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Global Gift Card and Incentive Card Market Subscription 2024 - A US $716.9 Billion Market by 2028, Registering 6.6% CAGR During 2023-2028DUBLIN, March 29, 2024 /PRNewswire/ -- The "Global Gift Card and Incentive Card Market Intelligence Databook Subscription - Q1 2024" report has been added to ResearchAndMarkets.com's offering. The global gift card industry is expected to reach US$555.8 billion in 2024 and will continue to grow over the forecast period, to record a CAGR of 6.6% during 2023-2028. The global gift card market is forecast to increase from US$515 billion in 2023 to reach US$716.9 billion by 2028. Digital gift cards are projected to lead the sector growth amid rising digitalization and uptake of digital payments. The global market will receive growth support from government disbursement programs. In 2023, several local and regional government authorities launched gift card programs to support local businesses and underserved communities. The trend is projected to continue further in the global market in 2024. Gift card platforms are launching new features to elevate customer experience. The trend of strategic partnerships to launch new gift card products is also projected to gain momentum in 2024. Gift card businesses are also expected to seek acquisition opportunities in global and regional markets to expand presence as part of their strategy to drive revenue growth over the medium term. Overall, a strong growth outlook is expected for the global gift card market over the next three to four years. Government disbursement programs are aiding the growth of the global gift card market Globally, several local governments have announced gift card disbursement programs. These programs aim to revive economic growth and support local businesses. Miconex, the Scotland-based fintech firm, reported that the local gift card programs are driving spending in high streets and downtown areas across several markets including the United Kingdom. In 2023, sales from Miconex's local gift card programs in the United Kingdom, Ireland, Canada, and the United States reached £12.4 million. In 2024, the trend of supporting local businesses seems to be growing even stronger, with a 69% increase in local gift card sales compared to the previous year.
This means that gift cards often encourage people to spend more than they initially planned, especially in the UK where a significant portion of users tends to exceed the card's value by a substantial margin. The retail sector emerged as the most popular category for redeeming local gift cards in the United Kingdom. Among the top national retailers where these cards were used were Primark, M&S, Boots, Argos, TK Maxx, Next, Sainsbury's, John Lewis, Dunnes Stores, and Aldi. Additionally, new national retailers such as Co-op, Smyths Toys, and Lidl also jumped on board, participating in the local gift card programs, which contributed to supporting the local economy. Gift platforms are launching new and innovative features to elevate customer experience With the rising competition in the fast-growing gift card market, firms are innovating with their platforms to elevate customer experience. The launch of new features is part of the firm' strategy to accelerate revenue growth.
In 2024, the online gift card marketplace is expected to further launch such innovative features aimed at improving customer experience and confidence. This will subsequently support the adoption of the payment tool while driving the broader industry growth over the next three to four years. 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. This bundled report provides a detailed data centric analysis of gift card market, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at country level, this report provides a comprehensive understanding of gift card market dynamics, market size and forecast. This title is a bundled offering, comprising 1 global, 5 regional (North America, Europe, Latin America, Middle East & Africa and Asia Pacific) and 20 country reports (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Kenya, Mexico, Nigeria, Philippines, Russia, South Africa, Thailand, United Arab Emirates, United Kingdom and United States). Report Scope This bundled offering provides the following detailed gift card market opportunity at country level. 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
Gift Card Spend by Retail Sector
Gift Card Spend by Distribution Channel
Companies Featured
For more information about this report visit https://www.researchandmarkets.com/r/p3ywcd About ResearchAndMarkets.com Media Contact: Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
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