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.
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
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
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