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Subject: MRR

Global Gift Card and Incentive Card Market Intelligence Report 2024: Gift Platforms are Launching New and Innovative Features to Elevate Customer Experiences - Forecast to 2028


DUBLIN, March 28, 2024 /PRNewswire/ -- The "Global 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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Global gift card industry is expected to grow by 7.9% on annual basis to reach US$555.8 billion in 2024. Global gift card industry will continue to grow over the forecast period and is expected to record a CAGR of 6.6% during 2024-2028. Global gift card market will increase from US$515.0 billion in 2023 to reach US$716.9 billion by 2028.

The gift card poised for strong growth over the medium term in the global market. Digital gift cards are projected to lead the sector growth amid rising digitalization and uptake of digital payments. The global market will receive growth support from government disbursement programs. In 2023, several local and regional government authorities launched gift card programs to support local businesses and underserved communities. The trend is projected to continue further in the global market in 2024.

Gift card platforms are launching new features to elevate customer experience. The trend of strategic partnerships to launch new gift card products is also projected to gain momentum in 2024. Gift card businesses are also expected to seek acquisition opportunities in global and regional markets to expand presence as part of their strategy to drive revenue growth over the medium term. Overall, the publisher maintains a strong growth outlook for the global gift card market over the next three to four years.

Government disbursement programs are aiding the growth of the global gift card market

Globally, several local governments have announced gift card disbursement programs. These programs aim to revive economic growth and support local businesses. Miconex, the Scotland-based fintech firm, reported that the local gift card programs are driving spending in high streets and downtown areas across several markets including the United Kingdom. In 2023, sales from Miconex's local gift card programs in the United Kingdom, Ireland, Canada, and the United States reached £12.4 million. In 2024, the trend of supporting local businesses seems to be growing even stronger, with a 69% increase in local gift card sales compared to the previous year.

The number of locations offering local gift card programs with Miconex's support surpassed 200 in 2023, marking a significant growth compared to the year before. Additionally, 26 new towns, cities, and downtown areas joined the trend by launching their own local gift card programs. These initiatives are not only meeting the regional demand for gift cards but also providing a way for communities to encourage spending at independent and national brick-and-mortar stores across various sectors.

Notably, the Aberdeen Gift Card and the ShopLK Gift Card were among the most successful local gift card programs in the United Kingdom and Ireland, respectively. In Canada, Selkirk Chamber's program gained strong popularity, whereas in the United States, York Chamber's program took the top place. According to Miconex's report, 33% of consumers end up spending between 100% to 125% more than the actual value of the gift card when they use it to make purchases in the United Kingdom.

This means that gift cards often encourage people to spend more than they initially planned, especially in the UK where a significant portion of users tends to exceed the card's value by a substantial margin. The retail sector emerged as the most popular category for redeeming local gift cards in the United Kingdom. Among the top national retailers where these cards were used were Primark, M&S, Boots, Argos, TK Maxx, Next, Sainsbury's, John Lewis, Dunnes Stores, and Aldi. Additionally, new national retailers such as Co-op, Smyths Toys, and Lidl also jumped on board, participating in the local gift card programs, which contributed to supporting the local economy.

Gift platforms are launching new and innovative features to elevate customer experience

With the rising competition in the fast-growing gift card market, firms are innovating with their platforms to elevate customer experience. The launch of new features is part of the firm's strategy to accelerate revenue growth.

Givex, one of the leading global gift card providers, launched Digital Ecommerce Module in October 2023. The feature aims to improve customer experience by allowing them to customize gift cards. Consumers can add video and animate their e-gift card deliveries with a personal touch. The digital gift cards are also compatible with wallets such as Apple Pay and Google Pay, making transactions more convenient.

Tbay, the Singapore-based global gift card platform, announced the launch of Quick Sell Mode in December 2023. The new feature has been designed to make card transactions faster. The firm seeks to reduce the gift card transaction time by at least 20% with the introduction of Quick Sell Mode. In the recent past, the firm has introduced a series of measures that have been specifically designed to make gift card transactions safer.

In 2024, the publisher expects the online gift card marketplace to further launch such innovative features aimed at improving customer experience and confidence. This will subsequently support the adoption of the payment tool while driving the broader industry growth over the next three to four years.

The global gift card industry has recorded steady growth amid the rising investment from leading players such as Blackhawk Network and InComm Payments in the sector. This coupled with the rise of innovative fintech firms has also supported the growth of the gift card sector around the world. With the demand for gift cards expected to further rise among consumers and corporates, the publisher expects these players to further boost their investment in the segment and also forge strategic alliances to drive their growth.

This bundled report provides a detailed data centric analysis of gift card market, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at country level, this report provides a comprehensive understanding of gift card market dynamics, market size and forecast.

This title is a bundled offering, comprising 1 global, 5 regional and 20 country reports.

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

Gift Card Sales Estimates by Key Retailers

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)

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

About ResearchAndMarkets.com
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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