Global Gift Cards Market Report, History and Forecast 2014-2025,” is the new publication released by QYR Consulting. By studying different industrial dimensions and competitive landscape, the global Gift Cards market is foreseen to expand with a healthy CAGR of 6% during the forecasted period of 6-years, i.e. between 2019 and 2025. According to the report, the global Gift Cards market is expected to touch the value of US$ 505.9 Bn by 2025 end, which was around US$ 337.6 Bn in the year 2018. The global Gift Cards market is likely to influence by many factors such as increasing per capita income, convenient usage, the requirement for advanced payment solutions, rising demand for prepaid cards, rapid growth in smartphone market, and heavy demand from developing nations.
Universal accepted open loop Gift Cards segment to lead the global market
The global Gift Cards market is segmented on the basis of product and application. By product, the market is further segmented into restaurant closed loop, e-gifting, retail closed loop, universal accepted open loop, and miscellaneous closed loop. As far as products are concerned, universal accepted open loop Gift Cards foretold to be at the topmost position in the global market. Increasing working population, attractive offers and discounts given by companies are some of the reasons behind the popularity of open loop gift cards.
By application, the global Gift Cards market is segmented into coffee shop, restaurant, department store, and entertainment (movie, music). Among applications, restaurant is anticipated to acquire a major share in the global Gift Cards market followed by various other segments.
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Rapid Internet penetration in Asia Pacific to bolster the demand for Gift Cards
Gift Cards market in Europe is anticipated to grow during the predicted period. Asia Pacific Gift Cards market is projected to exhibit exponential CAGR because of untapped demands and growing need for better transactional solutions. Rising disposable income, industrialization, and internet penetration are some of the factors encouraging Gift Cards market growth in Asia Pacific.
The e-commerce industry has performed an important role in the development of Gift Cards market. Burgeoning penetration of smartphones in Asia Pacific countries along with cheaper data plans propelled consumers towards the adoption of m-commerce (mobile commerce). These factors are supporting the overall growth of Gift Cards market in the region.
ITunes, Home Depot, Sainsbury's, Lowes, Google Play, IKEA, Carrefour, JCB Gift Card, Virgin, Walgreens, Best Buy, Amazon, FUTTAIM ACE, Macy's, H&M, Sephora, Starbucks, Zara, Walmart, AL, and JD are some of the premier market players operating in the global Gift Cards market.
High demand for Gift Cards in the corporate sector predicted to the global Gift Cards market expansion
Gift Cards is the medium to wish someone to cherish their accomplishment or to appreciate someone for their phenomenal work. It has been observed that the demand for Gift Cards in the corporate sector has been increasing since past few years due a new trend of recognizing an employees’ contribution to the company by gifting them these cards. This trend has become very popular in recent times, therefore projected to prompt the global Gift Cards market growth positively.
Another factor supporting the growth of Gift Cards market is the introduction of e-commerce business globally. Different e-commerce websites offer Gift Cards to their customers. Additionally, giving cash as a gift is considered socially inappropriate is further supplementing the global Gift Cards market growth.
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