Asia Pacific Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast; Spend Analysis by Digital / e-Gift Card, Retail and Corporate Consumers, Top Retailers, Distribution Channel, Occasions, Retail

Asia Pacific Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast; Spend Analysis by Digital / e-Gift Card, Retail and Corporate Consumers, Top Retailers, Distribution Channel, Occasions, Retail Sectors, Function (Open Loop, Closed Loop), City Type, and Demographics – Q2 2024 Update

According to PayNXT360, gift card industry in the country is expected to grow by 8.3% on annual basis to reach US$235.7 billion in 2024.

The gift card industry in Asia Pacific will continue to grow over the forecast period and is expected to record a CAGR of 7.2% during 2024-2028. Gift card market in the country will increase from US$217.7 billion in 2023 to reach US$310.7 billion by 2028.

Recent advancements in the Asia Pacific gift card sector, including Qwikcilver's partnership with foodpanda and Tbay's Quick Sell Mode, highlight a focus on innovation and improved consumer experience. However, the sector must navigate complex regulatory challenges and increasing fraud risks.

Key Developments in the Gift Card Sector in Asia Pacific

Several significant product launches have recently taken place in the gift card sector in the Asia Pacific region, showcasing strategic partnerships and innovations aimed at improving consumer engagement.

Product Launches and Innovations

Qwikcilver and foodpanda Partnership: In December 2023, Qwikcilver, a subsidiary of Pine Labs, partnered with foodpanda to launch foodpanda Gift Cards. Initially available for corporate customers in Singapore and Thailand, these gift cards are expected to roll out across all 11 markets where foodpanda operates, significantly enhancing Qwikcilver's market presence in the region.

Tbay's Quick Sell Mode: Also in December 2023, Tbay, a Singapore-based gift card platform, introduced a feature called Quick Sell Mode, designed to expedite gift card transactions by reducing processing time by at least 20%. This innovation aims to address consumer demand for faster and more secure transaction processes, which has become increasingly important in the gift card market.

Strategic Partnerships

Qwikcilver and foodpanda Partnership: In December 2023, Qwikcilver, a subsidiary of Pine Labs, entered a strategic partnership with foodpanda to launch foodpanda Gift Cards. Initially targeted at corporate customers in Singapore and Thailand, these gift cards are set to expand across all 11 markets where foodpanda operates, significantly bolstering Qwikcilver's position in the gift card market.

Regulatory Changes

Regulatory Complexities: The gift card market faces various regulatory and compliance challenges across different countries in the Asia Pacific. These include differing taxation issues and consumer protection laws, which complicate the operations of gift card issuers and retailers that operate in multiple jurisdictions. Adhering to local regulations adds complexity to gift card programs and distribution channels.

Fraud and Security Risks: The region has seen a rise in concerns regarding gift card fraud, counterfeiting, and unauthorized use. Regulatory bodies are increasingly focused on implementing robust security measures and fraud detection systems to protect consumers and businesses. This includes requirements for card vendors to demonstrate experience and good credit records to mitigate risks associated with gift card transactions.

Gift card market in 2023 was driven a wide range of factors, which supported growth across retail and corporate segments. The primary factors included growth of ecommerce, increased adoption to incentivize employees working remotely, digital gifting, and initiatives undertaken by government, hospitality, and travel industries to revive growth.

This report provides a detailed data centric analysis of gift card market, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at country level, this report provides a comprehensive understanding of gift card market dynamics, market size and forecast.

This title from PayNXT360 a bundled offering, comprising 1 regional and 10 country reports.

Regional Report – Asia Pacific Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 1 - Australia Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 2 - Indonesia Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 3 - Philippines Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 4 – Singapore Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 5 – Thailand Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 6 – China Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 7 – Japan Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 8 – India Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 9 – South Korea Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 10 – Malaysia Gift Card and Incentive Card Market Intelligence (Databook)

Scope

This bundled offering provides the following detailed gift card market opportunity at country level

Total Spend on Gifts
• By Consumer Segment (Retail and Corporate)
• By Product Categories (13 Segments)
• By Retail Sectors (7 Segments)

Gift Card Market Size by KPIs across Consumer Segments
• Gross Load Value
• Transaction Value
• Unused Value
• Average Value Per Transaction
• Transaction Volume
• Average Value of Card Purchased
• Number of Cards

Gift Card Market Size by Consumer Segment
• Retail Consumer
• Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)

