Gift Cards Market Size, Industry Share, Growth Demand, Supply Chain, Trends Future Outlook, Forecast 2030

Aug 25, 2023 - 15:17

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Gift Cards Market Size, Industry Share, Growth Demand, Supply Chain, Trends Future Outlook, Forecast 2030

The latest market report published by Credence Research, Inc. “Global Gift Cards Market: Growth, Future Prospects, and Competitive Analysis, 2022 – 2030. Gift Cards Market is projected to increase at a significant CAGR of 10.46% in the coming years. In 2022, the global gift cards market was valued at USD818.52 Million and is projected to reach USD 1897.46 Billion by 2030.

The gift cards market is a segment of the retail industry that involves the issuance, distribution, and redemption of prepaid cards that hold a certain monetary value and can be used as an alternative form of payment for goods or services. These cards are typically issued by retailers, businesses, or financial institutions and are purchased by consumers either for personal use or as gifts for others.

Gift cards offer several benefits to both consumers and businesses. For consumers, they provide a convenient way to make purchases without the need for physical currency. They also offer the flexibility to choose their preferred products or services, making them a popular choice for gifting occasions. Additionally, gift cards can be a way to budget spending or to take advantage of special deals and discounts.

On the business side, gift cards contribute to increased sales and customer loyalty. They encourage recipients to visit stores or online platforms to redeem their cards, often resulting in additional purchases beyond the card's initial value. Moreover, unspent balances on gift cards, known as breakage, can represent a financial gain for businesses. However, regulations in many jurisdictions require businesses to account for unredeemed balances and to ensure that gift card terms are transparent and fair to consumers.

The gift cards market has evolved significantly with the advent of digital technology. Traditional physical cards are now often complemented or even replaced by digital or e-gift cards that can be delivered electronically through email, messaging apps, or mobile wallets. This digitalization has expanded the market's reach, allowing for easier and more immediate distribution to a global audience.

Gift Cards Market Key Growth Trends have seen a significant surge in recent years, transforming the way people approach gift-giving. With their convenience and flexibility, gift cards have become an increasingly popular choice for both recipients and givers alike. The market has experienced remarkable growth due to several key factors that are shaping its landscape. Firstly, the rise of e-commerce platforms has facilitated seamless online purchasing of gift cards, allowing customers to effortlessly browse through a wide range of options from various retailers. Moreover, this trend is further fueled by the growing prevalence of mobile payment solutions and digital wallets that enable easy redemption of these virtual vouchers. Additionally, personalized gift cards have gained immense popularity as they provide a thoughtful touch to any occasion or celebration.

Browse 220 pages report Gift Cards Market By Material Merchant Type (Restaurants, Department Stores, Grocery Stores, Supermarkets/Hypermarkets, Discount Stores, Coffee Shops, Entertainments, Salons/Spa, Book Stores, Home Décor Stores, Gas Stations, Visa/Master Card/American Express Gift Cards, Others) By Merchant Type (Universal Accepted Open Loop, Restaurant Closed Loop, Retail Closed Loop, Miscellaneous Closed Loop, E-Gifting - Growth, Future Prospects & Competitive Analysis, 2016 – 2030)- https://www.credenceresearch.com/report/gift-cards-market

In recent years, personalized and customizable gift cards have gained popularity. These allow buyers to add a personal touch by including messages or selecting designs that resonate with the recipient's interests or the occasion being celebrated. Additionally, corporate gift cards have become a common tool for businesses to reward employees or maintain B2B relationships.

However, the gift cards market also faces challenges, including the potential for fraud and the management of various regulations across different jurisdictions. Businesses need to implement secure systems to prevent unauthorized use of gift cards and protect both consumers and their own financial interests.

In conclusion, the gift cards market is a dynamic and versatile segment of the retail industry. With its ability to offer convenience, choice, and flexibility, along with its impact on boosting sales and customer engagement, the market is likely to continue evolving as technology and consumer preferences change over time.

Gift Cards Market major players-

Amazon: One of the world's largest e-commerce platforms, Amazon offers gift cards for its vast array of products and services.

Apple: With its Apple Store gift cards and App Store & iTunes gift cards, Apple has a significant presence in the digital gift card space.

Walmart: The retail giant offers both physical and digital gift cards for its multitude of products.

Starbucks: Known for its reloadable gift cards, Starbucks has turned its cards into collectibles and has also integrated them into its loyalty program.

Visa, MasterCard, and American Express: These major financial institutions offer generic gift cards, which can be used wherever their respective credit cards are accepted.

Target: Another major retailer that offers gift cards for its wide range of products.

Google Play: Offers gift cards for its digital store, where users can purchase apps, games, movies, books, and more.

eBay: The global online marketplace has gift cards that can be used for any purchase on its platform.

Best Buy: The electronics retailer provides gift cards for its myriad of tech products and gadgets.

Home Depot and Lowe's: Both home improvement giants offer gift cards catering to DIY enthusiasts and professionals alike.

Blackhawk Network: While not a traditional retailer, Blackhawk Network is instrumental in the gift card industry. It provides third-party gift card distribution services, partnering with various retailers and businesses.

Gyft and Raise: These platforms are significant in the digital space, allowing users to buy, sell, and manage their gift cards.

Restaurants Chains: Major chains like McDonald's, Subway, and Olive Garden, among others, have their gift card offerings.

Future Outlook-

The future of the gift card market looks promising, driven largely by technological advancements and changing consumer preferences. E-gift cards, due to their convenience and eco-friendliness, are poised to dominate, especially with the proliferation of e-commerce and digital payment methods. As mobile wallets become more commonplace, a deeper integration of gift cards within these platforms is anticipated, streamlining the storage, management, and redemption processes for consumers. Personalization, always a critical aspect of gifting, will be heightened with gift cards tailored to specific occasions or recipient preferences. With the rise of the digital realm, enhanced security measures will become paramount, addressing concerns of potential fraud and hacking. Meanwhile, as the world becomes more interconnected, there's an expectation for gift cards to evolve with cross-border usability, catering to global shoppers. Subscription services, currently a growing trend, may further intertwine with the gift card industry, offering cards specific to popular streaming or monthly product platforms.

Why to Buy This Report-

· The report provides a qualitative as well as quantitative analysis of the global Gift Cards Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.

· The report includes information on the competitive landscape, such as how the market's top competitors operate at the global, regional, and country levels.

· Major nations in each region with their import/export statistics

· The global Gift Cards Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.

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