As per Persistence Market Research analysis, the global gift card market is projected to expand at an impressive CAGR of above 12% over the next ten years (2021 to 2031).
Besides using gift cards for gifting purposes, purchase of gift cards for self-use is also prominent across regions. This factor is projected to play a key role in driving demand for gift cards over the coming years. Price-conscious consumers are the ones who are highly attracted toward such offerings. These consumers have played a significant role in driving gift card sales through self-adoption. As per a study conducted by Blackhawk Network to analyse consumer usage patterns of gift cards, more than half of the respondents revealed that they prefer buying gift cards for self-use if it offered a discount.
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Key Takeaways from Market Study
- The dynamic nature of consumer purchasing patterns is likely to positively impact sales of gift card over the coming years.
- Dematerialized gift cards are expected to reflect a positive growth outlook over the coming years. Factors such as growing digital penetration and seamless process of e-gifting are likely to encourage the adoption of e-gifting over plastic cards.
- Amid the COVID-19 outbreak, rapid penetration of remote working culture helped virtual gifting gain more popularity.
- In case of card type, restaurant closed loop cards hold a noteworthy share. Increasing gift card offerings by restaurant aggregators have played an important role in facilitating category growth.
- As per regional analysis, North America and Europe together hold a notable share in the market. However, East Asia and South Asia are expected to reflect high growth as penetration of restaurant chains, retail chains, departmental stores, etc., is likely to grow during the period of forecast.
- Though online sales are growing, offline sales channels are expected to hold a high market share of more than 75% through 2031.
- The market in China and the UK. Is expected to surge at a CAGR over 17%, while that in India is pegged at close to 19% for the next ten years.
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“With the growing digital trend, players have now narrowed down their innovation and development actions to the e-Gifting category”, says a Persistence Market Research analyst.
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Business-to-Business Gift Card Sales to Positively Impact Current Market Scenario
The commercial sector today increasingly considers offering employee benefits and rewards for motivation and retention. Following the footsteps of many transnational and multinational companies, even small-scale and medium-scale commercial establishments are slowly switching to gift cards over materialistic gifts. This change is projected to play a key role in facilitating growth in the adoption of gift cards over the coming years.
In light of the growing potential of gift cards in the commercial sector, many B2B players are now focused on further enhancing their penetration in employee benefits and rewards solutions. Such efforts to capitalize on existing demand in the B2B sector is projected to play a key role in facilitating increased demand for gift cards over the coming years.
The report underlines groundbreaking insights into the competitive scenario of the gift card market, along with highlights of differential strategies used by manufacturers. Few prominent manufacturers operating in the global gift card industry include Apple, Inc., Amazon.com, Inc., Best Buy Company, Inc., Starbucks Corporation, Target Corporation, Walmart Stores, QuikCilver Solutions, National gift Card Corporation, InComm, Gyft, Edge Loyalty Systems, Inc., Blackhawk Network Holdings, Inc., Edenred Group, and The Up Group.
More Valuable Insights
Persistence Market Research released a new market research on the gift card market, covering global industry analysis of 2016-2020 and forecasts for 2021–2031. The market study reveals compelling insights on the basis of merchant type (restaurants, department stores, grocery stores, supermarkets/hypermarkets, discount stores, coffee shops, entertainment, salons/spas, book stores, home décor stores, gas stations, Visa/Master Card, and American express Gift Card, and others), type (universal accepted open loop, restaurant closed loop, retail closed loop, miscellaneous closed loop, and e-Gifting), end user (business and individuals), price range [high (above 400US$), medium (200 – 400US$), and low (0-200US$)], and sales channel (online and offline), across seven major regions of the world.
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