Gift cards have become a staple in modern gift-giving culture. From birthdays to holidays, graduations to weddings, and everything in between, gift cards have transformed the way people give and receive presents. The gift card market has experienced unprecedented growth over the past decade, with a steady increase in sales year after year. As the demand for convenience and flexibility continues to rise, the gift card market shows no signs of slowing down. This article will explore the various facets of the gift card market, including its history, current state, and future projections. We will examine the reasons behind its popularity, the different types of gift cards available, and the impact of technology on the market. Additionally, we will discuss the challenges faced by the industry, such as fraud and expiration policies.
Persistence Market Research estimates that in 2022, the market for gift cards would bring in US$499.4 million. The leading market players will hold a significant share in both the global and regional markets as the demand for gift cards increases. By 2033, the global market is anticipated to have grown by 11.7% CAGR to US$ 1.675 Billion.
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The main trends influencing market growth are a large emphasis of the analysis. The opportunity analysis that is given also highlights the untapped potential for aspiring players. In order to further assist readers in making wise choices for the expansion of their enterprises, the report also provides a comprehensive assessment of the incremental opportunity. The information provided in this study can be used by all market participants to inform important choices. Additionally, the data provided in this study can assist new market entrants in broadening their regional bases.
Companies Covered in This Report –
- com, Inc.
- Best Buy Company, Inc.
- Starbucks Corporation
- Target Corporation
- Walmart Stores
- QwickCilver Solutions
- National Gift Card Corporation
- InComm
- Gyft
- Edge Loyalty Systems Pty. Ltd.
- Blackhawk Network Holdings Inc.
- Edenred Group
- The Up Group
- Other Players (As Requested)
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The rise of the gift card market can be traced back to the early 1990s when Blockbuster introduced its first gift certificate. Since then, the market has grown significantly, with sales reaching over $160 billion in 2020. The convenience and flexibility of gift cards have made them a popular choice for consumers, who value the ability to choose their own gifts and avoid the hassle of returns and exchanges.
There are several types of gift cards available, including closed-loop and open-loop cards. Closed-loop cards are typically issued by retailers and can only be used at their stores. Open-loop cards, on the other hand, are issued by financial institutions and can be used at any merchant that accepts the card’s brand, such as Visa or Mastercard. Additionally, digital gift cards have gained popularity in recent years, providing an instant and contactless option for gift-giving.
The gift card market has been heavily impacted by technology, with the introduction of mobile wallets and digital gift cards. These innovations have made gift cards even more accessible and convenient for consumers, allowing them to be stored on smartphones and redeemed online or in-store. However, with technology comes the risk of fraud, and the gift card industry has had to implement various security measures to prevent misuse.
Another challenge faced by the gift card market is expiration policies. Some gift cards have expiration dates or fees, which can cause frustration for consumers who may forget to use them before they expire. However, several states have implemented laws to protect consumers, such as requiring gift cards to have a minimum lifespan or prohibiting expiration dates altogether.
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Key Segments Covered in Gift Card Market Industry Research
- Gift Card Market By Merchant Type : Restaurants, Department Storesm,Grocery Stores, Supermarkets/Hypermarkets, Discount Stores, Coffee Shops, Entertainments, Salons/Spa, Book Store, Home Décor Stores, Gas Stations, Visa/Master Card/American Express Gift Card, Others
- Gift Card Market By Type : Universal Accepted Open Loop, Restaurant Closed Loop, Retail Closed Loop, Miscellaneous Closed Loop, E-Gifting
- Gift Card Market By End-User : Business : Small and Medium Enterprises, Large Enterprises, Individuals
- Gift Card Market By Price Range : High (Above 400 US$), Medium (200-400 US$), Low (0-200 US$)
- Gift Card Market By Sales Channel : Online, Offline
- Gift Card Market By Region : North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), Oceania
In conclusion, the gift card market has become a staple in modern gift-giving culture, providing convenience and flexibility for both gift-givers and recipients. As technology continues to evolve, the gift card industry will likely continue to grow and adapt to meet the changing needs of consumers.
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductors and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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