LONDON--(BUSINESS WIRE)--The gift card market is expected to grow by USD 527.11 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Factors such as the high penetration of smartphones and the internet and the expanding tech-savvy population have significantly increased the growth of e-commerce industry across the world. Also, the presence of multiple payment options such as credit and debit cards, internet banking, electric wallets, and COD options have increased the consumer preference for online shopping. In addition, major e-commerce companies are adopting new marketing strategies such as the introduction of gift cards to acquire new customers as well as to improve brand awareness. The gift cards motivate recipients to visit the e-commerce website and make purchases to redeem the value. They also improve the overall sales of e-commerce companies. With the thriving e-commerce sector, the growth of the global gift card market will expand during the forecast period.
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As per Technavio, the popularity of gifting culture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Gift Card Market: Popularity of Gifting Culture
The growing popularity of gifting culture has created a strong demand for gift cards. In addition, the increased sale of gift cards during special holidays such as New Year, Christmas, Halloween, Easter, and other events such as Father’s Day and Mother’s Day. Also, many organizations reward employees with gift cards to recognize their contribution and achievement. These cards can be used in restaurants, grocery stores, supermarkets, department stores, specialty shops, cafés, as well as in entertainment centers and movie theatres. This trend is expected to boost the growth of the global gift card market during the forecast period.
“Use of gift cards as a promotional tool and the growth in digitalization across the global retail sector will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Gift Card Market: Segmentation Analysis
This market research report segments the gift card market by type (e-gift cards and physical gift cards) and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the gift card market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing number of gifting occasions in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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