Gift Card Market Statistics and Research Analysis Released in Latest Industry Report 2027

A gift card is also referred to as gift vouchers that enable the users to receive services or products from malls, shopping center, showroom etc. These coupons are basically provided by merchant establishment, banks, and big organization of a particular product or service in the form of a festival offer. This card makes modes of transaction easy for the user and also reduce the cost of printing bills. Gift card service makes the system more secure and traceable as compared to cash payment, for instance, gift cards consist of the PIN for transaction and even if it is misplaced, it will not be an issue because it can be blocked.

The global gift card market is projected to reach around US$ 900 billion by the end of 2027, in terms of revenue, growing at CAGR of 10% during the forecast period (2019-2027).

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The gift card market has witnessed significant growth in recent past years, owing to the rise in adoption of gift card across the corporate sector for offering incentives to recognizing employees achievement is expected to fuel the demand for gift cards. On the basis of gift card type, the restaurant closed loop, is estimated to drive the growth in the market share, owing to the adoption of gift cards among customers as a form of rewards.

E-commerce websites such as Amazon, Flipkart, Alibaba, eBay and others offer customers gift cards, which is augmenting the growth of the global gift card market. Moreover, the growing penetration of internet and smartphones is making the access the e-commerce websites much easier as well as provide customers with a wide range of product range.

North America was the dominant region in the global gift card market in 2018, owing to the growing number of media platforms such as Facebook, Instagram and Pinterest, where the users can sell products directly to the users through their social media account. Moreover, this scenario is estimated to foster the growth of global gift card market during the forecast period.

Detailed Segmentation:

Global Gift Card Market, By Type:
Universal accepted open loop
Restaurant closed loop
Retail closed loop
Miscellaneous closed loop
E-Gifting

Global Gift Card Market, By Merchant:
Restaurant
Department store
Grocery stores/food supermarket
Discount store
Coffee shop
Entertainment
Others

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Key companies covered as a part of this study includes Apple Inc., Amazon.com Inc., Best Buy Co., Inc., Starbucks Corporation, Target Corporation and Wal-Mart Stores, Inc.

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This release was published on openPR.