The demand for gift cards is increasing due to the increasing penetration of smartphones and internet facilities across the globe that provide consumers with convenient and convenient payment options. According to the data of the World Population Survey in 2022, around 69% of the world’s population is 4.
New York, Jan. 09, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Gift Cards Market by Type, and by End User – Global Opportunity Analysis and Industry Forecast, 2022–2030” – https://www. reportlinker.com/p06379284/?utm_source=GNW
9 billion people are actively connected to the internet.
Also, increasing acceptance of e-gift cards as a promotional tool and a source of quick revenue for businesses like restaurants, hospitality and aviation among others is increasing the demand for digital gift cards. Additionally, the market is strongly driven by the rapid development of the e-commerce sector as it offers the convenience of shopping through websites that offer gift cards and vouchers.
However, prevalence of security issues related to digital gift cards and lack of awareness of the benefits of gift cards among consumers are the factors expected to restrain the market growth during the forecast period. On the other hand, advancements in gift card technologies allow flexible shipping options and promotional campaigns for businesses. By increasing the uniqueness and attractiveness of product offerings, it also helps businesses increase sales, which is expected to create profitable expansion opportunities for players in the gift card market in the coming years.
Segment Overview
Type (Open and Closed License), and by End User (Commercial Institutions and Corporate Institutions) –
The global AI market is segmented on the basis of type, end user, and geography.
– On the basis of Type, the market is segmented into open tube and closed tube.
– On the basis of End-User, the market is segmented into retail establishments and corporate establishments.
– By region, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
Regional Analysis
It is expected that by 2030, the European region will have a dominant share.
North America holds the largest market share for gift cards due to the increase in e-commerce activity due to the increasing population of millennials and Gen Z who are inclined towards accepting gift cards. According to reports published by the US Census Bureau in 2021, millennials make up the largest population group in the United States with 72.2 million millennials making up 21.7% of the population.
Also, the increasing penetration of smartphones among consumers, which allows easy management of digital gift cards through mobile apps, is accelerating market demand. According to a study by the US Census Bureau, as of 2021, the United States had one of the highest smartphone penetration rates in the world with 82.2 percent of the population using a smartphone.
Additionally, major retailers and restaurant chains such as Walmart, Amazon, Target, Starbucks and Chipotle also offer digital and physical gift cards to consumers, driving the market in this region. The market in this region is also driven by large retailers and restaurant chains like Walmart, Amazon, Target, Starbucks, and Chipotle, which provide customers with physical and digital gift cards. The above factors are expected to significantly increase the growth of the gift card market in this region.
Key Market Players
Key emerging and profitable players in the gift card market research include companies such as:
• Amazon.com, Inc
• Apple Inc
• American Express Company
• Blackhawk Network Holdings Inc
• Best Buy Co., Inc.
• Walmart Inc.
• Starbucks Corporation
• Payments InComm
• Chipotle Mexican Grill Inc.
• QwikSilver Solutions Private Limited
Recent developments
August 2022
American Express Corporation has relaunched the Platinum Card as a Credit Product for new members with membership rewards in travel vouchers. Membership reward points can be used for purchases, with travel partners including British Airways, Emirates, Singapore Airlines, Radisson and Marriott.
April 2022
Walmart has developed a new technology to freeze millions of gift cards purchased by thousands of mostly elderly victims at the direction of scam artists who defrauded them. After receiving the gift cards, victims can get their money back.
April 2022
Starbucks has launched its new paper gift card, the first gift card grown in the United States. These gift cards use seed papers to achieve their final flower form.
January 2022
Blackhawk Networks announced a strategic partnership with Tender Retail to expand the delivery of gift card payments, strengthen payment options with corporate merchants and meet the diverse demands of consumers.
November 2021
Amazon.com Inc has partnered with the Apple store where Apple Store gift cards can be purchased through Amazon.com, which will allow Apple device users to purchase apps, music subscriptions and audiobooks.
November 2021
Apple has launched a Holiday Gift Guide and personalized holiday cards at Apple. This guide contains top picks for creatives and freelance photographers for those who are passionate about health, fitness, and entertainment.
October 2021
Best Buy has announced the launch of gift cards made entirely from paper that can be recycled or placed directly in the recycling bin, thereby providing customers with eco-friendly products while protecting the environment.
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