Global Gift Cards Market Report and Forecast 2024-2032

Global Gift Cards Market Outlook

The global gift cards market attained a value of USD 1,128.10 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 16.3% to reach USD 4,399.08 billion by 2032.

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Increasing Demand for Closed-Loop Cards to Augment the Gift Cards Industry Growth

Based on card type, the closed-loop card segment accounted for a significant share in the industry and this trend is expected to continue throughout the forecast period. This is due to a number of advantages, including the ability for businesses to profit from items purchased using these types of cards and the free activation provided to the users, both of which encourage the usage of closed-loop gift cards.

The Asia Pacific to Provide Significant Growth Opportunities to the Global Market for Gift Cards

North America accounted for a significant share in the market during the historical period and is likely to witness a steady growth over the forecast period. This can be attributed to the increased acceptance of technology, increasing penetration of key players, and the presence of well-established hospitality infrastructures in the region. Meanwhile, the Asia Pacific is predicted to witness a healthy growth over the forecast period owing to the ongoing developments in the regional market for gift cards and the growing popularity of e-gifting methods. Moreover, the increasing penetration of smartphones, rising per-capita income, expanding e-commerce sector, and the increasing government initiatives to support the digital payment systems, particularly in emerging economies like India and China, are expected to further bolster the gift cards industry growth in the region.

Gift Cards: Market Segmentation

Gift cards, also known as gift certificates, gift vouchers, and gift tokens, are a type of promotional item offered by a merchant or bank to attract new consumers, raise brand recognition, decrease fraud, and boost sales. Gift cards have become a popular method to send greetings on special occasions or to express gratitude for someone's hard work. Prepaid payment cards holding a set amount of money are known as gift cards.

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The major card types available in the industry are:

• Closed-Loop Card
• Open-Loop Card

The market can be broadly categorised on the basis of its end users into:

• Retail
• Corporate Institutions 

The EMR report looks into the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Use of Smartphones, Along With the Growing Trend of Awarding Gift Cards to Employees in the Corporate Sector to Bolster the Growth of the Global Gift Cards Industry

The gift cards industry is growing due to technological advancements in product offerings, the growing retail sector, and a high rate of smartphone usage. As the number of online shopping platforms grew, so did the number of gift cards purchase from various online platforms for gifting purposes. In addition, the rising practice of using corporate gift cards to thank workers for their efforts and successes is further fuelling the market expansion. Furthermore, increased acceptance of IoT technologies at the household, commercial, and industrial levels, and the rising penetration of m-commerce and e-commerce firms are likely to drive the gift cards industry in the forecast period.

Key Industry Players in the Global Gift Cards Market

The report presents a detailed analysis of the following key players in the global gift cards market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Blackhawk Marketing Services, Inc
• Fiserv, Inc.
• American Express Company
• Givex Corporation
• Qwikcilver Solutions Pvt Ltd.
• InComm Payments
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

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