Global Gift Card Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Gift Card Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A gift card is a stored value card that is usually issued by a retailer or bank. And it is used as a substitute for cash. Gift cards issued by retailers and marketers are also as part of a promotional strategy to attract recipients to come in or return to the store. These cards are usually only available at the relevant retail outlets, and these cannot be redeemed. Generally, the card has expiration dates or fees. Moreover, one feature of these cards is that they are usually anonymous and discarded when the stored value on the card is exhausted.

Market Overview:

The latest research study on the global Gift Card market finds that the global Gift Card market reached a value of USD 425856.0 million in 2022. It’s expected that the market will achieve USD 607828.94 million by 2028, exhibiting a CAGR of 6.11% during the forecast period.

The growth of demand for gift cards in the commercial industry and the development of e-commerce are all reasons for the growth of the market.

One of the most important factors driving market growth is the growing demand for gift cards in the commercial industry. In recognition of the employee's contribution to the company, the company is giving a gift card to employees. This trend has become very common at present, which has greatly promoted the growth of the market. Another prominent factor supporting market growth is the arrival of e-commerce. Websites such as Zara, Alibaba, eBay and Flipkart offer gift cards to customers. With the increasing popularity of the Internet and smartphones, the location of individuals entering e-commerce portals is stronger than ever, a complement to the rise of the gift card market. In addition, the reality that the use of money as a gift is considered to be socially inappropriate further complements the development of the gift card industry.

Consumer preference for gift cards has driven demand growth.

Gift cards are the most desirable gift for consumers during festivals and other celebrations, as gift cards give recipients the freedom to buy what they want. At the end of 2017, a holiday consumption survey by the National Retail Federation found that “gift cards have become the most desirable items for the 11th consecutive year, and 61% of respondents have made this request. In addition, gift cards can be sent digitally immediately, eliminating the need for retailers to worry about other costs such as courier and gift wrapping.

Some defects in gift cards may be the challenges fot the market growth.

Some gift cards have an expiration date. The recipient must use the card for a certain period of time or the card will not be available. Some gift cards, especially gift cards issued by banks, charge a fee for various activities. Some people even charge for the use of the card. These gift cards may affect the consumer experience and limit market development.

Region Overview:

Geographically, North America held the largest market share – 46.69% in 2022.

Company Overview:

Amazon is one of the major players operating in the Gift Card market, holding a share of 1.08% in 2023.

Amazon

Founded in 1995 by Jeff Bezos, Amazon is committed to being the world's most customer-focused company where customers can find and discover anything they want to shop online. By achieving “low price, selection and convenience”, Amazon continues to grow and develop into the world's leading e-commerce company.

Walmart Inc.

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

Segmentation Overview:

As for product types, the Retail Closed Loop segment held the largest market share in 2022.

Application Overview:

By application, the Deportment Store segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Gift Card market covered in Chapter 3:

Amazon
Sainsbury's
Best Buy
JCB Gift Card
JD
H&M
Starbucks
Home Depot
Lowes
Apple (App Store & iTunes)
Carrefour
Macy's
Zara
IKEA
Google Play
Walmart
Walgreens

In Chapter 4 and Chapter 14.2, on the basis of types, the Gift Card market from 2018 to 2029 is primarily split into:

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

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Gift Card market from 2018 to 2029 covers:

Restaurant
Deportment Store
Coffee Shop
Entertainment (Movie, Music)
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)