DUBLIN--(BUSINESS WIRE)--The "Philippines 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.
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 Philippines.
Historically, the gift card market in Philippines has recorded a steady growth with a CAGR of 19.2% during 2015-2019. However, According to the Q2 2020 Global Gift Card Survey, gift card market in Philippines 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.
Despite near-term challenges, medium to long term growth story of gift cards in Philippines remains strong. The gift card industry in Philippines will continue to grow over the forecast period and is expected to record a CAGR of 13.9% during 2020-2024. The gift card market in the country will increase from US$ 467.1 million in 2019 to reach US$ 764.2 million by 2024.
Adoption of gift cards by businesses in the Philippines is one of the reasons that will continue to drive growth momentum for the gift card industry. Organizations are increasingly making use of gift cards to offer their employees and business partners with rewards and sales incentive cards. Gifmo is one such gift card provider in the country, which helps businesses to launch their digital loyalty and gift card programs in the Philippines.
Qwikcilver , end-to-end service provider in the pre-paid, gift card space in India, has announced its plans to expand its market in Philippines. During its Gift Card Conclave of South East Asia in September 2019, the company hailed increase in internet and mobile based commerce to be the principal factor in adoption of its gift platform. Sodexo , a food services and facilities management company, offers customizable gift certificates that can be used within its merchant network and several partner establishments across Philippines such as Abenson, Inasal, Watsons and Yellow Cab Pizza Co.
Bangko Sentral ng Pilipinas (BSP) announced its vision wherein it aims to cash-lite the Philippines by 2023. After the country launched its digital transformation program, BSP has introduced eGov Pay and QR PH as its digital payment solutions. Even though, Philippines will have to wait for its dependency on cash to lower, the efforts by government and banks are expected to encourage cashless transactions. Such efforts will lead the way for more Filipinos to use gift cards as cashless modes.
Another emerging trend that will boost the growth of the gift card market in the Philippines, is the increasing number of freelancers in the country that are accepting payments from international clients through digital gift cards. As the gig economy continues to thrive in the Philippines, acceptance of payment through a gift card will be one of the key factors driving the growth of the gift card industry.
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 Philippines. 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 Philippines.
- 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).
Closed Loop Gift Card Market Share by Key Retailers. Key Retailers Covered Include:
- SM Retail Inc
- Mercury Drug Corp
- Puregold Price Club Inc
- Rustan Group of Cos
- Seven & I Holdings Co Ltd
- Hutchison Whampoa Ltd
- Metro AG
- Gaisano Grand Group of Cos
- Gaisano Capital Group
- Abenson Inc
- San Miguel Corp
- Rose Pharmacy Inc
- Goldilocks Bake Shop Inc
- Prince Warehouse Club Inc
For more information about this report visit https://www.researchandmarkets.com/r/whseai