Gift Card Market, 40% of Growth to Originate from North America, Technavio

NEW YORK, May 1, 2024 /PRNewswire/ -- The global gift card market size is estimated to grow by USD 1.10 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of over 14.46% during the forecast period. North America is estimated to contribute 40%. to the growth of the global market.

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The Gift Card Market report forecasts market growth by revenue at global, regional & country levels from 2018 to 2028. 

Region Outlook

1. North America
2. Europe
3. APAC
4. South America
5. Middle East & Africa

1. North America - Analysts at Technavio detailed the regional market outlook for North America, highlighting key growth drivers. The retail sector in this region benefits from increased consumer spending, effective e-commerce strategies, and stable inflation rates. Notable retail players like Walmart Inc., Costco Wholesale Corp., Kroger Co., Home Depot Inc., and Target Corp. have extensive distribution networks and robust infrastructure, offering diverse product ranges to consumers.

• Furthermore, the presence of prominent e-retailers like Amazon.com further bolsters market growth. North America's status as an early adopter of innovative products contributes significantly to market expansion. With the United States and Canada leading in retail and e-commerce, demand for gift cards surges during festive seasons like Christmas and birthdays, further stimulating market growth.
• This trend underscores North America's pivotal role in driving the global retail landscape, with consumers showing a strong preference for gift card purchases during celebratory occasions.

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Research Analysis

The Gift Card Market offers prepaid cards loaded with varying amounts of money for convenient payment at stores, websites, restaurants, and retail establishments. Ideal for recipients during holidays and special occasions, they're a convenient way to express love, gratitude, and appreciation. With digital gifting options, online rewards, and customizable experiences, they cater to younger generations like Millennials and Gen Z. As cashless transactions gain traction, these environmentally friendly cards are practical for retail sectors, mobile payments, and travel companies.

They're accepted widely, including by OTT platforms like SonyLiv and Zee5, travel portals like MakeMyTrip and Yatra, and eateries like Starbucks and Domino's. With the growth of E-Commerce Market and digital services, they play a crucial role in sales and cash flow. Benefiting from the Digital India initiative, FinTechs, and PayTechs offer diverse payment methods, impacting customer journeys in both physical and online retail spaces. Through strategic alliances, digital cards, and virtual options, they serve as a potent marketing tool for brand owners and multinational corporations, fostering customer loyalty and driving B2B sales.

Market Overview

In the growing Gift Card Market, prepaid cards reign supreme. Customers load them with varying amounts of money and send them to recipients with ease. Observing customer behavior is key; understanding their preferences drives sales in retail outlets. E-gifting, M-commerce, and E-commerce are thriving avenues. Virtual and mobile gift cards cater to tech-savvy consumers. Loyalty programs keep customers coming back for more. In this dynamic landscape, adapting to consumer behavior is paramount for success.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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