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Classified in: Science and technology, Business
Subject: MRR

Middle East and Africa Gift Card and Incentive Card Intelligence Report 2024: Market to Reach $17.6 Billion by 2028, Driven by Strategic Partnerships to Launch New Gift Card Solutions


DUBLIN, March 27, 2024 /PRNewswire/ -- The "Middle East and Africa 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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Gift card industry in Middle East and Africa is expected to grow by 10.7% on annual basis to reach US$12.4 billion in 2024.

The gift card industry in Africa and Middle East will continue to grow over the forecast period and is expected to record a CAGR of 9.1% during 2024-2028. Gift card market in the region will increase from US$11.2 billion in 2023 to reach US$17.6 billion by 2028.

The adoption of gift cards is poised to grow further across the Middle East and African market over the medium term. The thriving fintech market, coupled with the rise of online shopping, will aid the adoption of the payment toll across the region in 2024. Firms are entering into strategic collaborations to launch new products aimed at catering to the demands of different consumer demographic.

Additionally, marketplaces are also targeting to widen the distribution of their products through retail channels in the Middle East. In 2024, the industry will also receive growth support from gift card giveaway campaigns in the region. Overall, the publisher maintains a strong growth outlook for the gift card industry in Africa and the Middle East over the next three to four years.

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.

From the short to medium-term perspective, the publisher expects YouGotaGift to enter into more such strategic partnerships in the Middle East region. This is projected to aid the adoption of the payment tool, thereby supporting the growth of the industry over the next three to four years.

Firms are entering into strategic partnerships to launch new gift card products for consumers

In Africa, the adoption of gift cards is on the rise and this trend is projected to continue further over the medium term. Consequently, to tap into the growing uptake of the payment tool, providers are partnering with more consumer-focused brands to launch gift cards, thereby targeting higher revenue growth.

Going forward, the publisher expects more such gift card providers to enter into strategic collaborations in the African market, thereby aiding their revenue growth. This will subsequently support the uptake of the payment solution, while also driving the industry growth over the next three to four years.

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.

Gift card market in 2023 was driven a wide range of factors, which supported growth across retail and corporate segments. The primary factors included growth of ecommerce, increased adoption to incentivize employees working remotely, digital gifting, and initiatives undertaken by government, hospitality, and travel industries to revive growth.

This title is a bundled offering, comprising 1 regional and 8 Country Reports:

Scope: This bundled offering provides the following detailed gift card market opportunity at country level

Total Spend on Gifts

Gift Card Market Size by KPIs across Consumer Segments

Gift Card Market Size by Consumer Segment

Digital Gift Card Market Size

Gift Card Market Size by Retail Consumer

Gift Card Spend by Consumer Behavior and Demographics

Gift Card Market Size by Corporate Consumer

Gift Spend by Product Categories (Split by Retail and Corporate Consumers)

Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers)

Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers)

Gift Card Sales Estimates by Key Retailers

For more information about this report visit https://www.researchandmarkets.com/r/hk2pmk

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ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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SOURCE Research and Markets


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