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Classified in: Science and technology, Business
Subject: MRR

United Arab Emirates Gift Card and Incentive Card Market Intelligence Report 2024-2028 Featuring Carrefour, Lulu, Jumbo, Souq, Spinneys, Dubai Duty Free, Life, Sharaf DG, and IKEA


DUBLIN, March 25, 2024 /PRNewswire/ -- The "United Arab Emirates Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.

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UAE's gift card industry is expected to grow by 10.8% on annual basis to reach US$2.0 billion in 2024. The gift card industry in United Arab Emirates will continue to grow over the forecast period and is expected to record a CAGR of 9.3% during 2024-2028. Gift card market in the country will increase from US$1.8 billion in 2023 to reach US$2.8 billion by 2028.

The demand for gift cards has been growing at a consistent rate in the United Arab Emirates over the last few years and the trend is projected to continue further over the medium term. Improved digital payment infrastructure and a tech-savvy population are among the factors aiding digital gift card sector growth in the Emirates. To tap into the rising demand, gifting platforms are also entering the gift card market.

Gift card marketplaces, on the other hand, are seeking to widen their distribution network in the Emirati nation. As a result, the trend of strategic collaboration is set to gain further momentum in 2024. This will aid the competitive landscape in the Emirati gift card market over the medium term. Overall, the publisher maintains a positive growth outlook for the Emirati gift card market over the next three to four years.

Online gifting platforms are foraying into the gift card sector to diversify revenue growth in 2024

The demand for gift cards, especially digital ones, is set to rise significantly over the medium term in the Emirates. Consequently, online gifting platforms are entering the gift card market to diversify their revenue stream.

FNP.ae, one of the leading online gifting solutions providers, entered into a strategic partnership with Merit Incentives, a worldwide company specializing in engagement technology and solutions. This partnership, announced in October 2023, is a big step for FNP as it diversifies its product offerings, bringing FNP gift cards to the United Arab Emirates. Alongside the Emirati nation, FNP also launched the gift card service in Qatar and the Kingdom of Saudi Arabia. The FNP gift cards are made available in various denominations through the Merit Incentives gift card platform.

Going forward, the publisher expects more gifting platforms to foray into the gift card category. Share the Love, another gifting platform in the UAE, raised its seed funding round in October 2023. The firm is planning to use the capital for product development and accelerate expansion.

Gift card marketplaces are seeking to widen the distribution of their products through retail channels

Although digital gift cards are becoming increasingly popular compared to physical ones, marketplaces are widening the distribution of their products through retail partnerships amid a growing competitive landscape in the Emirates.

YOUGotaGift, one of the leading digital gift card marketplaces, announced a strategic collaboration with Carrefour in January 2024. The multi-brand gift card has been made available at all Carrefour outlets in the Emirates. The partnership widens the distribution network for YOUGotaGift, which is facing growing competition from new entrants in the market.

Carrefour has become the first retail partner to distribute YOUGotaGift cards. This partnership means that Carrefour will not only sell these gift cards to customers but also incorporate them into various programs for staff performance, customer marketing, gifting, payouts, and rewards.

Gift card giveaway campaigns to provide growth support to the market in the United Arab Emirates

The Galleria Al Maryah Island in Abu Dhabi, known for its upscale shopping and lifestyle offerings, marked its 10th anniversary with a gift card giveaway campaign. The Dh1 million worth of gift cards campaign is part of its strategy to drive more footfall at the mall. Under the campaign, until October 31, shoppers were allowed to enter the prize draw by spending Dh500 or more.

The mall offered Dh10,000 worth of gift cards to a total of 100 winners. In addition to the giveaway, The Galleria also celebrated its 10-year milestone by releasing a special unisex fragrance. Visitors who purchased a gift card worth Dh250 or more before October 31 were entitled to receive the limited-edition fragrance as a gift. These innovative gift card programs are supporting the growth of the gift card industry in the United Arab Emirates. The publisher expects more such campaign launches in the Emirates in 2024.

Reasons to buy

Scope

Gift Card Sales Estimates by Key Retailers

Total Spend on Gifts in United Arab Emirates

Gift Card Market Size by KPIs across Consumer Segments in United Arab Emirates

Gift Card Market Size by Consumer Segment in United Arab Emirates

Digital Gift Card Market Size in United Arab Emirates

Gift Card Market Size by Retail Consumer in United Arab Emirates

Gift Card Spend by Consumer Behavior and Demographics in United Arab Emirates

Gift Card Market Size by Corporate Consumer in United Arab Emirates

Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in United Arab Emirates

Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers) in United Arab Emirates

Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers) in United Arab Emirates

For more information about this report visit https://www.researchandmarkets.com/r/cxamrh

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SOURCE Research and Markets


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