The US$865.7 billion global gift card market will register a CAGR of 14.0% between 2021 and 2030, according to Bekryl market analysts
The global gift card market will register a 3.7x increase in revenue by 2030 compared to 2021. According to Bekryl, brand integration as well as product digitization and promotion will play a key role in the gift card reader turnover.
According to the recently released report by Bekryl, the global gift card market is estimated to be worth US$865.7 billion in 2022 and is expected to register a CAGR of 14.0% during the forecast period. By 2024, the industry will cross the US$1 billion mark, primarily due to the increase in online shopping as well as macroeconomic factors including higher out-of-pocket spending. Over the past few years, there has been a significant change in the business models of the gift card industry. This could be inferred from the fact that digital electronic cards increased from 2.7% market share in 2009 to 25.04% in 2020. As a result, engaged players are focusing on product innovations as well as a commitment long-term with traders for stable business growth.
Excerpts from the report indicate that North America dominated global revenue in 2021. The region accounted for 36.2% share in 2021. However, the region will lose basis points to Asia Pacific and the MEA region. This means growing product penetration in developing economies. Asia-Pacific with an Attractiveness Index of 3.0 will gain more than 1000 BPS during the forecast period. India and China are the main markets in Asia-Pacific. The decline in the Internet pricing model has led to a significant increase in the number of Internet influencers, which has led to an upscaling of the audio interface. The region will generate 2.8 times higher revenue opportunities between 2021 and 2030.
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Some key gift card market trends:
Trend #1: E-gift cards are emerging as a lucrative revenue segment for industry players
E-gift cards are gaining prominence in the market, mainly due to the growth of e-commerce and digitalization. Digitization has changed the global market scenario and with e-commerce flourishing like never before, has greatly affected the shopping habits of consumers. Various market players have exploited these opportunities to take advantage of e-commerce platforms for better revenue generation. Likewise, gift card market players are expected to gain traction over the forecast period through e-commerce and other online platforms. Personalized gift cards are expected to see increasing demand over time.
The global e-commerce industry recorded a cumulative growth of 20.7% between 2015 and 2020. The continued double-digit growth will drive the e-gift card market over the forecast period.
Trend #2: Booming Restaurant Industry
The global restaurant industry has experienced immense growth over the past decade, with restaurant industry sales in the United States doubling since 2000. Restaurant industry players in developed regions and in development have embraced gift cards as a better marketing tool to attract customer attention and increase customer base. This, in turn, is expected to contribute to robust growth in the global gift card market. For example, restaurant aggregators such as Food Panda, Zomato, Swigy, and others have contributed to the growth of closed-loop restaurant gift cards.
Trend #3: Reach of gift cards globally
Gift cards are mostly issued by a merchant or a bank. For this reason, most branded gift cards are regional. However, some gift cards can be used in certain international locations. For example, Gap has gift cards available for in-store and online channels. It operates in major regions, including Brazil, Canada, China, France, Japan, etc.
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Some of the major companies covered in the report are:
- American Express Company
- Blackhawk Network Holdings Inc.
- Fiserv Inc.
- Givex Company,
- InComm Payments
- PayPal Inc.
- Paytronix Systems Inc.
- Qwikcilver Solutions Pvt Ltd.
Bekryl Market Analysts is a global market research and advisory services company that helps industry players make smarter decisions and achieve remarkable growth in today’s disruptive business environment. We bring together data, leader opinion and analytical service to help the client define their growth strategy, ranging from strategic decisions based on mergers and acquisitions to finding market opportunities in verticals, namely chemicals, food and beverages, automotive, electronics and industrial production.
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