The Gift Cards Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Gift Cards Global Market Report 2024, The gift cards market size has grown rapidly in recent years. It will grow from $1,094.23 billion in 2023 to $1,296.06 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to growth in e-commerce, an increase in consumer disposable income, a rise in mobile payment adoption, an increase in demand for personalized gift options, and a surge in demand for contactless payments.
The gift cards market size is expected to see rapid growth in the next few years. It will grow to $2,576.52 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%. The growth in the forecast period can be attributed to increasing adoption of digital wallets, a rise in mobile commerce, growth in corporate rewards programs, a surge in e-gifting trends, and increasing penetration of the internet and smartphones. Major trends in the forecast period include the integration of blockchain technology, the use of artificial intelligence for personalization, an increasing focus on sustainability and eco-friendly options, partnerships between retailers and fintech companies, and the increasing use of social media for gift card promotions.
The rising food service sector is expected to propel the growth of the gift cards market going forward. The food service sector encompasses establishments that prepare and serve meals and beverages to customers, including restaurants, cafeterias, catering services, and food trucks. The rising food service sector is due to increasing consumer demand for convenient dining options, evolving food preferences towards healthier and more diverse cuisines, and the growth of urbanization. Gift cards benefit the food service sector by enhancing customer loyalty, attracting new customers, increasing cash flow, and promoting the brand. For instance, in June 2024, according to the data published by the United States Census Bureau, a US-based federal statistical agency, in June 2024, U.S. retail and food services sales totaled $704.3 billion, marking a 2.3% increase compared to June 2023. Therefore, the steadily rising food service sector is driving the growth of the gift cards market.
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The gift cards market covered in this report is segmented –
1) By Type: Universal Accepted Open Loop, Sports Gift Card, E-Gifting, Restaurant Closed Loop, Retail Closed Loop, Miscellaneous Closed Loop
2) By Price Range: Low (0-200 US$), Medium (200-400 US$), High (Above 400 US$)
3) By Application: Personal Finance, marketing And Promotions, Hospitality And Travel, Education, Non-Profit And Charity, Other Applications
4) By End User: Retail Establishment, Corporate Institutions
Major companies operating in the gift cards market are increasing their focus on developing innovative solutions, such as customizable and animated e-gift cards, to elevate the digital gift card experience and cater to consumers’ evolving preferences. Customizable and animated e-gift cards are digital gift cards that can be personalized with custom messages, images, and dynamic visual elements, creating a more engaging and unique gifting experience. For instance, in October 2023, Givex Corp., a Canada-based fintech company, launched Customizable and Animated E-Gift Cards, allowing customers to customize and animate their e-gift card deliveries. It includes the ability for customers to infuse their e-gift cards with personalized images, video messages, and themed designs, transforming digital gift cards into cherished memories. Additionally, the e-gift cards can now come to life through captivating animations, adding an element of surprise and joy when they arrive in the recipient’s inbox. This innovative feature aligns with Givex’s commitment to ongoing innovation and providing merchants cutting-edge technology to enhance the customer experience.
The gift cards market report table of contents includes:
1. Executive Summary
2. Gift Cards Market Characteristics
3. Gift Cards Market Trends And Strategies
4. Gift Cards Market – Macro Economic Scenario
5. Global Gift Cards Market Size and Growth
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32. Global Gift Cards Market Competitive Benchmarking
33. Global Gift Cards Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Gift Cards Market
35. Gift Cards Market Future Outlook and Potential Analysis
36. Appendix
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