Gift Card Market Analysis, Segments, Growth and Value Chain 2017-2024

In terms of revenue, APAC is projected to be the most attractive regional market in the global gift card market during the forecast period. APAC is projected to dominate the global gift card market from the second half of the forecast period and is anticipated to expand at a CAGR of 14.9% during 2016 – 2024. The APAC gift card market is estimated to be valued at more than US$ 80 Bn in 2017 and is expected to reach more than US$ 200 Bn by 2024 end. The APAC gift card market is poised to register incremental opportunity of more than US$ 100 Bn between 2016 and 2024. The market in China is expected to account for a relatively high revenue share in the APAC gift card market by the end of 2024.

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The corporate sector’s strategy of offering gift cards to employees as incentives is the main factor boosting revenue growth of the global gift card market

There is an increasing demand for gift cards in the corporate sector across the globe. Companies are offering incentives to employees in the form of gift cards to recognize employees’ contributions and achievements. Approximately 25% to 35% of a merchant’s gift card revenue is driven by B2B sales of gift cards. A growing adoption of gift cards in the corporate sector in APAC is one of the primary drivers pushing the global gift card market. Gift cards are gaining more popularity in APAC as compared to gift vouchers owing to several benefits offered by these cards. Gift cards can be used more than once owing to the partial redemption option, wherein the remaining balance can be carried over for future purchases.

The rapid proliferation of smartphones in APAC along with the availability of cheaper data plans has led to increasing adoption of m-Commerce. Consumers are increasingly downloading mobile apps such as Amazon, Flipkart, and Ebay for shopping. Various advantages and benefits of m-Commerce such as the ability to browse more quickly and easily make purchases on-the-go are resulting in an increasing number of consumers shifting to this channel to make purchases online. m-Commerce offers the extra benefit of ease of use as it can function on a smart phone or smart mobile devices, along with enveloping all features and benefits of e-Commerce. Gift cards purchased through m-Commerce can be stored on smart phones and retrieved anytime.

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Adoption of m-Commerce is expected to increase rapidly in emerging economies such as China and India, with a growing number of digital initiatives such as Digital India initiated by the respective country governments, resulting in the growth of the gift card market in the APAC region. Further, rapid increase in online sales following the adoption of mobile technologies in countries such as China and India and a rise in organized retail and e-Commerce is expected to further drive revenue growth of the gift card market in APAC over the forecast period. With an increasing number of middle class consumers in the APAC region, sales from stores and retail outlets have also shown remarkable growth. There has also been a steady mushrooming of shopping malls and other organized retail channels across the APAC, more specifically in countries such as India and other South East Asian countries. Apart from these factors, changing consumer tastes and preferences and buying patterns and a rise in disposable income with a subsequent increase in economic growth are some of the key growth trends that are positively impacting the APAC gift card market.

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