Mexico Gift Card Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Mexico Gift Card Market Growth

Mexico ranks among the top five nations globally experiencing a robust growth rate of eCommerce retail. In 2022, there were 63 million eCommerce users in Mexico, marking an increase of 5.5 million from the previous year. The surge in e-commerce trends has notably increased the demand for gift cards. As online shopping expands, consumers are increasingly opting for digital gift cards due to their convenience and instant delivery. E-commerce platforms and retailers are actively promoting gift cards as a versatile option for online transactions, enabling recipients to utilise them effortlessly across a variety of digital stores. This trend signifies a movement towards more seamless, contactless transactions and greater consumer flexibility.

The increasing popularity of gift cards is significantly associated with festive periods and special events. During holidays, birthdays, and various celebrations, gift cards are favoured for their practicality and flexibility. They provide an effective means of gifting, enabling recipients to select their desired products or services. This seasonal uptick in gifting behaviour contributes to heightened sales and the growing appeal of gift cards, establishing them as a preferred choice for both consumers and retailers.

Retailers indicate that the peak period for eCommerce sales occurs during the December holiday season in the country. They also observe that the December holiday season yields the highest volume of eCommerce sales. Following this, the second-largest online shopping event is ‘El Buen Fin,’ a promotion embraced by numerous Mexican retailers in mid-November, which originated as a weekend event but has evolved into a week-long promotion. Other significant events include Black Friday and ‘Hot Sale,’ an initiative by the Mexican Association of Online Retailers that features substantial discounts from eCommerce vendors in late May or early June. Additional notable shopping occasions include Cyber Monday and Mother’s Day.

Key Trends and Developments

Increasing consumer spending, growth of the e-commerce sector, technological advancements, and rising customisation and personalisation trends are the major trends impacting Mexico gift card market growth

Nov 2022

Apple announced a range of new gift cards for the 2022 holiday season to strengthen its customer base.

Aug 2024

Amazon introduced a credit card offering a cashback of 1% to 2% on purchases made at its e-commerce platform, along with a cashback of up to 0.5% on purchases made elsewhere. The rewards were provided in the form of gift cards that can be utilised on the online retail giant’s platform.

Increasing Consumer Spending

The rise in disposable incomes, coupled with ongoing economic expansion, is significantly enhancing consumer purchasing power across various demographics. As individuals find themselves with more financial resources at their disposal, they are increasingly inclined to spend on non-essential items, including gifts for friends, family, and colleagues.

Growth of the E-Commerce Sector

The rapid expansion of e-commerce and the increasing popularity of digital payment platforms have significantly transformed the landscape of consumer spending and gifting practices. As more people turn to online shopping for its convenience and accessibility, the demand for innovative payment solutions has surged.

Technological Advancements

Rapid advancements in digital technology, coupled with the widespread adoption of mobile wallets, have significantly contributed to the growth and popularity of digital gift cards. These developments have not only made digital gift cards more accessible to consumers but have also improved their overall usability in various ways.

Growing Demand for Gift Cards During Festive and Special Occasions

There is a heightened demand for gift cards during holidays, birthdays, and special events. This trend can be attributed to several factors that make gift cards a popular choice for gifting. The combination of convenience, versatility, accessibility, and promotional incentives during holidays, birthdays, and special events leads to a notable increase in gift card sales.

Rising Customisation and Personalisation Trends

The ability to customise and personalise gift cards significantly enhances their appeal as thoughtful and unique gifts. This customisation allows the giver to select specific designs, messages and even amounts that resonate with the recipient's preferences and interests. Gift cards are no longer seen as impersonal or generic; instead, they become a reflection of the giver's consideration and effort to choose something meaningful.

Mexico Gift Card Market Trends

The combination of convenience, versatility, accessibility, and promotional incentives during holidays, birthdays, and special events leads to a notable increase in gift card sales. As a result, gift cards have solidified their status as a favoured option for gifting, appealing to a broad audience and adapting to the evolving landscape of consumer preferences. Moreover, the convergence of digital technology and mobile wallet proliferation has significantly enhanced the accessibility and usability of digital gift cards. As these trends continue to evolve, it is expected that further innovations will make digital gift cards an even more integral part of the consumer experience.

Mexico Gift Card Industry Segmentation

Mexico Gift Card Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Card Type

• Closed-Loop Card
• Open-Loop Card

Market Breakup by End Use

• Retail
• Corporate Institutions

Market Breakup by Distribution Channel

• B2B Market
• B2C Market

Market Breakup by Region

• Central Mexico
• Northern Mexico
• Pacific Coast
• The Bajío
• Yucatan Peninsula
• Baja California
• Others

Mexico Gift Card Market Share

Based on end use, the market is segmented into retail and corporate institutions. The retail sector is projected to grow at a CAGR of 11.2% during the forecast period of 2024-2032. The popularity of gift cards in the retail sector is fuelled by their versatility, ease of use, and efficacy as a marketing instrument, which enhances sales and fosters customer interaction.

Leading Companies in the Mexico Gift Card Market

Major players are focusing on the personalisation and customisation of gift cards to gain a competitive edge in the market.

• Amazon.com, Inc.
• D.R Tiendas Soriana, SA de CV
• Apple, Inc
• Google LLC
• Elektra Trading & Consulting Group SA de CV
• Others

The comprehensive report looks into the macro and micro aspects of the market. 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.