According to BlueWeave Consulting, the Global Gift Card Market is expected to grow at a significant rate during the forecast period. The Global Gift Card Market is projected to reach the valuation of USD million by the year 2026 by growing at a CAGR of 13% during the forecast period 2020- 2026. The market is growing owing to various factors. Consumers prefer to receive a gift card or prepaid cards as incentives to other options like discounts, checks, or merchandise, which is driving the market growth. The other factors that are fueling the gift cards market are the rise in acceptance for the retail industry, upsurge in application areas among the users.
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The technological innovations in product offerings are the prime aspects that are forthrightly responsible for driving the global gift card market. Gift cards are an alternative for money that supports hassle-free purchasing in events, such as dining, entertainment, retail purchases, and others, which motivate customers to go for gift cards, and is contributing to the growth of the gift card market.
The Asia Pacific is anticipated to have the fasted growth rate in the global gift market in the forecast horizon of 2020-26 due to the urbanization, high per capita income, and demand in the corporate firms to offer incentives to their employees in the form of gift cards.
Customers are inclining towards gift cards as incentives in place of traditional ways like checks, merchandise, etc., due to ease of transaction fueling the growth of the gift market. Increase in the gifting culture during festivals and special occasions such as Father’s Day, Friendship Day, Mother’s day, etc. are boosting the growth of the global gift card market. In addition, many organizations offer incentives to their employees in the form of gift cards for their excellent performance.
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The gift cards market is expected to grow at a remarkable rate during the forecast period, owing to technological innovation in product offerings, ease of use features, and high use of smartphones. The rise in requirement for advanced promotional strategies, growth associated with e-commerce, and m-commerce industry for promotions, increased high capita income of consumers drive the global gift cards market. Furthermore, the rise in popularity of these cards during traveling abroad is expected to boost the gift card market growth in the future.
The major market players in the gift card are Blackhawk Network Holdings Inc., DOCUMAX Inc., Fidelity National Information Services Inc., Givex Corp, InComm Holdings Inc., National Gift Card Corp., Plastek Card Solutions, Inc., Qwikcilver Solutions, Pvt. Ltd., Stored Value Solutions, Inc., Duracard, Cashstar, Staples, Walmart, Lowe’s, Best Buy, Sam’s Club and other prominent players are expanding their presence in the market by implementing various business strategies.
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