Sales Outlook for Gift Cards is likely to be valued at US$ 4,80,560 million in 2024

The global gift card market size is estimated to be valued at US$ 4,80,560 million in 2024. The market is estimated to register a promising pace of 10.4% CAGR and accumulate a total of US$ 12,92,523.2 million by 2034.

The gift card market has become an increasingly popular choice for consumers seeking convenient and versatile gifting options. Gift cards offer recipients the flexibility to choose their desired products or services, making them a preferred choice for various occasions. This research report provides an in-depth analysis of the gift card market, including its current state, key trends, market dynamics, competitive landscape, and future outlook.

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The gift card market has experienced steady growth in recent years, driven by factors such as changing consumer preferences, increased adoption of digital gift cards, and the growing popularity of e-commerce platforms. Gift cards are widely used for gifting purposes across various industries, including retail, hospitality, entertainment, and technology. They offer benefits for both consumers and merchants, including increased sales, customer loyalty, and brand awareness.

Market Dynamics

Drivers
Convenience and Flexibility: Gift cards offer convenience and flexibility for both gift givers and recipients, allowing recipients to choose their preferred products or services.
Gifting Trends: The increasing trend of gifting experiences rather than physical goods has driven the demand for gift cards in sectors such as dining, travel, and entertainment.
E-commerce Growth: The rise of e-commerce platforms has facilitated the purchase and redemption of digital gift cards, making them more accessible to consumers.

Restraints
Expiration and Fees: Some gift cards may have expiration dates or fees associated with inactivity, which can deter consumers from purchasing or using them.
Fraud and Security Concerns: Gift cards are susceptible to fraud, including unauthorized activation, theft, and counterfeit cards, leading to potential losses for both consumers and merchants.
Regulatory Challenges: Regulatory requirements related to gift card issuance, redemption, and expiration vary by region and may pose challenges for merchants operating in multiple jurisdictions.

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The gift card market is highly competitive, with a diverse ecosystem of players, including:
Gyft
Edge Loyalty Systems Pty. Ltd.
InComm
Blackhawk Network Holdings, Inc.
The Up Group
Edenred Group
National Gift Card Corporation
Walmart Stores
QwickSilver Solutions
Target Corporation
Best Buy Company, Inc.
Starbucks Corporation
Best Buy Company, Inc.
Amazon.com, Inc.

Market Segmentations

Type: Closed Loop Gift Cards, Open Loop Gift Cards, Digital Gift Cards, Physical Gift Cards.
Distribution Channel: Retail Stores, Online Platforms, Banks and Financial Institutions, Corporate Programs.
End-User: Retailers, Restaurants, Hospitality, Entertainment, Travel and Leisure, Technology, Others.
Region: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.

Competitive Landscape

Leading players in the gift card market are taking proactive measures to deepen their industry penetration for a competitive edge over other firms. Competitors are increasing their business in low- and middle-income countries. Additionally, alliances with independent gift card suppliers are supporting the players to increase their market share.

The main goal of market players is to raise the brand's visibility via aggressive marketing tactics. Only some B2B market players are further marketing few gift card options as tax advantage cards. Moreover, growth in gift card sales in both the business and personal categories is projected to favor the actions and initiatives on the side of suppliers.

Recent Developments in the Gift Card Market

Binance Gift Card launched a special rewards initiative for merchant partners in October 2022. This initiative invites interested retailers to join during the registration period, completing the specified form. Merchants chosen for this program can later opt to develop Gift Cards and sell them to consumers at a fixed price to enjoy profits while getting extra Gift Card incentives.

Pine Labs merged with Qwikcilver Solutions Private Limited, a digital gift card provider, in September 2022. Therefore, the Qwikcilver's operations are merged into an individual legal entity, i.e., Pine Labs Private Limited. The existing solutions, products, programs, and platforms of Qwikcilver are expected to continue operating daily.

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Future Outlook
The gift card market is expected to continue its growth trajectory in the coming years, driven by factors such as the increasing adoption of digital gift cards, the rise of e-commerce platforms, and the growing demand for personalized gifting options. Key trends shaping the future of the gift card market include mobile wallet integration, blockchain-based gift cards, and enhanced personalization and customization options. However, challenges such as fraud prevention, regulatory compliance, and consumer preferences for alternative gifting options may impact market growth.

The gift card market continues to evolve, driven by changing consumer preferences, technological advancements, and the evolving retail landscape. Gift cards offer convenience, flexibility, and versatility for both gift givers and recipients, making them a popular choice for various occasions. To capitalize on the opportunities presented by the gift card market, merchants need to focus on enhancing the customer experience, leveraging digital channels, and implementing effective fraud prevention measures. Overall, the gift card market presents significant opportunities for innovation, growth, and value creation across industries.

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This release was published on openPR.