Gift Cards Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast

"The Business Research Company recently released a comprehensive report on the Global Gift Cards Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The gift cards market size has grown rapidly in recent years. It will grow from $1,094.23 billion in 2023 to $1,296.06 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to growth in e-commerce, an increase in consumer disposable income, a rise in mobile payment adoption, an increase in demand for personalized gift options, and a surge in demand for contactless payments.

The gift cards market size is expected to see rapid growth in the next few years. It will grow to $2,576.52 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%. The growth in the forecast period can be attributed to increasing adoption of digital wallets, a rise in mobile commerce, growth in corporate rewards programs, a surge in e-gifting trends, and increasing penetration of the internet and smartphones. Major trends in the forecast period include the integration of blockchain technology, the use of artificial intelligence for personalization, an increasing focus on sustainability and eco-friendly options, partnerships between retailers and fintech companies, and the increasing use of social media for gift card promotions.

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Market Drivers and Trends:

The rising food service sector is expected to propel the growth of the gift cards market going forward. The food service sector encompasses establishments that prepare and serve meals and beverages to customers, including restaurants, cafeterias, catering services, and food trucks. The rising food service sector is due to increasing consumer demand for convenient dining options, evolving food preferences towards healthier and more diverse cuisines, and the growth of urbanization. Gift cards benefit the food service sector by enhancing customer loyalty, attracting new customers, increasing cash flow, and promoting the brand. For instance, in June 2024, according to the data published by the United States Census Bureau, a US-based federal statistical agency, in June 2024, U.S. retail and food services sales totaled $704.3 billion, marking a 2.3% increase compared to June 2023. Therefore, the steadily rising food service sector is driving the growth of the gift cards market.

Major companies operating in the gift cards market are increasing their focus on developing innovative solutions, such as customizable and animated e-gift cards, to elevate the digital gift card experience and cater to consumers' evolving preferences. Customizable and animated e-gift cards are digital gift cards that can be personalized with custom messages, images, and dynamic visual elements, creating a more engaging and unique gifting experience. For instance, in October 2023, Givex Corp., a Canada-based fintech company, launched Customizable and Animated E-Gift Cards, allowing customers to customize and animate their e-gift card deliveries. It includes the ability for customers to infuse their e-gift cards with personalized images, video messages, and themed designs, transforming digital gift cards into cherished memories. Additionally, the e-gift cards can now come to life through captivating animations, adding an element of surprise and joy when they arrive in the recipient's inbox. This innovative feature aligns with Givex's commitment to ongoing innovation and providing merchants cutting-edge technology to enhance the customer experience.

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Major Key Players of the Market:

Amazon.com Inc., Apple Inc., Target Corporation, American Express, Best Buy Co. Inc., Starbucks Coffee Company, PayPal Inc., Fiserv Inc., Block Inc., Worldpay Inc., Corpay Inc., Blackhawk Network, InComm Payments, QwikCilver Solutions Pvt. Ltd., Pine Labs Pvt Ltd, Givex Corp., Paytronix Systems Inc., Plastek Card Solutions Inc., Tendercrop Farms, National Gift Card Corp, Card USA Inc., Tele-Pak Inc., Yiftee Inc., JIFITI, Village Roadshow Ltd., TransGate Solutions, Duracard Plastic Cards, Kindcard Inc.

Gift Cards Market 2024 Key Insights:

• The gift cards market size is expected to see rapid growth in the next few years. It will grow to $2,576.52 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%.
• The Steadily Rising Foodservice Sector Drives Growth In The Gift Cards Market
• Innovative Customizable E-Gift Cards Enhance The Digital Gift Card Market Experience For Users
• North America was the largest region in the gift cards market in 2023

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This release was published on openPR.