Global Gift Cards Market Predicted to Register $1,396.01 Billion in Revenue and Rise at a Noteworthy CAGR of 15.4% during the 2021-2028 Timeframe [193-Pages]

New York, USA, March 22, 2023 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global gift cards market is envisioned to generate a revenue of £1,396.01 billion and grow at a stunning CAGR of 15.4% over the analysis timeframe from 2021 to 2028.  As per our analysts, the rising penetration of smartphones provides more flexible and convenient payment options to consumers all across the globe which is expected to amplify the growth of the gift cards market during the forecast period. Besides, the growing demand for improved products and technological improvements associated with payment solutions is predicted to bolster the growth of the market throughout the analysis timeframe.

Moreover, the rapid expansion in e-commerce and the rising technological advancements in gift cards to increase the sales of organizations are predicted to create excellent growth opportunities for the market over the estimated period. However, the lack of security for gift cards may impede the growth of the market throughout the analysis timeframe.    Download a Comprehensive PDF Sample of Gift Cards Market 

Segments of the Gift Cards Market  The report has divided the market into segments based on type, sales channel, end-use, and region.  Type: Open Loop Sub-Segment to be Most Productive 

The open loop sub-segment is expected to garner a revenue of £724.93 billion during the forecast period. This is mainly due to the increasing popularity of open loop gift cards as they allow recipients to shop at different locations. In addition, the increased security offered by open loop gift cards is further expected to increase the growth of the market sub-segment over the estimated timeframe.   

Sales Channel: Online Sales Channel Sub-segment to be Most Profitable  The online sales channel sub-segment is projected to generate £706.05 billion during the analysis timeframe. The increasing use of online gift cards across various industries, such as food and beverage, retail, consumer electronics, and many more to promote brand recognition, attract new clients, and reduce fraud is expected to fuel the growth of the gift cards market sub-segment over the forecast period. 

End-Use: Retail Sub-Segment to be Most Beneficial  The retail sub-segment is expected to garner a revenue of £876.72 billion over the estimated timeframe. The increasing acceptance of gift cards across the retail sector due to the rising penetration of supermarkets/hypermarkets and other food and restaurant chains is expected to boost the growth of the market sub-segment throughout the forecast period. 

Schedule a call to the Expert Analyst to get the Latest update on the Gift Cards Market  North America Region to Hold the Maximum Share of the Market   The North America region of the gift cards market is predicted to register a revenue of £604.47 billion during the analysis timeframe.

The increasing use of gift cards by consumers of this region for various purposes, such as Christmas presents, and gifts for popular occasions like baby showers, birthdays, graduation parties, and many more are expected to thrive the regional growth of the market over the estimated period.  Covid-19 Impact on the Gift Cards Market    The outbreak of the Covid-19 pandemic has caused disastrous impacts on economies worldwide.

It has resulted in travel restrictions, created disturbances in financial markets, and badly impacted supply chains and production levels. The gift cards market is adversely affected by the rise of the pandemic. This is mainly because the demand for physical gift cards decreased due to the closure of stores across several countries during the period of crisis.

Moreover, the introduction of e-cards took a long time to be effective, further declining the market growth throughout the pandemic.    Prominent Market Players   The major players of the gift cards market include  

  • Blackhawk Network Holdings, Inc. 
  • Qwikcilver Solutions Pvt Ltd 
  • InComm Payments 
  • Best Buy Company, Inc. 
  • Target Corporation 
  • Apple Inc. 
  • Starbucks Corporation 
  • American Express Company 
  • Walmart Inc. 
  • couponmatrix.uk, Inc. 

These players are mainly working on the development of new business strategies, such as mergers and acquisitions, partnerships and collaborations, and product development to gain a leading position in the global industry. 

For instance, in December 2022, Blackhawk Network, an American privately held company that operates in the prepaid, gift card, and payments industries announced its partnership with IKEA, a leading provider of home furnishings solutions. With this partnership, the companies aimed to expand their gift card portfolio by connecting around 300 million consumers per day across all channels. In addition, this partnership would empower the purchase of gift cards across the entire US market.   

Further, the report also summarizes other important aspects including SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic development. 

Triangulate date as per your Format and Definition of Gift Cards Market 

More about Gift Cards Market: 

Tags:

firebox listed on couponmatrix.ukgolf-gear-direct listed on couponmatrix.ukhoseasons listed on couponmatrix.ukkaspas-desserts listed on couponmatrix.uknaturisimo listed on couponmatrix.ukthe-watch-hut listed on couponmatrix.uk
firebox listed on couponmatrix.ukEvery person is unique, so opt for a generic present? At Firebox you'll find the best in weird, wacky and wonderful gifts for people with imagination. With thousands of products to check out, Firebox have something for any occasion. With a Firebox discount code from us you can enjoy great gifts for less. Whether you’re looking for funny games, home gadgets, cute home decor or stylish stationery, you'll find just the thing at Firebox.
golf-gear-direct listed on couponmatrix.ukDo you like golf? If the answer to that question is yes, you’ll like shopping at Golf Gear Direct. For everything you could possibly need to get your game up to par, and your wardrobe too, grab a Golf Gear Direct voucher code and save yourself a pretty penny. Golf Gear Direct has it all, from clubs to clothing, and is home to lots of your favourite brands, including Callaway, Adidas and Skechers.
hoseasons listed on couponmatrix.ukBook somewhere serene for you and the whole family to enjoy at Hoseasons, one of the UK’s leading suppliers of self-catering holidays and short breaks. Whatever your preference for family fun – be it a boating holiday, a lodge with a hot tub or a quaint countryside cottage – use a Hoseasons discount code to make fresh memories for a fraction of the price. With last-minute holiday options, seasonal discounts and a wealth of locations spread across to pick between, there’s fun to be had at every corner of the country with Hoseasons.
kaspas-desserts listed on couponmatrix.ukTreating yourself never tasted sweeter than when at Kaspas Desserts, the high street chain that harbours delicious treats for all. With flavours that span from banoffee through to Sicilian lemon, you’re free to choose your preferred method of indulgence and make it yours for less with a Kaspas discount code. Whether it’s to celebrate an achievement or to pick yourself up after a hard day, Kaspa’s Desserts are always happy to help you satisfy your sweet tooth.
naturisimo listed on couponmatrix.ukFeel at your best without any excess at Naturisimo, the beauty brand with a commitment toward natural ingredients and sustainable packaging. If you’re looking to go greener with your cosmetics, be sure to switch up for less using a Naturisimo discount code from Groupon. Whether you want to address a lack of vitamins, get help through your pregnancy or add a fresh fragrances to your home, you’ll be surprised with the organic solutions available with Naturisimo.
the-watch-hut listed on couponmatrix.ukIf you're a bit of a stickler for a great looking timepiece then why not keep your eye on the time and bag yourself a luxury watch from The Watch Hut. All tastes are catered for and, with a wide selection of brands to choose from for men and women, including Michael Kors, Casio, Seiko and DKNY, why not use The Watch Hut discount code and get one as a gift for a loved one or a treat for yourself.