DUBLIN--(BUSINESS WIRE)--The "Colombia Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast (2015-2024) - Covid-19 Update Q2 2020" report has been added to ResearchAndMarkets.com's offering.
Despite near-term challenges, medium to long term growth story of gift cards in Colombia remains strong. The gift card industry in Colombia will continue to grow over the forecast period and is expected to record a CAGR of 11.2% during 2020-2024. The gift card market in the country will increase from US$ 679.9 million in 2019 to reach US$ 1024.2 million by 2024.
This report details the impact of economic slowdown along with change in business and consumer sentiment due to disruption caused by Covid-19 outbreak on gift card industry in Colombia.
Historically, the gift card market in Colombia has recorded a steady growth with a CAGR of 16.3% during 2015-2019. However, According to the Q2 2020 Global Gift Card Survey, gift card market in Colombia is expected to be impacted across retail and corporate segments due to disruption caused by Covid-19 outbreak.
Though growth of gift card industry will be impacted due to pandemic, there are certain segments such as self-use which will gain significant market share. Adoption of e-Gift cards is also expected to increase significantly over the next 4-6 quarters. There are interesting trends emerging across various segments, which are expected to fundamentally reshape gift card industry dynamics.
In the retail consumer segment, gift card has been gaining share. Digital gift car in Colombia has also recorded strong growth, driven by increasing penetration of ecommerce. Apart from this, corporate spending is also supporting the growth of the gift card industry. Corporates in Colombia are increasingly making use of gift card solutions to offer incentives to their employees.
Another emerging trend that is likely to boost the growth of the gift card industry is the purchase of gift cards through cryptocurrencies. Additionally, for those who do not have a bank account, are increasingly using gift cards to buy cryptocurrencies in Colombia. Some of the key third-party players that offers cryptocurrency gift cards include bitrefill.com and paxful.com.
This report provides a detailed data centric analysis of gift cards and corporate incentive cards market along with consumer behaviour and retail spend dynamics in Colombia. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics.
Below is a summary of country level trend analyses covered across gift card segments:
- Total gift market: This report provides detailed view of overall spend on gifts, broken down by retail and consumer segments. For both retail and consumer segments, this report provides a breakdown of spend on gifts by product categories (13 segments) and retail sectors (7 segments).
- Gift cards: Drawing from proprietary survey results, this report provides in-depth analysis of opportunities in both open loop and closed loop prepaid gift card categories. Assesses consumer behaviour by type of consumer (retail and corporate - SMB, Mid-Tier, Large Enterprise), gifting occasion, digital gift card (e-gift card), and market share by retail sectors.
- Details six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and value of transactions.
- Corporate incentive & loyalty cards: This report provides detailed market dynamics of corporate incentive cards, broadly segmented in three categories - consumer incentive card, employee incentive card, and sales/partner incentive card. It details market size and forecast at category level, by functional attribute (open loop and closed loop), and by corporate consumer segments (small scale business, mid-size business, and enterprise business).
- Digital gift card (e-gift card) analysis: Provides market size and forecast for digital gift cards, broken down by retail and corporate buyers. It also includes gift card spend by occasion (retail - festivals & special celebration days, milestone celebration, self-use, other; Corporate incentive cards -consumer incentive card, employee incentive card, and sales/partner incentive card). The report also includes digital gift card adoption by company size.
- Open loop and closed loop: Provides market estimates and forecasts to assess opportunities in open loop and closed loop gift and incentive card segments across consumer segments.
- Consumer attitude and behaviour: Drawing from proprietary survey results, this report identifies and interprets key KPIs related to gift card dynamics including spend by age, gender, and income level.
- Retail spend: Breaks down retail spend across retail sectors (7 segments) to provide detailed insights on consumer behaviour and changing dynamics of gift card spend.
- Market share by retailer: Provides market share of closed loop gift cards by key retailers in Colombia.
- Distribution channel analysis: Provides market share by distribution channel - online vs offline sales and 1st party vs 3rd party sales (sales through outlet of other retailers).
Companies Mentioned
- Falabella SACI
- Cencosud SA
- PriceSmart Inc
- Inditex, Industria de Diseo Textil SA
- Confecciones Leonisa SA
For more information about this report visit https://www.researchandmarkets.com/r/l710hu
