Gift Card Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Gift Card Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global gift card market has witnessed extraordinary growth, recording a revenue of US$ 600 billion in 2024, according to a recent report by Fairfield Market Research. The market is poised for further acceleration, with leading players dominating both global and regional segments. It is projected that the global gift card market will reach a staggering US$ 1,500 billion by 2031.

Key Market Dynamics:

Changing Consumer-Purchasing Habits Drive Growth:
• The gift card industry is expected to flourish due to the rapid evolution of consumer-purchasing habits.
• The use of gift cards for employee rewards and recognition in the commercial sector is anticipated to surge, further stimulating market expansion.
• The rising popularity of e-gifting is also expected to contribute significantly to industry growth.

E-Gifting's Commercial Potential:
• E-gift cards, including digital cards, virtual cards, and mobile gift cards, have gained prominence, surpassing physical cards in popularity.
• Virtual cards offer operational and usage flexibility, with the convenience of direct delivery to recipients through email or SMS.
• The adoption of online payment systems has further fueled the acceptance of virtual gift cards, accelerated by the COVID-19 pandemic and remote work practices.

Gift Cards as a Marketing Tool:
• Gift cards have emerged as a powerful marketing tool, utilized by brand owners and retailers to enhance customer loyalty programs and increase customer engagement.
• Offering a well-balanced mix of rewards appeals to a wide range of demographics and income levels, boosting gift card adoption.

B2B Sales Revolution:
• Many businesses, both large and small, are focusing on employee engagement through gift card rewards, driving market growth.
• Multinational corporations are actively incentivizing employees to achieve higher goals, a trend expected to fuel growth in the coming years.

Strategic Alliances Enhance Market Penetration:
• Market players are actively seeking to expand their regional presence through partnerships, acquisitions, and collaborations.
• These strategic initiatives, such as Blackhawk Network's acquisition of NGC (National Gift Card), are reshaping market trends and competition dynamics.

Country-wise Insights:

U.S. Promotes E-Gifting with Non-Cash Incentives:
• The use of digital technology in the United States has propelled the growth of e-gifting.
• Commercial sector organizations in the U.S. are increasingly employing non-cash incentives like gift cards to recognize and reward key workers, suppliers, and partners.
• The widespread incentive culture in the United States creates opportunities for regional expansion.

Customization Drives Gift Card Use in the U.K.:
• Customization of gift cards is highly valued by customers in the U.K., enhancing the appeal of gift cards as a gifting and reward option.
• Players in the U.K. are offering bespoke and personalized gift card solutions to meet expanding business and personal needs.
• Market participants, including Amazon.com, Inc., provide options for customization in terms of amount, style, pattern, and corporate branding.

Changing Millennial Preference Boosts Indian Gift Card Sales:
• In India, millennials are shifting from physical gifts to gift cards due to their preference for simplicity and practicality.
• The market in India is expected to witness substantial growth as millennials seek straightforward and convenient gifting options.

Brazil's Retail Sector Fuels Gift Card Sales:
• Brazil's growing retail industry is expected to play a pivotal role in the regional expansion of gift card usage.
• The country's expanding penetration of supermarkets, hypermarkets, and gift retailing chains is expected to drive gift card sales.

Competition Landscape:

Market players are intensifying their efforts to gain a competitive edge, expanding into low- and middle-income countries, forming partnerships, and leveraging aggressive marketing tactics. Initiatives aimed at increasing brand penetration and a focus on both personal and business gift card sales are expected to further drive market growth.

Key Companies Profiled:
• Amazon.com, Inc.
• Best Buy Company, Inc.
• Starbucks Corporation
• Target Corporation
• Walmart Stores
• QwickSilver Solutions
• National Gift Card Corporation
• InComm
• Gyft
• Edge Loyalty Systems Pty. Ltd.
• Blackhawk Network holdings, Inc.
• Edenred Group
• The Up Group
• Others

Key Segments Covered in Gift Card Industry Research

Merchant Type
• Restaurants
• Department Stores
• Grocery Stores
• Supermarkets/Hypermarkets
• Discount Stores
• Coffee Shops
• Entertainments
• Salons/Spa
• Book Store
• Home Décor Stores
• Gas Stations
• Visa/Master Card/American Express Gift Card
• Others

Type
• Universal Accepted Open Loop
• Restaurant Closed Loop
• Retail Closed Loop
• Miscellaneous Closed Loop
• E-Gifting

End-User
• Business
Small and Medium Enterprises
Large Enterprises
• Individuals

Price Range
• High (Above 400 US$)
• Medium (200-400 US$)
• Low (0-200 US$)

Sales Channel
• Online
• Offline

Region
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Middle East and Africa (MEA)
• Oceania

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