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Latin America Gift Card and Incentive Card Market Report 2022: Intelligence and Future Growth Dynamics Databook, 2016-2021 & 2022-2026 - ResearchAndMarkets.comThe "Latin America Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering. Latin America market is expected to reach US$11293.0 million in 2022. Historically, the gift card market in Latin America has recorded a steady growth with a CAGR of 11.7% during 2016-2020. Gift card market in 2021 was driven a wide range of factors, which supported growth across retail and corporate segments. The primary factors included growth of ecommerce, increased adoption to incentivize employees working remotely, digital gifting, and initiatives undertaken by government, hospitality, and travel industries to revive growth. Though the gift card market was impacted due to COVID-19, the market is expected to bounce back in the coming quarters, especially in H1 2022. Gift card industry in Latin America has done well to withstand the impact of economic slowdown along with negative business and consumer sentiment due to disruption caused by Covid-19 outbreak. Despite near-term challenges in 2022, medium to long term growth story of gift cards in Latin America remains strong. The gift card industry in Latin America is expected to grow steadily in H1 2022 and record a strong growth in H2 2022. The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 11.2% during 2022-2026. The gift card market in the country will increase from US$9941.3 million in 2021 to reach US$17267.9 million by 2026. With the rising demand for gift cards, the Latin American gift card market attracted global gift cards companies to expand their businesses in this region in 2021. Moreover, mergers and acquisitions along with fundraising activities increased in the gift card industry in the last four to six quarters. Payment technology firms are launching innovative gift card platforms for consumers in Brazil As more and more consumers are shifting towards digital payment methods such as gift cards, payment technology companies are launching innovative gift card platforms for consumers in Brazil.
Such innovative gift cards solution and value-added services offered by gift card providers are driving the growth of the industry in Brazil and are expected to continue to drive market growth over the ext four to eight quarters. Cash is ceding ground to innovative gift cards in Brazil While cash still remains the most dominant payment method in Brazil, where it accounts for more than a third of the payments, alternative payment methods such as gift cards are gaining market share quite rapidly. Over the last four to eight quarters, the popularity of gift cards increased significantly; primarily due to the growing shift towards online shopping among consumers. While in markets such as the United States, United Kingdom, and India, where gift cards are often used for gifting, Brazil is the market where consumers buy gift cards for themselves. Notably, consumers have cited convenience as one of the major factors for using gift cards to complete their offline and online purchases in the country. Brazilian culture is another reason why cash is ceding ground to gift cards in Brazil. By and large, Brazil is a prepaid country. Consumers use prepaid cards (gift cards) for almost everything. Around 55% of the mobile phones are prepaid, transportation cards are prepaid, and even meal vouchers are prepaid. Moreover, gift card penetration is also rising because of the low usage of credit cards in Brazil. The entry of international players will further drive innovation and competition in the Mexican gift card market The global gift card industry is expected to record significant growth over the next four to eight quarters. To capitalize on this global growth, international players are considering Mexico as a potential market to expand their services.
Scope 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:
For more information about this report visit https://www.researchandmarkets.com/r/vrk92o
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