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 dynamic gift card market, open-loop cards are gaining significant traction over closed-loop cards. Open-loop cards, branded with payment card processor networks like Visa, MasterCard, and American Express, offer greater flexibility and wider acceptance as they are not restricted to a specific merchant. This preference for open-loop cards is driving vendors, such as InComm, a leading UK-based prepaid product and payments technology company, to innovate and introduce new products like Vanilla Go, a globally recognized open-loop gift card brand. Open-loop Mastercard gift cards provide a personalized gifting experience, making them an attractive option for customers. Vendors continue to invest in this segment, recognizing the growing demand for open-loop gift cards. 

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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
• Card Type
  • Closed-loop Card
  • Open-loop Card
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • Japan
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth of e-commerce sector
• Increase in gifting culture
• Gift cards as strategy for brand building

However, the market also witnesses some limitations, which are as follows:

• Additional loss of money in using gift cards
• Impersonal nature of gift cards
• Growing concern related to use of plastics

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Market Scope in Gift Card Market Research Report

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Research Analysis Overview

In the evolving world of payments, prepaid cards and reloadable gift cards continue to be popular choices. Digital wallets, mobile payment solutions, contactless payments, and e-commerce growth fuel the demand for these products. Consumer behavior shifts towards online shopping, prioritizing payment security and fraud prevention. Personalization, corporate gifting, loyalty programs, and employee incentives enhance their appeal. Virtual gift cards, blockchain integration, cryptocurrency payments, and cross-border transactions expand their reach. (51 words)

Market Research Overview

The global leisure products market encompasses a range of sectors, including prepaid cards, such as gift cards, for various amounts for use at stores, websites, restaurants, and retail establishments, as well as businesses. This market is a significant contributor to the larger household durables industry, as calculated by Technavio, which determines market size based on the consolidated revenue of manufacturers in categories like consumer electronics, home furnishings, homebuilding products, household appliances, housewares and specialties, and leisure products. Market expansion will be fueled by the surge in health and fitness club memberships, with their numbers experiencing substantial growth over the past decade and continuing to rise due to the industry's promising prospects.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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