Digital Gift Card Market Size
• By Retail Consumer
• By Retail Purchase Occasion
• By Corporate Consumer
• By Corporate Purchase Occasion
• By Company Size

Gift Card Market Size by Retail Consumer
• By Functional Attribute
• By Occasion
1. Festivals & Special Celebration Days
2. Milestone Celebration
3. Self-Use
4. Other
• Value by Purchase Channel

Gift Card Spend by Consumer Behavior and Demographics
• Consumer Purchase Behaviour
• Gift Card Buyer by Age Group
• Gift Card Buyer by Income Level
• Gift Card Buyer by Gender

Gift Card Market Size by Corporate Consumer
• By Functional Attribute
• By Occasion
1. Employee Incentive
2. Sales Incentive
3. Consumer Incentive
• By Scale of Business

Gift Spend by Product Categories (Split by Retail and Corporate Consumers)
• Food & Beverage
• Health, Wellness & Beauty
• Apparel, Footwear & Accessories
• Books & Media Products
• Consumer Electronics
• Restaurants & Bars
• Toys, Kids, and Babies
• Jewelry
• Sporting Goods
• Home & Kitchen Accessories & Appliances
• Travel
• Entertainment & Gaming
• Other

Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers)
• Ecommerce & Department Stores
• Restaurants & Bars
• Supermarket, Hypermarket, Convenience Store
• Entertainment & Gaming
• Specialty Stores
• Health & Wellness
• Travel

Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers)
• Gift Card Online Sales
• Gift Card Offline Sales
• 1st Party Sales
• 3rd Party Sales
• Sales Uplift

Closed Loop Gift Card Market Share by Key Retailers. Key Retailers Covered Include:

Wesfarmers Ltd
Woolworths Ltd (Australia)
Metcash Ltd
Aldi Group
Harvey Norman Holdings Ltd
JB Hi-Fi Ltd
Apple Inc
SM Retail Inc
Puregold Price Club Inc
Rustan Group of Cos
Seven & I Holdings Co Ltd
Hutchison Whampoa Ltd
Metro AG
San Miguel Corp
Salim Group
Trans Retail Indonesia PT
Matahari Putra Prima Tbk PT
Sumber Alfaria Trijaya Tbk PT
Delhaize Group Sa
Kompas Gramedia Group
Ace Hardware Corp
NTUC FairPrice Co-operative Pte Ltd
Dairy Farm International Holdings Ltd
Shen Siong Supermarket Pte Ltd
Takashimaya Co Ltd
Mustafa Holdings Pte Ltd
Courts Asia Ltd
Al Futtaim Group LLC
Yamada Denki Co Ltd
Tesco Plc
Central Retail Corp
Home Product Center PCL
Mall Group Co Ltd, The
Charoen Pokphand Group
Alibaba Group Holding Ltd
JD.com Inc
Auchan Group SA
Wal-Mart Stores Inc
Bailian Group Co Ltd
Yonghui Superstores Group
Flipkart Online Services Pvt Ltd
Tata Group
Future Group
Reliance Group
Amazon.com Inc
Aditya Birla Group
K Raheja Corp
AEON Group
Lawson Inc
FamilyMart Co Ltd
Rakuten Inc
Isetan Mitsukoshi Holdings Ltd
Lotte Group
Shinsegae Co Ltd
Hyundai Department Store Co Ltd
GS Holdings Corp
SK Planet Co Ltd
BGF Retail Co Ltd
Costco Wholesale Corp

Reasons to buy

• Comprehensive comprehension of the dynamics of the gift card and incentive card markets: Recognise the opportunities in the market, the main drivers and trends, and the five-year projection for gift and incentive cards in Asia Pacific.

• Create strategies tailored to the market: To create your gift card strategy, identify growth categories and target particular opportunities across consumer segments and occasions; evaluate important trends and risks unique to your market.

• Learn about the attitudes and behaviours of consumers in Asia Pacific: Increase ROI by understanding how consumer attitudes and behaviours are evolving. With gift cards, you may obtain comprehensive information about retail spending for both corporate and retail customers.

• Six key performance indicators (KPIs) provide a comprehensive view: the quantity of cards in circulation, load value, unused value, average purchase value, average value per transaction, and transaction value.

• Distribution channel insights: Recognise the differences in gift card sales across online and offline channels as well as between first-party and third-party sales.