Global Gift Cards Market Growth 2024, Forecast To 2033
11 Sep, 2024
The gift cards market has experienced rapid growth, with its size increasing from $1,094.23 billion in 2023 to $1,296.06 billion in 2024, reflecting a compound annual growth rate (CAGR) of 18.4%. This growth is attributed to the expansion of e-commerce, increased consumer disposable income, rising adoption of mobile payments, growing demand for personalized gift options, and a surge in contactless payments. The market is projected to continue its rapid expansion, reaching $2,576.52 billion by 2028 with a CAGR of 18.7%. The anticipated growth is driven by increased adoption of digital wallets, a rise in mobile commerce, growth in corporate rewards programs, a surge in e-gifting trends, and higher internet and smartphone penetration. Major trends expected include the integration of blockchain technology, the use of artificial intelligence for personalization, a focus on sustainability and eco-friendly options, partnerships between retailers and fintech companies, and the growing use of social media for gift card promotions.
Global Gift Cards Market Key Driver
The rising food service sector is expected to propel the growth of the gift cards market going forward. The food service sector includes establishments that prepare and serve meals and beverages to customers, such as restaurants, cafeterias, catering services, and food trucks. The growth in the food service sector is driven by increasing consumer demand for convenient dining options, evolving food preferences towards healthier and more diverse cuisines, and urbanization. Gift cards benefit the food service sector by enhancing customer loyalty, attracting new customers, increasing cash flow, and promoting the brand. For instance, according to the United States Census Bureau, a US-based federal statistical agency, U.S. retail and food services sales totaled $704.3 billion in June 2024, marking a 2.3% increase compared to June 2023. Therefore, the steadily rising food service sector is driving the growth of the gift cards market.
Get A Free Sample Of The Gift Cards Market ReportGlobal Gift Cards Market Segments
The gift cards market covered in this report is segmented –
1) By Type: Universal Accepted Open Loop, Sports Gift Card, E-Gifting, Restaurant Closed Loop, Retail Closed Loop, Miscellaneous Closed Loop
2) By Price Range: Low (0-200 US$), 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
By Geography:The regions covered in the gift cards market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the gift cards market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Gift Cards Industry Players
Amazon.com Inc., Apple Inc., Target Corporation, American Express, Best Buy Co. Inc., Starbucks Coffee Company, PayPal Inc., Fiserv Inc., Block Inc., Worldpay Inc., Corpay Inc., Blackhawk Network, InComm Payments, QwikCilver Solutions Pvt. Ltd., Pine Labs Pvt Ltd, Givex Corp., Paytronix Systems Inc., Plastek Card Solutions Inc., Tendercrop Farms, National Gift Card Corp, Card USA Inc., Tele-Pak Inc., Yiftee Inc., JIFITI, Village Roadshow Ltd., TransGate Solutions, Duracard Plastic Cards, Kindcard Inc.
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Gift Cards Market Overview
Gift cards are prepaid cards issued by retailers, financial institutions, or other organizations that can be used as a form of payment. They are designed to be given as gifts or rewards and are often used to provide recipients the flexibility to choose their items.
Gift Cards Global Market Report 2023 provides data on the global gift cards market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The gift cards market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.