Unwrapping Opportunities: Gift Cards Market Set to Surpass USD 750 Billion by 2035

Gift Cards Industry Summary
According to MRFR Analysis, The Global Gift Cards Market is expected to reach 750 USD billion by 2035, representing a compound annual growth rate (CAGR) of 4.88% from 2025 to 2035. In 2023, the market was valued at 423.49 USD billion. The growing popularity of digital gift cards, trends in personalization, and the growth of e-commerce and retail channels are the main factors propelling the industry.

The Rising Popularity of Gift Cards
Gift cards are no longer just a last-minute present-they're a preferred gifting solution for millennials, Gen Z, and corporations alike. From physical cards at retail stores to digital cards delivered instantly via email or app, the evolution of gifting is reshaping the consumer landscape. The flexibility to purchase a wide variety of products or services, combined with easy redemption and growing acceptance across e-commerce and retail platforms, is driving sustained demand.

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Digitalization is Fueling Market Growth
A major catalyst behind the rapid growth of the gift cards market is the digital transformation of the global economy. The rise of e-commerce and mobile commerce has redefined consumer behavior. Digital gift cards, in particular, are seeing exponential adoption due to their instant delivery, customization options, and compatibility with various mobile wallets and apps.
Post-pandemic consumer trends also play a role. Contactless gifting surged during the COVID-19 crisis, and many of these habits have persisted. Digital gift cards offer a safe, fast, and thoughtful way to connect with loved ones, clients, or employees.

Corporate Gifting on the Rise
One of the most prominent contributors to the gift card boom is the corporate sector. Businesses are increasingly leveraging gift cards for employee rewards, customer loyalty programs, sales incentives, and festive season gifting. Corporate gift cards enhance employee engagement and satisfaction, which are crucial in today's hybrid work culture.
Incentivizing with prepaid cards also enables companies to track expenditures and customize offers-making them an efficient and appealing tool for HR and marketing departments.

Segment Overview: Who's Gifting What?
According to the report by Market Research Future, the gift cards market is segmented by card type, application, and end-use.
• Card Types: Open-loop and closed-loop cards dominate the landscape. Open-loop cards (like those powered by Visa or Mastercard) offer broader usability across multiple merchants, while closed-loop cards are usually specific to a brand or store. Open-loop cards are gaining ground due to their flexibility and growing popularity for corporate and personal gifting.
• Applications: The cards are widely used in retail and corporate applications, including shopping, travel, dining, and wellness services. Retail remains a leading segment, especially as brands partner with third-party platforms to offer their gift cards via multiple distribution channels.
• End-use: Individual users account for a substantial portion of the market share, especially around seasonal and personal events. However, the corporate end-user segment is growing faster, thanks to increased digital transformation in workplaces and reward-based marketing strategies.

Regional Insights: Who Leads the Gift Card Game?
North America leads the global gift card market, supported by high smartphone penetration, a strong retail network, and tech-savvy consumers. The U.S. remains the largest market in the region, driven by heavy adoption of digital payments and mobile apps.

The Asia-Pacific region is emerging as the fastest-growing market, with countries like China, India, and Japan seeing increased adoption due to rising e-commerce, a young consumer base, and a growing middle class. Europe, too, is experiencing stable growth as businesses and consumers adopt e-gifting options at scale.

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Key Companies in The Gift Cards Market Include
• Amazon
• Coinstar
• Gap
• Nordstrom
• Blackhawk Network
• Walmart
• Google
• Apple
• Best Buy
• Target
• eBay
• Visa
• Mastercard
• Starbucks
These companies are continuously innovating through mobile integration, AI-powered personalization, loyalty integrations, and blockchain-based card security to enhance user experience and reduce fraud.

Startups and fintech firms are also entering the market, offering digital-first and niche gifting solutions tailored to various demographics and occasions.

Looking Ahead: A Gift That Keeps Giving
The future of the gift cards market looks incredibly promising. As consumer behavior shifts toward convenience, personalization, and digital payments, gift cards offer a compelling solution that meets all three needs. Whether it's for birthdays, employee incentives, or festive shopping sprees, the appeal of gift cards is only growing.

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