Global Gift Card Market Expected to Reach $1.5 Trillion by 2030, Reports MarkWide Research
According to a new report published by MarkWide Research, titled, “Global Gift Card Market,” the worldwide market for gift cards is set for remarkable growth, with a projected market value expected to reach $1.5 trillion by the year 2030. This growth is driven by changing consumer preferences, increased digital adoption, and the convenience and flexibility that gift cards offer.
Market Overview:
Gift cards have become a popular gifting choice across various industries, allowing recipients the freedom to choose their preferred products or services. These cards are issued by retailers, restaurants, and service providers, making them a versatile and widely accepted form of currency for purchases.
Key Market Insights:
- Digital Transformation: The primary driver of the gift card market is the ongoing digital transformation, which has led to the proliferation of digital gift cards and mobile wallet integration.
- Personalization: The ability to personalize gift cards with custom designs, messages, and themes has made them an appealing choice for both givers and receivers.
- Corporate Gifting: Businesses are increasingly using gift cards for employee rewards, customer loyalty programs, and corporate gifting, contributing to market growth.
Market Forecast and Growth Prospects:
The global gift card market is poised for significant growth, with a projected CAGR of over 10% during the forecast period, 2023-2030. The market, valued at approximately $700 billion in 2022, is expected to reach $1.5 trillion by 2030. This growth trajectory is driven by the growing popularity of gift cards as a versatile and convenient gifting option.
Challenges and Opportunities:
Challenges in the gift card market include increased competition and the need for robust security measures to prevent fraud. Opportunities lie in expanding into emerging markets, enhancing digital gift card platforms, and exploring new partnerships and collaborations.
Regional Analysis:
- North America: North America, particularly the United States, is expected to lead the gift card market, driven by strong consumer spending and a robust gift card ecosystem.
- Europe: Europe represents another significant market, with a growing adoption of digital gift cards and an evolving retail landscape.
- Asia-Pacific: Asia-Pacific is witnessing a surge in digital payments and e-commerce, making it a promising market for gift cards, especially in countries like China and India.
Competitive Landscape:
Prominent players in the global gift card market include Amazon, Walmart, and Starbucks, among others. These companies offer a wide range of gift card options, catering to the diverse needs and preferences of consumers worldwide.
Conclusion:
The global gift card market is evolving to meet the changing preferences of consumers and businesses. With the flexibility, convenience, and personalized touch that gift cards offer, they are expected to remain a popular choice for gifting across industries.