“The global gift cards market is expected to hit US$ XX bn by the end of 2031, expanding at a considerable CAGR of XX% during the forecast period 2023 and 2031".
Gift Cards Market Introduction
Gift cards have transformed the corporate industry behavior for rewards and recognition. Nowadays, gift cards are the most preferred choice of incentive program administrators and managers for motivation and incentive purposes. According to DataCube Research survey, more than 70 percent of enterprises use gift cards in their incentive programs. This helps organizations to evaluate every aspect of their business operations which also includes rewards, recognition and incentive programs. Moreover, according to the insights received from the leading vendors in the gift cards market, gift cards are more effective than cash rewards as it maintains positive associations between consumer and gift card provider. Further, it helps the consumer to envision and made their future purchases equivalent to or more than the gift card face value. Additionally, digital gift cards are increasingly gaining traction among consumers. Further, the ease of purchase and use have made gift cards a go-to item for special occasions such as birthdays and holidays.
DataCube Research offers market analysis, trends, future outlook, market size, and forecast for the research study titled “Gift Cards Market: Global Industry Analysis, Size, and Forecast, 2019-2031".
The global gift cards market is segmented into gift cards type, business type, distribution channels, and region.
Browse Full Report: Gift Cards Market | Analysis 2019-2031
Gift Cards Type
Based on gift cards type, the global gift cards market is bifurcated into open loop and closed loop segments. In 2021, the closed loop segment dominated the overall gift cards market. Whereas, in terms of revenue growth, the open loop segment is projected to expand at the highest CAGR of around XX% during the forecast period between 2023 and 2031.
The business type segment includes retailers and corporate offices. In 2021, the retailer segment dominated the global gift cards market in terms of revenue. Whereas, the corporate offices segment is anticipated to witness the adoption of gift cards at a higher pace during the forecast period between 2023 and 2031.
By distribution channels, we have analyzed the overall gift cards market into supermarket, restaurant, specialty retail store, and others segment.
The global gift cards market is analyzed across six major regions such as North America, Western Europe, Latin America, Asia Pacific, Eastern Europe, and the Middle East and Africa. In 2021, North America accounted for around XX% share of the overall gift cards market revenue. In addition, spending on gift cards in North America is anticipated to increase by XX by the end of 2031 as compared to that in 2021.
Rise in popularity of cashless transactions, increase in adoption of smartphones and mobile devices among consumers, the upsurge in penetration of Internet, growth in tech-savvy population, availability of attractive gift cards offers and rise in adoption of gift cards for rewards, recognition, and incentive programs has accelerated the global gift cards market growth.
Fuel Cards Market Competition Analysis
Key players are focused towards entering into strategic collaboration and partnerships to enhance their capabilities and drive innovation in the market. Prominent players analyzed and profiled in the global gift cards market are Givex Corporation, American Express, Qwikcilver Solutions Pvt. Ltd., Blackhawk Network Holdings, Inc., Vantiv Corporation, First Data Corporation, National Gift Card Corp., Paytronix Systems, Inc., Amazon.com, Inc., and InComm, Inc.