The latest market report published by Credence Research, Inc. “Global Gift Cards Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028″. The Global Gift Cards Market generated revenue around USD 572.8 billion in 2021 and is anticipated to grow a CAGR of over 15.5% during the forecast period from 2022 to 2028 to reach around USD 1359.8 billion in 2028. While cumulative growth opportunity presented by the global Gift Cards is around USD 787 billion during 2022 to 2028.
The key growth reasons for the market include consistent consumer engagement with shopping, thanks to a significant expansion in digital commerce, and an increase in new technologies that provide customers with creative and smooth payment options. Furthermore, as gift cards become more technologically advanced, businesses can improve sales by making their product offerings more unique and appealing, moving the gift cards industry ahead.
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The global gift card market is bifurcated into Merchant Type, End User, Price Range, Sales Channel, and Geography. Based on merchant type, the market is categorized into restaurants, department stores, grocery stores, supermarkets/hypermarkets, discount stores, coffee shops, entertainments, salons/spa, book stores, home décor stores, gas stations, visa/master card/American express gift cards, and others. Based on type, the global market is segmented into universal accepted open loop; the restaurant closed loop, closed retail loop, miscellaneous closed loop, and e-gifting. Based on the price range, the market is bifurcated as high (Above 400 US$), medium (200-400 US$), and low (0-200 US$). By sales channel, the market is bifurcated into online and offline. Based on geography, the market is segmented as North America, Asia Pacific, Europe, Latin America, and the Middle East, and Africa.
Promising outlook set to attract a large number of players in the years to come
With gift cards market witnessing an unprecedented growth, the existing players have enormous growth potential in the years to come. One of the common strategies amongst players in the gift card market is to enhance its presence through social media. Starbucks has always remained in the forefront in this context and has been constantly using social media for e-gifting. The brand sends gift cards via Facebook, e-mail, Starbucks mobile app or physical mail. Similarly, WeChat, the most popular Chinese messaging app allows its users to send and receive gift cards. The company initiated this modern approach in 2013 by facilitating users to exchange virtual cash-filled red envelopes during occasions such as Chinese New Year.
E-gifting propelling the gift cards market growth
Closed loop gift cards segment led the overall gift cards market in 2017. The segment accounted for over 55% of total market value in 2017. Closed loop gift card is used to make purchases from a single company and has logo of the company where it is usable. It does not have logo of any major payment processors such as MasterCard or Visa. The closed loop gift cards, though being the largest segment is facing stiff competition from open loop gift cards. However, in order to stay competitive, the closed loop card issuers are focusing on expansion of their participating merchant network. Open loop gift cards segment expected to register a high growth during the forecast period. Open loop gift cards have gained preference as it facilitates the recipients to have multiple destinations to shop from. Another prominent factor contributing to open loop gift cards segment growth is enhanced security. As these cards can be used to purchase from multiple retailers, even in case of bankruptcy of a retailer, it can be used elsewhere. This prevents the gift card from becoming redundant. Considering these factors, the segment growth expected to remain significant in the following years. Currently, e-gifting market is still in its nascent stage and evolving at a rapid pace. It is expected to emerge as the fastest growing segment during the forecast period owing to its higher convenience. These cards can be sent instantaneously via e-mail thereby eliminating the concern of losing it, as in the case of physical gift cards.
Why to Buy This Report-
- With a historical period from 2016 to 2020, a base year of 2021, and a forecast period of 2022-2028, the research provides a qualitative and quantitative analysis of the worldwide gift cards market by segments, current trends, drivers, constraints, opportunities, challenges, and market dynamics.
- The study covers the competitive landscape, including how the market’s top rivals operate on a global, regional, and country level.
- In-depth analysis of the global market segmentation on the basis of merchant type, type, end user, price range, and sales channel.
- Import/export statistics for the major countries in each region.
- The global gift cards market report also includes the analysis of the market at a global, regional, and country level along with key market trends, major players analysis, market growth strategies, and key application areas.
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Table of Content
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
126.96.36.199. Top-Down Approach
188.8.131.52. Bottom-Up Approach
1.4. Market Segmentation
2. Executive Summary
2.1. Market Snapshot: Global Gift Cards Market
3. Market Dynamics & Factors Analysis
3.1.1. Global Gift Cards Market Value, 2016-2028, (US$ Bn)
3.2. Market Dynamics
3.2.1. Key Growth Trends
3.2.2. Major Industry Challenges
3.2.3. Key Growth Pockets
3.3. Attractive Investment Proposition,2021
3.3.1. Merchant Type
3.3.3. Price Range
3.4. Porter’s Five Forces Analysis
3.4.1. Threat of New Entrants
3.4.2. Bargaining Power of Buyers/Types
3.4.3. Bargaining Power of Suppliers
3.4.4. Threat of Substitute Merchant Types
3.4.5. Intensity of Competitive Rivalry
3.5. Value Chain Analysis
4. Market Positioning of Key Players, 2021
4.1. Company market share of key players, 2021
4.2. Top 6 Players
4.3. Top 3 Players
4.4. Major Strategies Adopted by Key Players
5. COVID 19 Impact Analysis
5.1. Global Gift Cards Market Pre Vs Post COVID 19, 2019 – 2028
5.2. Impact on Import & Export
5.3. Impact on Demand & Supply
6. North America
6.1. North America Gift Cards Market, by Country, 2016-2028(US$ Bn)
6.2. North America Gift Cards Market, by Merchant Type, 2016-2028(US$ Bn)
6.2.3. Department Stores
6.2.4. Grocery Stores
6.2.6. Discount Stores
6.2.7. Coffee Shops
6.2.10. Book Stores
6.2.11. Home Décor Stores
6.2.12. Gas Stations
6.2.13. Visa/Master Card/American Express Gift Cards
6.3. North America Gift Cards Market, by End-user, 2016-2028(US$ Bn)
6.4. North America Gift Cards Market, by Price Range, 2016-2028(US$ Bn)
6.4.2. High (Above 400 US$)
6.4.3. Medium (200-400 US$)
6.4.4. Low (0-200 US$)
6.5. North America Gift Cards Market, by Type, 2016-2028(US$ Bn)
6.5.2. Universal Accepted Open Loop
6.5.3. Restaurant Closed Loop
6.5.4. RETAIL CLOSED LOOP
6.5.5. Miscellaneous Closed Loop
8. Asia Pacific
9. Latin America
10. Middle East
13. Company Profiles
13.1. Apple, Inc.
13.2. The Up Group
13.3. Best Buy Company, Inc.
13.4. Amazon.com, Inc.
13.5. Starbucks Corporation
13.6. Walmart Stores
13.7. National Gift Card
13.8. Edge Loyalty Systems Pty. Ltd.
13.9. Target Corporation
13.11. QwickSilver Solutions
13.13. Blackhawk Network holdings, Inc.
13.14. Edenred Group
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