Persistence Market Research reported that the gift card market achieved a revenue of US$ 490 billion in 2022, with expectations of accelerated demand ahead, particularly from top market players holding significant shares globally and regionally. Projections suggest the global market could soar to US$ 1,670 billion by 2033, exhibiting a compound annual growth rate (CAGR) of approximately 11.7% from 2023 to 2033.

The top three countries collectively accounted for about 37.5% of the market in 2022. Over the forecast period, the gift card industry is poised for favorable growth, driven by evolving consumer purchasing behaviors and increased utilization of gift cards for employee incentives in various sectors. Additionally, the rising popularity of e-gifting is expected to further propel market expansion.

Persistence Market Research's updated study provides a comprehensive analysis of the major challenges faced by gift card providers. Notably, the market experienced significant growth at a rate of 8.2% during the historical period from 2017 to 2022.

Market Drivers:

  1. Rising Trends of Gift Giving during Festivals and Special Occasions: Celebratory events like festivals and special occasions hold significant cultural importance globally, with over 60% of the global population participating in such traditions annually. As discretionary incomes increase, people seek to express care and goodwill through thoughtful gifts. Gift cards have emerged as a popular choice, offering recipients the flexibility to choose what they desire. The COVID-19 pandemic has further emphasized the importance of gift-giving, particularly during holidays, birthdays, weddings, and religious festivals in 2023.

  2. Birthday Celebrations & Special Occasions: Birthday celebrations and other special occasions have become vital for fostering connections in a mobile and digitally connected world. People prioritize experiences over material gifts, leading to the popularity of gift cards. They allow recipients to choose experiences aligned with their interests from a wide range of options. Recent data indicates that sharing experiences with loved ones is crucial for global youth, further driving the demand for gift cards.

Market Opportunities:

  1. Growth of E-Commerce Industry: The expanding e-commerce industry presents promising opportunities for gift cards. With more consumers shopping online, particularly among millennials and Gen Z, gift cards have become a preferred gifting option. E-gift cards, delivered digitally, offer convenience and flexibility for online purchases across various sectors, including fashion, travel, and streaming subscriptions.

  2. Multi-Purpose Cards: There's a growing demand for multi-purpose gift cards, providing flexibility and universal acceptance across a wide network of retailers. Unlike traditional single-store cards, multi-purpose cards empower recipients to choose from multiple retailers, addressing the need for customization and reducing the risk of unwanted gifts. As cross-border shopping and digitalization increase, multi-purpose gift cards are poised to become the preferred gifting option.

 

In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at- https://www.persistencemarketresearch.com/market-research/gift-card-market.asp

 

Key Players in the Gift Card Market:

  1. Gyft
  2. Edge Loyalty Systems Pty. Ltd.
  3. InComm
  4. Blackhawk Network Holdings, Inc.
  5. The Up Group
  6. Edenred Group
  7. National Gift Card Corporation
  8. Walmart Stores
  9. QwickSilver Solutions
  10. Target Corporation
  11. Best Buy Company, Inc.
  12. Starbucks Corporation
  13. Amazon.com, Inc.

These companies play pivotal roles in shaping the gift card market globally, with a significant presence in various sectors such as retail, hospitality, and technology.

Future Outlook

The future outlook for the gift card market appears promising, marked by substantial growth opportunities and evolving consumer preferences. Projections suggest a robust compound annual growth rate (CAGR) of approximately 11.7% from 2023 to 2033, driving the market's revenue to an estimated US$ 1,670 billion by 2033. Key trends such as the dominance of top market players, the expansion of e-gifting, and the increasing utilization of gift cards for employee rewards are expected to fuel market growth. Moreover, advancements in technology and digital platforms are likely to further enhance the accessibility and popularity of gift cards among consumers. Despite facing challenges such as fraud and regulatory complexities, the industry's historical growth performance underscores its resilience and potential for continued expansion in the foreseeable future.Top of Form

Our Blog

Expectorant Drugs Market Research, 2022-2030

Sleep Apnea Diagnostic Systems Market Research, 2022-2030

About Persistence Market Research:

Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on micros by Persistence Market Research helps companies overcome their macro business challenges.

Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.

Contact:

Persistence Market Research

Teerth Technospace, Unit B-704

Survey Number - 103, Baner

Mumbai Bangalore Highway

Pune 411045 India

Email: sales@persistencemarketresearch.com

Web: https://www.persistencemarketresearch.com

LinkedIn | Twitter