Global Gift Card market 2020 Growth Drivers, Impact Analysis & Industry Opportunities by 2026
A
gift card is a prepaid debit card that contains a specific amount of money
available for usage for a variety of purchases. Generally, Gift cards are
provided in the voucher or coupon by the organizations, particular stores,
restaurant, only for buying at the relevant retail premises. They cannot be
cashed out, and in some situations, may be subject to an expiry date or fees.
Global Gift
Card Market is expected to grow at a significant rate during the
forecast period. The Global Gift Card Market is projected to reach the
valuation of USD million by the year 2026 by growing at a CAGR of 13% during
the forecast period 2020- 2026. The market is growing owing to various factors.
Consumers prefer to receive a gift card or prepaid cards
as incentives to other options like discounts, checks, or merchandise, which is
driving the market growth. The other factors that are fueling the gift cards
market are the rise in acceptance for the retail industry, upsurge in
application areas among the users. The technological innovations in product
offerings are the prime aspects that are forthrightly responsible for driving
the global gift card market. Gift cards are an alternative for money that
supports hassle-free purchasing in events, such as dining, entertainment,
retail purchases, and others, which motivate customers to go for gift cards,
and is contributing to the growth of the gift card market.
The Asia Pacific is anticipated to have the fasted growth
rate in the global gift market in the forecast horizon of 2020-26 due to the
urbanization, high per capita income, and demand in the corporate firms to
offer incentives to their employees in the form of gift cards.
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Gift
Card Market: Competitive Landscape
The major market players in the gift card are Blackhawk
Network Holdings Inc., DOCUMAX Inc., Fidelity National Information Services
Inc., Givex Corp, InComm Holdings Inc., National Gift Card Corp., Plastek Card
Solutions, Inc., Qwikcilver Solutions, Pvt. Ltd., Stored Value Solutions, Inc.,
Duracard, Cashstar, Staples, Walmart, Lowe’s, Best Buy, Sam’s Club and other
prominent players are expanding their presence in the market by implementing various
business strategies.
The
upsurge in the gifting culture
Customers are inclining towards gift cards as incentives
in place of traditional ways like checks, merchandise, etc., due to ease of
transaction fueling the growth of the gift market. Increase in the gifting
culture during festivals and special occasions such as Father’s Day, Friendship
Day, Mother’s day, etc. are boosting the growth of the global gift card market.
In addition, many organizations offer incentives to their employees in the form
of gift cards for their excellent performance.
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Technological
Advancement in product offerings is predicted to be the major market driven
factor in the Global gift market industry
The gift cards market is expected to grow at a remarkable
rate during the forecast period, owing to technological innovation in product
offerings, ease of use features, and high use of smartphones. The rise in
requirement for advanced promotional strategies, growth associated with
e-commerce, and m-commerce industry for promotions, increased high capita
income of consumers drive the global gift cards market. Furthermore, the rise
in popularity of these cards during traveling abroad is expected to boost the
gift card market growth in the future.
Scope
of the Report
By Type
·
Open Loop Gift Cards
·
Closed Loop Gift Card
·
E-gifting
By Merchant Type
·
Food Supermarkets
·
Department Stores
·
Restaurants
·
Coffee Shops
·
Discount Stores
·
Entertainment
·
Hotels
·
Others
By Region
·
North America
·
Europe
·
Asia Pacific (APAC)
·
Latin America
·
Middle East & Africa
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