Global Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2023 Update: Rising Investments from Leading Players Fuels Growth
DUBLIN, March 9, 2023 /PRNewswire/ -- The "Global Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2023 Update" report has been added to ResearchAndMarkets.com's offering.
The global gift card industry has recorded steady growth amid the rising investment from leading players such as Blackhawk Network and InComm Payments in the sector. This coupled with the rise of innovative fintech firms has also supported the growth of the gift card sector around the world. With the demand for gift cards expected to further rise among consumers and corporates, the publisher expects these players to further boost their investment in the segment and also forge strategic alliances to drive their growth.
The growing shift towards digital channels has also driven the adoption of digital gift cards globally. The surging e-commerce shopping trends have also assisted the demand among consumers, and the trend is expected to further continue from the short to medium-term perspective. With startups raising funding rounds and expanding their geographical footprint, the publisher maintains a robust growth outlook for the global gift card market over the next three to four years.
Global gift card providers are extending the availability of gift cards in Singapore and Malaysia
With the growing demand for gift cards among consumers in Southeast Asia, global gift card providers are extending the availability of their solution in the Singaporean and Malaysian markets.
For instance, in November 2022, Givex, one of the leading players in the global gift card industry, announced that it had made available gift cards from one of the notable retailers in the United States for consumers in Singapore and Malaysia. The gift card provider has a presence in more than 100 countries and provides support to more than 30 retailers' locations in Singapore, Malaysia, Hong Kong, Korea, and Australia. The firm recorded strong growth in 2022 and is projected to keep continuing the upward growth momentum in 2023.
From the short to medium-term perspective, the firm is expected to further launch its gift card programs in more global markets, thereby supporting the growth of the global gift card market.
Cryptocurrency exchanges are launching bitcoin reward gift cards amid the rising demand in the United States
Gift cards are a popular gifting option in the United States. Furthermore, the trend of self-use is also growing, thereby assisting the growth of the gift card industry in the country. Amid the growing demand for gift cards in the region, cryptocurrency exchanges are launching bitcoin reward gift cards.
In December 2022, CoinZoom, a cryptocurrency exchange and fintech firm based in the United States announced the launch of a new bitcoin reward gift card. The launch of the new solution comes after the firm found out that 28% of adults are buying gift cards more than once. To make the gift card buying process more rewarding, the firm is offering 1% in free bitcoin on each gift card bought on the platform. CoinZoom has partnered with various businesses across industry verticals, travel, food, and gaming, to offer consumers a wide range of gift card options.
The publisher expects more such reward-based gift card programs to launch in the global market. This will keep driving the popularity among consumers as well as bring more business for brands and retailers.
European retailers are forging strategic alliances with leading global payments providers to launch a B2B gift card program
Over the last few years, corporates have increasingly adopted gift cards to reward and incentivize their employees and this trend is projected to further continue in 2023, as employees continue to struggle with the rising cost of living. To tap into the growing B2B gift card market and offer corporates a wide range of gift card options, firms are forging strategic alliances.
In September 2022, Blackhawk Network, one of the leading global branded payments providers, announced that the firm entered into a strategic partnership with Sweden-based retailer H&M. Under the partnership, the two firms launched a B2B gift card program. As part of the program, H&M will join other retailers offering B2B gift cards with Blackhawk Network. These gift cards never expire and cardholders can redeem them at any H&M store in the United States, Canada, and Puerto Rico, as well as at the online store in the United States.
The publisher expects more European retailers to partne with gift card providers to capitalize on the growing B2B gift card market and drive the growth of their business over the next three to four years.
In value terms, the gift card market in Global has recorded a CAGR of 8.0% during 2018-2022. According to the publisher, global gift card industry is expected to grow by 8.1% on annual basis to reach US$ 511,019.3 million in 2023.
Total Spend on Gifts
Gift Card Market Size by KPIs across Consumer Segments
Gift Card Market Size by Consumer Segment
Digital Gift Card Market Size
Gift Card Market Size by Retail Consumer
Gift Card Spend by Consumer Behavior and Demographics
Gift Card Market Size by Corporate Consumer
Gift Spend by Product Categories (Split by Retail and Corporate Consumers)
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers)
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers)
Closed Loop Gift Card Market Share by Key Retailers. Key Retailers Covered Include:
Reasons to buy
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