LONDON--(BUSINESS WIRE)--The global gift card market is expected to post a CAGR of more than 13% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
With the rising number of occasions and growing popularity of the gifting culture, the demand for gift cards has increased significantly over the recent years. The sales of gift cards surge during festivals and other days, such as Father’s Day and Mother’s Day. Moreover, several organizations recognize their employees’ performance and offer incentives in the form of gift cards. Apart from buying personalized gifts, gift cards can also be used in restaurants, grocery stores, supermarkets, department stores, specialty stores, and cafes. These factors are expected to boost market growth during the forecast period.
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As per Technavio, the launch of new products in the gift cards category will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Gift Card Market: Launch of New Products in the Gift Cards Category
Vendors are continuously launching new products to stay ahead in the competitive market. Several entertainment companies are collaborating with technology solutions providers to launch e-gift cards for content across major online and retail marketplaces. Similarly, electronic device manufacturers are partnering with technology solution providers to launch gift card programs on their websites to increase the sales of products such as smartphones, smart devices, televisions, and accessories. This growing trend among vendors is providing customers with a wide range of gift cards to choose for their friends and relatives.
“Apart from the launch of new products in the gift cards category, the rise of open-loop gift cards and increasing demand for recyclable bio-based plastic gift cards are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Gift Card Market: Segmentation Analysis
This market report segments the global gift card market by type (e-gift cards and physical gift cards) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the strong growth of the retail sector in countries such as the US and Canada. However, the APAC region is expected to witness the highest incremental growth over the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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