Singapore 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 Se

Singapore 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 9.6% on annual basis to reach US$1.4 billion in 2024.

The gift card industry in Singapore will continue to grow over the forecast period and is expected to record a CAGR of 7.3% during 2024-2028. Gift card market in the country will increase from US$1.3 billion in 2023 to reach US$1.9 billion by 2028.

The gift card sector in Singapore is thriving through digital innovation, strategic corporate partnerships, and evolving regulatory measures. With the rise of digital platforms and e-commerce integration, alongside strong growth in virtual gift cards driven by corporate demand, the sector is adapting well to contemporary consumer needs. Regulatory changes ensure consumer protection and adherence to anti-corruption standards, supporting a robust and dynamic market.

Key Developments in the Gift Card Sector in the Singapore

Several key product launches and developments in the gift card sector have been observed in Singapore, reflecting the market's growth and adaptation to changing consumer behaviors.

Product Launches and Innovations

Digital Gift Card Platforms - Companies like Giftano and Mooments have launched fully digital gifting platforms, allowing both individuals and corporations to purchase gift cards seamlessly. These platforms cater to a wide range of brands, including popular retailers like Lazada and Grab, enhancing accessibility and convenience for consumers.

E-commerce Integration: The growth of e-commerce has significantly influenced the gift card market. As online shopping continues to rise, gift cards are increasingly being integrated into e-commerce platforms, facilitating easier purchasing options for consumers. This trend is expected to drive further adoption of gift cards in the coming months.

Regulatory Changes

Expiration and Cash Exchange Policies: Gift card providers can set expiration dates, which may be as short as 90 days from purchase. However, gift cards cannot be exchanged for cash, ensuring that they retain their intended purpose as a gifting mechanism rather than a cash substitute.

Prohibition of Corruption: Offering gift cards to government officials is strictly prohibited, aligning with anti-corruption measures in Singapore.

Consumer Protection Initiatives: The Monetary Authority of Singapore (MAS) has been proactive in ensuring that gift card regulations evolve with market trends. This includes ongoing consultations and potential amendments to the Payment Services Regulations to address emerging payment methods and consumer need.

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.

Scope

Total Spend on Gifts in Singapore
• 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 in Singapore
• 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 in Singapore
• Retail Consumer
• Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)

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

Gift Card Market Size by Retail Consumer in Singapore
• 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 in Singapore
• 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 in Singapore
• 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) in Singapore
• 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) in Singapore
• 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) in Singapore
• 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:

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 LtdReasons 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 Singapore.

• 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 Singapore: 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.