Global Gift Card Market to reach US$ 1012.03 million by 2029 - A Report by Reports N Markets

 2021-12-03 04:24:45
 

Retailers, brand owners, banks around the world give out gift cards as a strategy for promoting a business, attract customers, increase brand awareness. A gift card, gift voucher, or gift tokens are a prepaid stored-value money card that can be utilized at a particular store for purchases related to goods or services.

These specific cards are generally redeemable only for purchases at the relevant retail premises and cannot be cashed out, and in some situations may be subject to an expiry date or fees. Many businesses offer the best mix of rewards that can help consumers across different demographics and income groups.

Increasing demand of consumers with shopping, rising trend of e-purchasing, increasing digitalization, growing trend of gifting culture and technological advancements are few of the major growth factors for the global gift card market.

Furthermore, higher penetration of m-commerce and e-commerce businesses, increasing adoption of IoT technologies at the domestic, commercial, and industrial front, are also among the factors for growth of the such market.

For instance, Gyft, which is available on iPhone and Android, is one of the most popular gift card app. The app allows users to load their gift cards and use it whenever they are out shopping.

With COVID-19 pandemic the gift card market has seen a significant rise, as it is conveniently available and provides ease of use and flexibility for purchases. And as governments around the world had imposed lockdowns to mitigate the virus situation, adoption of gift cards primarily among businesses has increased.

This detailed study gives subjective and quantitative investigation of Global Gift Card Market. The report has been made after detailed analysis of market income across locales and further across every one of the significant nations. The stock side investigation covers the significant market players and their local and worldwide presence and systems. The geological examination done underlines on every one of the significant nations across North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Important takeaways of the report:

  • With valuation at US$ 201.74 million in 2020, global gift card market is expected to get up to US$ 1012.03 million by 2029. The growth is projected at an estimated CAGR of 20.0% over the period of next ten years.
  • With the younger generation being busy in their hectic schedule, they prefer easy and feasible solutions in all instances, such as gift giving, thus attracting and encouraging them toward adopting gift cards over materialistic gifts.
  • Market players are offering attractive personalization in terms of gifting amount, card design, pattern, etc. which is leading to a growth in the market. On the otherhand there has also been a steady shift from plastic to digital gift cards with the use of mobile phones and growth of internet globally.
  • The leading companies operating in the global gift card market include Amazon, iTunes, Walmart, Google Play, Starbucks, Home Depot, Walgreens, Sephora, Lowes, Carrefour, JD, Best Buy, Sainsbury's, Macy's, Virgin, IKEA, H&M, Zara, JCB Gift Card, AL-FUTTAIM ACE and other market participants.
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