The gift cards market is estimated to record positive growth across the assessment period of 2023-2030. The expanding popularity of e-gifting among a considerable chunk of the populace will bring tremendous growth prospects for the gift cards market during the tenure of 2023-2030.
- The heightening adoption of gift cards across various organizations and companies for employee recognition awards and morale-boosting exercises will bring promising growth. The flourishing e-commerce sector will also serve as a game-changer for the gift cards market. The COVID-19 pandemic has invited enormous prospects for the e-commerce sector.
- As many people limit their physical meets during the pandemic, e-gifting has become a feasible alternative for individuals. Gift cards can be accessed across e-commerce platforms. Thus, all these aspects bode well for the growth of the gift cards market.
- Strategic partnerships and collaborations are playing a major role in the growth of the gift cards market. Furthermore, advertising strategies, loyalty points, and other aspects help in increasing the customer base of the players in the gift cards market. Even restaurants and cafes use gift cards for maximum customer retention. These factors help in increasing the growth rate of the gift cards market to a considerable extent.
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Global Gift Cards Market: Overview
A gift card is basically a prepaid debit card that comes with a certain amount of money to be utilized for making purchases. There are usually two different kinds of gift cards, one is closed loop cards and the other one is open loop cards. Both the types find use in physical or in person platforms and on online platforms. Several of these gift cards come with a maximum and minimum initial loading amount. Growing acceptance of these cards, particularly amongst the younger generation is likely to foster growth of the global gift cards market through the timeframe of analysis, from 2023 to 2030.
Phenomenal rise in the use of smartphones together with the increasing affordability of data plans has resulted in the growing use of E-commerce websites. Consumers are increasingly making use of various mobile apps, such as eBay, Amazon, and Flipkart, for the purpose of online shopping. Hassle-free purchase and browsing options on E-commerce websites are making online shopping a very profitable business. The growing popularity of online shopping is likely play an important role in the development of the global gift cards market over the timeframe of analysis, from 2023 to 2030.
The global gift cards market has been segmented on the basis of three important parameters, which are card type, end user, and region.
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Global Gift Cards Market: Notable Developments
One of the recent developments in the global gift cards market that is likely to leave an impact on the market is mentioned-below
- In 2019, US-based software solutions provider, InComm, Inc., entered into a partnership with Singaporean–American multinational technology company, Razer Inc. to introduced Google Play gift cards to the Malaysian market. The product has been made available at around 2250 7-Eleven stores in Malaysia.
Some of the prominent organizations in the global gift cards market comprise the below-mentioned:
- Plastek Card Solutions, Inc
- Blackhawk Network Holdings Inc
- Fidelity National Information Services Inc
- Qwikcilver Solutions, Pvt. Ltd
- Walmart Inc
- Amazon.com Inc.
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Global Gift Cards Market: Key Trends
The global gift cards market is characterized by the presence of the following restraints, drivers, and opportunities.
Market to Ride High on the Back of Phenomenal Rise in the Use of E-Commerce Platforms
The growth of the global gift cards market is likely to be influenced by the rising popularity of E-commerce platforms. These shopping platforms have made the use of gift cards quite easy. On the other hand, the option of online payment provides customers with the choice of physical or digital gift cards. Hassle-free use and purchase of gift cards through online platforms are likely to drive development of the global gift cards market over the tenure of forecast, from 2023 to 2030.
There has been an increased demand for closed-loop gift cards as it comes with a pre-paid amount. Open-loop cards are easily available but closed-loop ones are gaining momentum due to the benefits it offers during months of huge sale. Increasing demand for closed-loop cards are expected to bolster growth of the global gift cards market in the years to come.
Global Gift Cards Market: Geographical Analysis
In terms of regions, the global gift card market is anticipated to be dominated by North America throughout the timeframe of analysis, from 2023 to 2030. Presence of several superstores and malls are expected to play an important role in the growth of the market in North America.
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