The latest market report published by Credence Research, Inc. “Global Gift Cards Market: Growth, Future Prospects, and Competitive Analysis, 2022 – 2030. Gift Cards Market is projected to increase at a significant CAGR of 10.46% in the coming years. In 2022, the global gift cards market was valued at USD818.52 Million and is projected to reach USD 1897.46 Billion by 2030.
The gift cards market is a segment of the retail industry that involves the issuance, distribution, and redemption of prepaid cards that hold a certain monetary value and can be used as an alternative form of payment for goods or services. These cards are typically issued by retailers, businesses, or financial institutions and are purchased by consumers either for personal use or as gifts for others.
Gift cards offer several benefits to both consumers and businesses. For consumers, they provide a convenient way to make purchases without the need for physical currency. They also offer the flexibility to choose their preferred products or services, making them a popular choice for gifting occasions. Additionally, gift cards can be a way to budget spending or to take advantage of special deals and discounts.
On the business side, gift cards contribute to increased sales and customer loyalty. They encourage recipients to visit stores or online platforms to redeem their cards, often resulting in additional purchases beyond the card’s initial value. Moreover, unspent balances on gift cards, known as breakage, can represent a financial gain for businesses. However, regulations in many jurisdictions require businesses to account for unredeemed balances and to ensure that gift card terms are transparent and fair to consumers.
The gift cards market has evolved significantly with the advent of digital technology. Traditional physical cards are now often complemented or even replaced by digital or e-gift cards that can be delivered electronically through email, messaging apps, or mobile wallets. This digitalization has expanded the market’s reach, allowing for easier and more immediate distribution to a global audience.
Gift Cards Market current trends are a reflection of the dynamic and ever-evolving consumer preferences in the gifting industry. As technology continues to advance, digital gift cards have gained immense popularity among shoppers. This trend can be attributed to their convenience and ease of use, allowing recipients to instantly redeem their gifts online or through mobile apps. Another significant trend is personalization, which enables buyers to customize gift cards with personalized messages or even photos, adding an extra touch of thoughtfulness. Additionally, retailers are increasingly offering bundled deals or exclusive promotions on gift card purchases, enticing consumers with added value and incentives.
Types of Gift Cards in the market-
Gift cards come in various types, each designed to cater to different preferences, occasions, and practicalities. Here are some common types of gift cards:
Retail Gift Cards: These are perhaps the most familiar type of gift cards. They are offered by specific retailers and can be used to purchase items from their stores or online platforms. Retail gift cards can cover a wide range of products, from clothing and electronics to home goods and more.
Restaurant and Dining Gift Cards: These cards are specifically tailored for the culinary enthusiasts. They can be used at various restaurants, cafes, and eateries, allowing recipients to enjoy meals without worrying about the bill.
Entertainment Gift Cards: These gift cards are associated with entertainment options such as movie theaters, streaming services, amusement parks, and other leisure activities.
Prepaid Debit or Credit Cards: These cards are often issued by financial institutions and can be used anywhere that accepts debit or credit cards. They provide the recipient with the flexibility to spend the amount on various goods and services.
E-commerce and Online Marketplace Gift Cards: These cards are suitable for those who prefer online shopping. They can be used on e-commerce platforms like Amazon, eBay, and others, offering a wide array of products.
Travel and Hotel Gift Cards: Ideal for travelers, these cards can be used for booking flights, hotels, rental cars, and other travel-related expenses.
Experience Gift Cards: These cards offer unique experiences such as spa treatments, adventure activities, cooking classes, and more, allowing recipients to create lasting memories.
Browse 220 pages report Gift Cards Market By Material Merchant Type (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, Others) By Merchant Type (Universal Accepted Open Loop, Restaurant Closed Loop, Retail Closed Loop, Miscellaneous Closed Loop, E-Gifting – Growth, Future Prospects & Competitive Analysis, 2016 – 2030)- https://www.credenceresearch.com/report/gift-cards-market
In recent years, personalized and customizable gift cards have gained popularity. These allow buyers to add a personal touch by including messages or selecting designs that resonate with the recipient’s interests or the occasion being celebrated. Additionally, corporate gift cards have become a common tool for businesses to reward employees or maintain B2B relationships.
However, the gift cards market also faces challenges, including the potential for fraud and the management of various regulations across different jurisdictions. Businesses need to implement secure systems to prevent unauthorized use of gift cards and protect both consumers and their own financial interests.
In conclusion, the gift cards market is a dynamic and versatile segment of the retail industry. With its ability to offer convenience, choice, and flexibility, along with its impact on boosting sales and customer engagement, the market is likely to continue evolving as technology and consumer preferences change over time.
Gift Cards Market major players-
Amazon: One of the world’s largest e-commerce platforms, Amazon offers gift cards for its vast array of products and services.
Apple: With its Apple Store gift cards and App Store & iTunes gift cards, Apple has a significant presence in the digital gift card space.
Walmart: The retail giant offers both physical and digital gift cards for its multitude of products.
Starbucks: Known for its reloadable gift cards, Starbucks has turned its cards into collectibles and has also integrated them into its loyalty program.
Visa, MasterCard, and American Express: These major financial institutions offer generic gift cards, which can be used wherever their respective credit cards are accepted.
Target: Another major retailer that offers gift cards for its wide range of products.
Google Play: Offers gift cards for its digital store, where users can purchase apps, games, movies, books, and more.
eBay: The global online marketplace has gift cards that can be used for any purchase on its platform.
Best Buy: The electronics retailer provides gift cards for its myriad of tech products and gadgets.
Home Depot and Lowe’s: Both home improvement giants offer gift cards catering to DIY enthusiasts and professionals alike.
Blackhawk Network: While not a traditional retailer, Blackhawk Network is instrumental in the gift card industry. It provides third-party gift card distribution services, partnering with various retailers and businesses.
Gyft and Raise: These platforms are significant in the digital space, allowing users to buy, sell, and manage their gift cards.
Restaurants Chains: Major chains like McDonald’s, Subway, and Olive Garden, among others, have their gift card offerings.
The future of the gift card market looks promising, driven largely by technological advancements and changing consumer preferences. E-gift cards, due to their convenience and eco-friendliness, are poised to dominate, especially with the proliferation of e-commerce and digital payment methods. As mobile wallets become more commonplace, a deeper integration of gift cards within these platforms is anticipated, streamlining the storage, management, and redemption processes for consumers. Personalization, always a critical aspect of gifting, will be heightened with gift cards tailored to specific occasions or recipient preferences. With the rise of the digital realm, enhanced security measures will become paramount, addressing concerns of potential fraud and hacking. Meanwhile, as the world becomes more interconnected, there’s an expectation for gift cards to evolve with cross-border usability, catering to global shoppers. Subscription services, currently a growing trend, may further intertwine with the gift card industry, offering cards specific to popular streaming or monthly product platforms.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Gift Cards Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- Major nations in each region with their import/export statistics
- 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.
Browse Full Report: https://www.credenceresearch.com/report/gift-cards-market
Related Report: https://www.credenceresearch.com/report/e-book-reader-market
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