According to the recently released report by Bekryl, Global Gift Cards Market is estimated to be valued at US$ 865.7 billion in 2022 and is expected to register 14.0% CAGR during the forecast period. By 2024, the industry will cross US$ 1 Tn mark, primarily due to rise in number of online purchase along with macroeconomic factors including higher out of pocket expenditure. Over the last few years, there has been significant shift in business models of gift card industry. This could be inferred from the fact that digital e-cards has grown from 2.7% market share in 2009 to 25.04% in 2020. As a result, engaged players are focused on product innovations along with long term engagement with merchants for stable business growth.
Excerpts from the report states that North America dominated the global revenue in 2021. The region accounted for 36.2% share in 2021. However, the region will lose basis points to Asia Pacific and MEA region. This signifies increasing product penetration in developing economies. Asia Pacific with attractiveness index of 3.0 will gain over 1000 BPS during the forecast period. India and China are the key market in Asia Pacific. Lower internet pricing model has led to significant rise in number of internet influencers, leading to upscale of audio interface. The region will generate 2.8X higher revenue opportunity between 2021 and 2030.
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Few key trends from gift cards market:
Trend#1: E-Gift Cards Emerges as Lucrative Revenue Segment for Industry Players
E-gift cards is gaining market prominence primarily due to growth of ecommerce and digitization. Digitalization has changed the global market scenario and with e-commerce flourishing as ever, has immensely affected the consumer buying patterns. Various market players have been tapping these opportunities to take to the e-commerce platforms for better revenue generation. Likewise, gift card market players are anticipated to gain maximum traction over the forecast period through the e-commerce and other online platforms. Customized gift cards are anticipated to witness mounting demand over the time span.
Global e-commerce Industry registered 20.7% cumulative growth between 2015 and 2020. Continuing double digit growth will bolster the e-gift cards market during the forecast period.
Trend#2: Booming Restaurant Industry
The global restaurant industry has been witnessing immense growth since past decade with the US restaurant industry sales doubling since 2000. Restaurant industry players across developed and developing geographies have been taking to gift cards as a better marketing tool for grabbing customer attention and increasing customer base. This in turn is anticipated to aid in robust growth of the global gifts card market. For example, restaurant aggregators such as Food Panda, Zomato, Swigy, others aided in the growth of the closed-loop restaurant gift cards.
Trend#3: Gift Card Reach on Global Scale
Gift card are mainly issued by a retailer or bank. For this reason, most branded gift cards are regional-bound. However, some gift cards can be used at select international locations. For instance, Gap has gift card available for instore as well as online channel. It is operating across major regions including Brazil, Canada, China, France, Japan, etc.
To purchase the report or know more about the industry, visit:
https://bekryl.com/industry-trends/gift-cards-market-size-analysis
Some of the key companies covered in the report are:
American Express Company
Blackhawk Network Holdings Inc.
Fiserv Inc.
Givex Corporation,
InComm Payments
PayPal Inc.
Paytronix Systems Inc.
Qwikcilver Solutions Pvt Ltd.
About Bekryl
Bekryl Market Analysts is a global market research and consulting service firm that helps industry stakeholders to take smarter decisions and achieve remarkable growth in today’s disruptive business environment. We bring together data, leader’s opinion and analytical service to help client define their growth strategy ranging from mergers and acquisitions based strategic decisions to finding market opportunity in business verticals namely chemicals, food & beverages, automotive, electronics and industrial production.
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