The gift card and incentive card market is anticipated to expand at a CAGR of 13.1% from 2023 to 2031. Increase in demand for digital gifting options among customers to drive the gift card and incentive card market.

Gift Card and Incentive Card Market Analysis 

With increasing investment from major players, such as Blackhawk Network and InComm Payments, the global gift card and incentive card market has been growing steadily. This has helped the gift card industry expand globally, along with the emergence of creative fintech companies. The publisher anticipates that these companies will increase their investment in the gift card market and form strategic partnerships in order to fuel their expansion, given the anticipated continued increase in consumer and corporate demand for gift cards and incentive cards. 

Gift Card and Incentive Card Industry Overview

• A prepaid card with a predetermined amount of money loaded onto it is called a gift card. It can be used to pay for goods at certain shops, online retailers, or dining establishments that take that specific card. Retail stores and other enterprises can buy gift cards to give as presents, or the receiver can buy them for their own use. Gifts of these are frequently given on holidays, birthdays, and other special events. Gift cards are practical because they free the recipient to select what they wish to purchase and remove the giver's requirement to make educated guesses about the recipient's preferences.
• The gift card and incentive card market represents a thriving sector within the extensive retail and consumer incentives industry. These cards have become a popular choice for rewarding and gifting customers, employees, and partners.

Strategic Insights

Gift Card and Incentive Card Market Drivers and Opportunities

 

Increase In Demand For Digital Gifting Options Among Customers To Drive the Gift Card and Incentive Card Market.

• The gift card and incentive card market is being driven mostly by the rise in user demand for digital gifting choices. These cards offer consumers a simple and practical way to buy gifts for friends, family, and coworkers, and they may be purchased online or in-store. The market is also significantly influenced by the growing usage of gift cards as incentives and rewards, as well as customer preferences for experiences over material presents, further driving the gift card and incentive card market growth.

Gift Card and Incentive Card Market Report Segmentation Analysis

• The closed-loop card segment experienced the biggest increase based on the card type. This is explained by the fact that a business may boost customer loyalty and brand awareness by providing closed-loop gift cards since consumers are likely to identify the card with that particular brand. Furthermore, because closed-loop gift cards may be used at a specific store and are not redeemable for cash, they are a practical and simple present option for customers. Furthermore, because closed-loop gift cards may only be used at certain locations, there is less chance of fraud associated with them than open-loop gift cards, which can be used anywhere.  Therefore, the closed-loop card segment is boosting the gift card and incentive card market growth.

Gift Card and Incentive Card Market Share Analysis By Geography

The scope of the gift card and incentive card market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific (APAC) is experiencing rapid growth and is anticipated to hold a significant gift card and incentive card market share. The region's significant economic development, growing population, and increasing focus on financial inclusion across diverse economies have contributed to this growth. Furthermore, the advent of technology has made it easier for consumers to purchase and use gift cards in the APAC. Gift cards may now be purchased online and redeemed through a mobile device with the rise of e-commerce and mobile commerce.

Gift Card and Incentive Card Market Report Scope

The "Gift Card and Incentive Card Market Forecast" was carried out based on card type, consumer type, distribution channel, and geography. In terms of card type, the market is segmented into e-gift cards and physical cards. Based on consumer type, the gift card and incentive card market is segmented into retail consumers and corporate consumers. Based on the distribution channel, the market is bifurcated into online and offline. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

 

Gift Card and Incentive Card Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the gift card and incentive card market. A few recent key market developments are listed below: 

• In December 2023, Pine Labs’ Qwikcilver, a leading provider of end-to-end gift card and stored value solutions in Southeast Asia and India, and Foodpanda, Asia’s largest food and grocery delivery network (outside of China), partnered to launch Foodpanda Gift Cards. This enhanced solution enables Foodpanda customers to redeem and cart out purchases easily.

[Source: Foodpanda, Company Website]

 

Gift Card and Incentive Card Market Report Coverage & Deliverables

The market report on “Gift Card and Incentive Card Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

REGIONAL FRAMEWORK

Gift Card and Incentive Card Market Report Analysis

MARKET PLAYERS

Gift Card and Incentive Card Market Report Scope

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