Gift Cards

Gift Cards

Global Gift Cards Market to Reach US$2.3 Trillion by 2030

The global market for Gift Cards estimated at US$995.7 Billion in the year 2023, is expected to reach US$2.3 Trillion by 2030, growing at a CAGR of 12.5% over the analysis period 2023-2030. Retail Closed Loop Gift Cards, one of the segments analyzed in the report, is expected to record a 12.8% CAGR and reach US$585.7 Billion by the end of the analysis period. Growth in the Restaurant Closed Loop Gift Cards segment is estimated at 11.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$372.7 Billion While China is Forecast to Grow at 16.3% CAGR

The Gift Cards market in the U.S. is estimated at US$372.7 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$282.7 Billion by the year 2030 trailing a CAGR of 16.3% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 10.3% and 12.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.4% CAGR.

Global Gift Cards Market - Key Trends and Drivers Summarized

Gift cards, also known as gift vouchers or gift certificates, are prepaid stored-value money cards issued by retailers or banks to be used as an alternative to cash for purchases within a particular store or related businesses. Typically, these cards are plastic, like a credit card, or they may be digital, which can be stored on a mobile app or a digital wallet. Gift cards are a popular choice for gift-giving, especially during holidays, birthdays, and other special occasions, due to their convenience and the flexibility they offer to the recipient.

The gift card market has evolved significantly with the integration of technology and changing consumer preferences. Digital gift cards have gained prominence, driven by the rise of e-commerce and mobile technology. Consumers appreciate the ease with which these cards can be purchased and sent to recipients through email or text message, eliminating the physical boundaries that once limited traditional gift card use. Retailers are increasingly adopting gift card programs as a tool for customer engagement and retention. This trend is further supported by innovative features such as customization, where buyers can personalize gift cards with messages, photos, or videos, enhancing the emotional connection and making the gift feel more special and thoughtful. Furthermore, businesses use gift cards as part of loyalty and reward programs to encourage repeat visits and increase consumer spending.

The growth in the gift card market is driven by several factors including technological advancements, strategic marketing by retailers, and shifts in consumer purchasing behavior. Technologically, the integration of gift cards with mobile wallets and apps has made them more accessible and convenient, fostering greater adoption among tech-savvy consumers. On the marketing front, retailers are strategically leveraging gift cards to enhance brand visibility and boost upfront revenue, with promotional activities often leading to purchases exceeding the card’s value. Consumer behavior has also significantly influenced market growth; particularly, the preference for cashless transactions and the appeal of cashback and discount offers linked to gift card purchases. During economic uncertainties, consumers tend to prefer gift cards as they offer a way to control spending while still enjoying retail experiences. As a result, the market is seeing robust growth, fueled by a combination of convenience, technological integration, and strategic consumer engagement practices.

Select Competitors (Total 218 Featured) -

• Ace Hardware Corporation
• American Express Company
• Banana Republic
• Bed Bath & Beyond, Inc.
• Bloomingdale`s
• Alyce
• Ackroo Canada Inc.
• Card One International, Inc.,
• 360insights
• Bankers Trust
• Bangalore Online Mall Inc
• Appstar Financial
• Card Depot Inc.
• Altijddebestewijn.nl
• BentoBox

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