Gift Card Market Growth Accelerated by Rising Demand for Gift Cards

Gift Card Market 


 The gift card market has witnessed significant growth in recent years. Gift cards are an easy and convenient way to shop or make purchases at various retail stores, restaurants, online sites and more. They provide flexibility and advantages for both gifters and recipients. The global Gift Card Market is estimated to be valued at US$650 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2027, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
The growth in the gift card market is mainly driven by the rising demand for gift cards from millennials and generation Z consumers. Young consumers are increasingly adopting digital means of payments and find gift cards more suitable and convenient for shopping. Gift cards also promote consumerism and retail sales as recipients are likely to spend more than the card value while making purchases. Growing e-commerce and mobile wallet payments have further boosted the adoption of digital gift cards in recent years. Retailers are launching innovative gift card designs and programs to attract more customers and increase sales through this platform. Rapid growth of the retail industry especially online retail has facilitated significant growth opportunities for gift card offerings.

Segment Analysis
The gift card market is segmented into physical and e-gift cards. E-gift cards have emerged as the dominating sub-segment due to increased digitalization and convenience offered to both customers and retailers. E-gift cards can be delivered over email or through mobile apps and social networking sites which has boosted their adoption among millennials and Gen Z.

Key Takeaways
The Global Gift Card Market Demand is expected to witness high growth over the forecast period owing to the growing trend of gift giving during festive seasons and special occasions. Demand for gift cards has increased manifold post COVID-19 pandemic as people prefer gifting virtually over tangible gifts.

Regional analysis: North America dominated the global gift card market and is expected to retain its leading position through 2030. High penetration of gifting culture particularly during holidays like Christmas and presence of key players drive the North American market. Asia Pacific is identified as the fastest growing market for gift cards led by countries like China, India and Japan. Increasing disposable income, digitization and expansion of retail industry would be the key factors fueling the APAC regional market.

Key players: Key players operating in the gift card market are Amazon, Walmart, Target, ITunes, Starbucks, H-E-B, Home Depot, Lowe's, Carrefour, Tesco, Aldi and JCPenney. Amazon and Walmart capture substantial market share due to their diverse product portfolio and strong distribution network across regions. Target has a sizable share in the US gift card market due to its wide national presence.

For more details on the report, Read- https://www.insightprobing.com/gift-card-market-growth-demand-and-overview/

Get more insights on this topic: https://ceocolumn.com/news/understanding-the-complex-tumor-microenvironment/

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