DUBLIN--(BUSINESS WIRE)--The "Belgium Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.
The Belgian gift card industry is expected to grow by 9.5% on annual basis to reach US$1596.1 million in 2022. Despite near-term challenges in 2022, medium to long term growth story of gift cards in Belgium remains strong.
The gift card industry in Belgium 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 6.8% during 2022-2026. The gift card market in the country will increase from US$1457.9 million in 2021 to reach US$2073.2 million by 2026.
Gift card providers are offering value-added solutions to gain market share in the corporate segment in Belgium
Corporate-focused gift card offerings are one of the key sectors that gift card providers are targeting in Belgium. With corporate adoption of gift cards growing globally as well as in Belgium, providers are looking to offer value-added solutions to gain market share in this segment. For instance,
- Monizze, one of the leading gift card players in the country, offers innovative gift card solutions to both corporates as well as individuals. The firm offers 3-in-1 gift cards (meal, eco, and gift), which provide employees with added benefits in Belgium.
- The publisher expects more individuals and corporates to adopt the 3-in-1 gift card solution over the next four to eight quarters. This is projected on the basis of the expansion of the eco vouchers list. Notably, in 2021, the National Labor Council expanded the list of products that can be purchased using the eco gift card voucher.
More gift card players are expected to focus on value-added services for the corporate segment, as gift cards are expected to gain rapid adoption among organizations over the next four to eight quarters.
Gift card companies are entering into strategic partnerships with merchants to drive sales in Belgium
To further boost the sales of gift cards, gift card companies are entering into strategic partnerships with merchants to drive sales and growth in the country. For instance,
- Monizze, has a wide network of merchants that accept gift vouchers as an alternative payment method. This allows consumers to make purchases with their gift cards at more online and offline shops, therefore, boosting the adoption of the payment method among consumers in the country.
The trend is expected to continue with more providers partnering with both online and offline merchants in the country over the next four to eight quarters.
Recovery in the e-commerce market in 2021 expected to boost gift card market in Belgium
In 2020, the total turnover of the e-commerce market declined significantly in Belgium. Due to the global pandemic, consumers bought fewer services online but ordered more products. While consumers have shopped more online compared to the pre-pandemic times, the average order amount decreased subsequently.
However, in 2021 the market recovered to some extent, and stable growth in the e-commerce industry also supported the growth of the gift cards industry in Belgium. Moreover, the global supply chain crisis led inventory shortage is also expected to support the overall growth of the gift cards industry in Belgium over the next four to eight quarters. With more shoppers shopping online in the country, the publisher expects the trend to continue from the short to medium-term perspective, which will continue to drive Belgium's gift card market.
The ability to buy cryptocurrency with gift cards is driving the growth of the gift cards market in Belgium
There is a growing interest in cryptocurrencies such as Bitcoin among consumers globally, and Belgium is no different. This rising popularity of digital assets coupled with the ability to buy cryptocurrency with gift cards is also supporting the growth of the gift cards market in the country.
Some of the players that are offering consumers gift cards for buying cryptocurrencies in Belgium include paxful.com and Bitrefill.com. The growing usage of gift cards as a way to buy digital assets such as Bitcoins is expected to drive the growth of the gift cards industry in Belgium over the next four to eight quarters.
- Total Spend on Gifts in Belgium
- Gift Card Market Size by KPIs across Consumer Segments in Belgium
- Gift Card Market Size by Consumer Segment in Belgium
- Digital Gift Card Market Size in Belgium
- Gift Card Market Size by Retail Consumer in Belgium
- Gift Card Spend by Consumer Behavior and Demographics in Belgium
- Gift Card Market Size by Corporate Consumer in Belgium
- Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in Belgium
- Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers) in Belgium
- Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers) in Belgium
- Closed Loop Gift Card Market Share by Key Retailers.
Key Retailers Covered Include:
- ETN Franz Colruyt NV
- Delhaize Group Sa
- Aldi Group
- Inter Ikea Systems BV
- Blokker Nederland BV
For more information about this report visit https://www.researchandmarkets.com/r/vpegil
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