alternative to cash for purchases within a specific store or related businesses. They are rapidly gaining traction as popular gifting options for both personal and corporate purposes due to their convenience and flexibility.
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One of the primary factors driving the India gift cards market growth is the rising inclination towards digital gifting solutions. In an era where online shopping has become the norm, gift cards offer a convenient and flexible option for consumers, allowing the recipients to choose their own gifts. This consumer behaviour shift is significantly contributing to the market’s expansion.
Furthermore, the adoption of gift cards in the corporate sector for employee rewards, customer loyalty programs, and promotional activities is another key factor propelling the India gift cards market demand. Companies are increasingly recognising the benefits of gift cards as a tool for employee engagement and customer retention, thus contributing to the surge in demand.
The versatility and broad applicability of gift cards across various retail sectors also play a crucial role in the market’s growth. From fashion and electronics to food and entertainment, gift cards are widely accepted, making them an appealing choice for consumers seeking flexibility and variety in their gifting options.
As per the India gift cards market analysis, technological advancements and the integration of gift cards with digital wallets and mobile apps have further streamlined the purchasing and redemption process, enhancing the user experience. This ease of use has made gift cards more attractive to a tech-savvy population, particularly among millennials and Gen Z consumers.
Moreover, the festive season in India, which includes numerous celebrations and occasions like Diwali, Eid, Christmas, and weddings, significantly boosts the demand for gift cards. During these festive times, gift cards become a popular choice due to their convenience, especially for last-minute shoppers.
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The India gift cards market outlook is also being influenced by personalisation and customisation. Retailers and service providers are offering customisable gift cards, where buyers can add personal messages or choose unique card designs, adding a personal touch to the gifting experience. This trend is likely to enhance consumer engagement and attract a larger customer base.
India Gift Cards Market Segmentation
The market can be divided based on card type, product, business type, application, and distribution channel.
Market Breakup by Card Type
- Closed-Loop Card
- Open-Loop Card
Market Breakup by Product
- Digital Gift Card
- Physical Gift Card
Market Breakup by Business Type
- Business to Business (B2B)
- Business to Consumer (B2C)
Market Breakup by Application
- Food and Beverages
- Health, Wellness, and Beauty
- Apparel, Footwear, and Accessories
- Books and Media Products
- Consumer Electronics
- Restaurants and Bars
- Kids Products
- Others
Market Breakup by Distribution Channel
- Retail
- Corporate
- Others
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 India gift cards market. Some of the major players explored in the report by Expert Market Research are as follows:
- Plasto Cards Private Limited
- Creative Cards & Solutions
- Creation Technics India Private Limited
- Plastic Loyalty Cards
- Arahan Infotech
- Others
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