United Arab Emirates Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics Databook 2022 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "United Arab Emirates Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.

According to the Q4 2021 Global Gift Card Survey, gift card industry in the country is expected to grow by 13.9% on annual basis to reach US$1635.2 million in 2022.

Despite near-term challenges in 2022, medium to long term growth story of gift cards in the United Arab Emirates (the UAE) remains strong. The gift card industry in the United Arab Emirates is expected to grow steadily in H1 2022 and record a strong growth in H2 2022. The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 11.0% during 2022-2026. The gift card market in the country will increase from US$1435.2 million in 2021 to reach US$2484.5 million by 2026.

Companies Mentioned

• Carrefour SA
• Consumer Co-operative Union (CCU)
• Landmark Group
• Emke Group
• Damas International Ltd
• T Choithram & Sons
• Sharaf DG LLC
• Inter Ikea Systems BV

Strong growth in e-commerce shopping expected to drive gift card market in the UAE

Over the last four to eight quarters, gift cards have gained widespread popularity among consumers in the United Arab Emirates (the UAE) and are expected to gain further momentum from the short to medium-term perspective. Notably, this growth in the UAE gift card market is partly fueled by the robust growth in the e-commerce market.

In the UAE, gift cards are growing in popularity among online shoppers who want to avoid the hassle of buying presents during special occasions. Moreover, some online shoppers are resorting to gift cards for their personal usage, as it offers them the convenience of making digital payments on e-commerce platforms. the publisher expects the trend to continue from the short to medium-term perspective, which will subsequently drive the growth of the gift card market in the UAE.

Increasing product launches expected to further boost gift card adoption among consumers in the UAE

As the popularity of gift cards among consumers continues to rise, several new product launches have happened over the last few quarters in the UAE. In October 2021, YouGotaGift, one of the leading digital gift card providers in the country, announced the launch of new gift card products for The Blue Salon and Kunooz.

With hundreds of thousands of Indians residing in the United Arab Emirates, YouGotaGift also launched Kalyan Jewellers gift cards during the Diwali Celebration week in November 2021. As the popularity of gift cards continues to grow in the country, the publisher expects more product launches over the next four to eight quarters. This will subsequently assist the growth of the gift card market in the UAE from the short to medium-term perspective.

Global payments firms are launching gift card services for consumers in the UAE

As the popularity of gift card payment methods continues to grow in the GCC region, global payments firms are entering the market to capitalize on the opportunity and gain market share.

The publisher expects more global gift cards players and fintech firms to launch their services in the United Arab Emirates over the next four to eight quarters, which will subsequently drive the growth of the market from the short to medium-term perspective.

Reasons to buy

• In-depth understanding of gift card and incentive card market dynamics: Understand market opportunity, key trends and drivers along with five-year forecast (2017-2026) for gift cards and incentive cards in the United Arab Emirates.
• Develop market specific strategies: Identify growth segments and target specific opportunities across consumer segments and occasions to formulate your gift cards strategy; assess market specific key trends and risks.
• Get insights into consumer attitude and behaviour in the United Arab Emirates: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through gift cards for both retail and corporate consumers.
• Get complete perspective through six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and value of transactions.
• Distribution channel insights: Understand gift cards sales dynamics by channels - online vs offline and by 1st party vs 3rd party sales.

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