Latest News- Gift Card Market: E-gifts cards is expected to lead the Type segment during 2025-2029
The Gift Card Market is being driven by Growth of e-commerce sector
The Gift Card Market is expected to grow at a CAGR of 15.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1331.3 billion. In the gift card market, there has been a significant shift towards open-loop gift cards over closed-loop cards. Open-loop cards, branded with payment card processor networks such as Visa, MasterCard, and American Express, offer wider acceptance and flexibility for customers, as they are not limited to a specific business. Vendors, including InComm, a leading UK-based prepaid product and payments technology company, have recognized this trend and introduced innovative open-loop gift card solutions, such as InComm's Vanilla Go brand, which has been in operation for over five years. Open-loop Mastercard gift cards provide a personalized gifting experience, making them a popular choice among consumers. The growing preference for open-loop cards is driving market growth and innovation in this segment.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (E-gifts cards, Physical gift cards) Distribution Channel (Offline, Online) Geography (North America, Europe, APAC, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Gift Card Market Research Report
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Gift cards, a popular form of prepaid payment, allow recipients to use a specified amount of money at various stores, restaurants, and retail establishments, both online and offline. Younger generations prefer e-gifting through websites and mobile apps for convenience. Brands use gift cards as marketing tools and customer loyalty programs, fostering feelings of love, gratitude, and appreciation. Strategic alliances between businesses offer digital, virtual, and mobile gift cards for seamless transactions. Consumers behavior towards gifting continues to evolve with m-commerce and e-commerce trends.
The global leisure products market encompasses various sectors, including prepaid gift cards, sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer games. According to Technavio, the global household durables market is determined by the consolidated revenue generated by manufacturers of household durables, comprising consumer electronics, home furnishings, homebuilding products, household appliances, houseware and specialties, and leisure products. The expansion of the global leisure products market will be fueled by several factors, such as the surge in health and fitness club memberships. This trend has gained momentum in recent years, with a significant rise in the number of health and fitness clubs due to the industry's promising prospects. Prepaid gift cards serve as a convenient payment method for various transactions at stores, websites, restaurants, retail establishments, and businesses. These cards are increasingly popular for special occasions like birthdays and holidays, making them an essential component of the leisure products market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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