Los Angeles, United States, October 10, 2019 –QY Research has published a new report titled, “Global Gift Cards Market Report, History and Forecast 2014-2025”, which provides a detailed and accurate analysis of the overall scenario of the market. The report includes the profiles of top players and the overview of their expansion across the regions. As per the report, the global gift cards market is expected to reach US$505.9 bn by 2025 from US$337.6 bn in 2018. The market will register a CAGR of 6.0% throughout the forecast period.
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Growing Usage of Gift Cards in Corporate Sector Fuels Market
The global gift cards market will witness robust growth due to the growing demand for cashless transactions in end-use industries such as restaurants, entertainment, and coffee shop, and other businesses. These are perfect substitutes for physical forms of money. Gift cards establish a medium that supports hassle-free purchasing procedures with easy transactions. One of the key factors that is contributing to the growth of the market is the growing demand for gift cards in the consumer goods industry. Recognition of employee’s contribution toward a company is popularly being done via gift cards in the corporate sector. All of these factors are expected to add momentum to the market.
Besides, the rising adoption of smartphones and the growing e-commerce industry is expected to boost the market in the coming years. The gift cards are attaining more popularity than gift vouchers, which has also positively influenced market growth.
Moreover, other factors such as growing disposable income, change in consumer taste and buying patterns, and rising economic growth are expected to propel the market throughout the forecast period.
North America to be the Fastest Growing Region in the Gift Cards Market
The global market for gift cards is segmented into Asia Pacific, Europe, North America, the Middle East, and Africa, and South America on the basis of region. Out of these, North America is witnessing a remarkable growth due to higher acceptance of demonetization and growing popularity of gift cards. Asia Pacific is also likely to grow the gift cards market due to factors such as rising population, increasing disposable income, and changing purchasing patterns of consumers. The report also predicts that Europe is also expected to grow in the coming years.
E-gifting Segment is Gaining Popularity in the Global Market
The global gift cards market is segmented into application and product type. The application segment includes entertainment (movie, music), restaurant, coffee shop, and department stores. The product type segment includes miscellaneous closed-loop, universal accepted open loop, retail closed-loop, e-gifting, and restaurant closed loop. The e-gifting segment will witness a remarkable growth due to growing digital services and convenience experienced by the customer while doing the transaction.
Global Gift Cards Market: Key Players
AL-FUTTAIM ACE, Amazon, JCB Gift Card, iTunes, Zara, Walmart, H&M, Google Play, IKEA, Starbucks, Virgin, Home Depot, Macy's, Walgreens, Sainsbury's, Sephora, Best Buy, Lowes, JD, and Carrefour are the major players operating in the global gift cards market.
Global Gift Cards Market: Competitive Landscape
The global gift cards market is highly fragmented due to the presence of various key players that provide innovative products to gain an advantage in the intense competition. The report provides a complete analysis of the competitive landscape of the gift cards market globally. This report will aid readers to design new growth strategies and identify new growth opportunities.
● Growing e-commerce industry will boost the market
● North America to lead the global gift cards market
QY Research established in 2007, focus on custom research, management consulting, IPO consulting, industry chain research, data base and seminar services. The company owned a large basic data base (such as National Bureau of statistics database, Customs import and export database, Industry Association Database etc), expert’s resources (included energy automotive chemical medical ICT consumer goods etc.
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