Gift Cards Market Is Expected To Reach A Value Of US$ 12,92,523.2 Million By The End Of 2034

The global gift card market, valued at US$ 480.56 billion in 2024, is set to expand at a robust compound annual growth rate (CAGR) of 10.4% through 2034. By 2034, the market is expected to reach a valuation of US$ 1.29 trillion.

Over the next decade, the gift card industry is poised for significant growth, fueled by rapidly changing consumer purchasing habits. Additionally, the rising use of gift cards for employee recognition and rewards in the commercial sector is anticipated to further drive market expansion.

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The growing popularity of e-gifting is anticipated to significantly boost market growth. This trend is primarily driven by the flexibility of partial redemption. Moreover, the expansion of m-commerce and e-commerce is fueling market development. The rising demand for gift cards, which provide personalization and extensive customization options, is also contributing to this growth.

"E-gift cards are gaining widespread acceptance among consumers. In response, market players are expected to innovate in digital card offerings to remain appealing to contemporary consumers," states a Fact.MR analyst.

Key Companies Profiled in This Report
• 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.
• Others

Key Takeaways from the Gift Card Market Study
• In 2019, the global gift card market recorded a valuation of US$ 3,25,551.1 million.
• The gift card industry in North America is expected to acquire a market share of 35.1% in 2024. Through 2034, the region is projected to expand at a CAGR of 10.1%.
• The East Asia market is anticipated to acquire a value share of 25.3% in 2024. The regional market is expected to register a CAGR of 10.9%.
• Based on type, the e-gift cards are expected to acquire a 51.3% market share in 2024. The segment is projected to expand at a thrilling CAGR of 14.4% over the forecast period.
• Based on the price range, medium (between 200 to 400 US$) segment is expected to obtain a market share of 46.8% in 2024. Value-wise, the segment is projected to acquire a market value of US$ 2,24,902 million in 2024, expanding at a CAGR of 10.8%.

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.

Segmentation of Gift Card Market Research
• By Type:
o E-Gift Cards
o Physical Cards

• By Price Range:
o High (Above US$ 400)
o Medium (between 200 to 400 US$)
o Low (Below US$ 200)

• By Region:
o North America
o Europe
o Latin America
o East Asia
o South Asia and Oceania
o The Middle East and Africa

Read More: https://www.factmr.com/report/gift-card-market

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This release was published on openPR.