With Market Size Valued at $1.4 Trillion by 2026, it`s a Healthy Outlook for the Global Gift Cards Market

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Feb 24, 2022, 10:20 ET

SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Gift Cards - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 9; Released: February 2022
Executive Pool: 11152
Companies: 218 - Players covered include Amazon.com, Inc.; Apple Inc.; Best Buy Co., Inc.; Blackhawk Network Holdings, Inc.; Edenred; Global Payments Direct, Inc.; Gyft, Inc.; InComm Payments™; NGC US, LLC.; Qwikcilver Solutions Pvt. Ltd.; Starbucks Corporation; Target Corporation; Walmart Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (Retail Closed Loop, Restaurant Closed Loop, Miscellaneous Closed Loop, Universal Accepted Open Loop, eGifting)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Gift Cards Market to Reach US$1.4 Trillion by the Year 2026

The closest alternative to cash is the gift card. With cash increasingly being perceived and considered as unthoughtful as it requires no effort and implies a calculated dollar value tagged on the relationship, gift cards are rising in popularity. Gift cards with a personal touch such as a handwritten note additionally impart a very personal gifting experience all without the hassles of trying to find the right present. Convenience and flexibility are the two key benefits of gift cards driving their adoption among people, companies and marketers the world over. For companies gift cards helps express appreciation and gratitude for employees. This kind of workplace recognition helps build an inclusive work environment. For retailers and marketers gift cards help build brand awareness; capture more holiday sales; enable customer engagement; generate useful customer behavioral data; offer easy distribution and improve cash flow. With increasing preference for online purchases by millennial brides, e-gift cards are becoming a big business. With internet-savvy brides at ease with online purchasing, wedding e-gift cards are rising in demand. Selling gift cards is emerging to be a new sales flavor in online retail business with consumers widely appreciating the many benefits of gift cards. Benefits of having gift cards in eCommerce business are numerous including increased sales and customer loyalty. Integrated gift card systems help customers make payments for purchases using the gift cards while simultaneously helping retailers track and analyze customer behavior.

Amid the COVID-19 crisis, the global market for Gift Cards estimated at US$899.3 Billion in the year 2022, is projected to reach a revised size of US$1.4 Trillion by 2026, growing at a CAGR of 11.1% over the analysis period. Retail Closed Loop, one of the segments analyzed in the report, is projected to grow at a 11.4% CAGR to reach US$410.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Restaurant Closed Loop segment is readjusted to a revised 10% CAGR for the next 7-year period. This segment currently accounts for a 29.9% share of the global Gift Cards market. In the recent years, gift cards have gained notable attention in the restaurant industry as an impressive marketing and branding approach along with lifeline for businesses who are dealing with challenges brought by the pandemic. A sizeable fraction of customers prefer gift cards from their preferred restaurant, providing restaurant owners with the chance to serve them. Major retailers and restaurant chains such as Walmart, Amazon, Target, Starbucks and Chipotle also offer customers both digital and physical gift cards. Digital gift cards make it convenient for customers to speed up the checkout process using an app. The growing penetration of smart devices and high levels of digital transformation is contributing to the robust demand for e-gift cards.

The U.S. Market is Estimated at $339.5 Billion in 2022, While China is Forecast to Reach $156.4 Billion by 2026

The Gift Cards market in the U.S. is estimated at US$339.5 Billion in the year 2022. The country currently accounts for a 38.26% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$156.4 Billion in the year 2026 trailing a CAGR of 15.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.9% and 11.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.1% CAGR while Rest of European market (as defined in the study) will reach US$50.3 Billion by the end of the analysis period.

Miscellaneous Closed Loop Segment to Reach $144.8 Billion by 2026

In the global Miscellaneous Closed Loop segment, USA, Canada, Japan, China and Europe will drive the 9.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$66.6 Billion will reach a projected size of US$120.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$12.2 Billion by the year 2026, while Latin America will expand at a 10.7% CAGR through the analysis period. More

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