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Global Gift Cards Market Report 2021-2026 - Increased Focus on Employee Rewards & Recognition to Reduce Demand for Gift Cards

Global Gift Cards Market Report 2021-2026 - Increased Focus on Employee Rewards & Recognition to Reduce Demand for Gift Cards

DUBLIN, January 14, 2022 /PRNewswire/ -- The report has been added to ResearchAndMarkets.com's offer.

By the end of 2026, the global gift card market will hit US$1.4 trillion.

In the face of the COVID-19 crisis, the global market for Gift Cards is expected to reach a new high of US$1.4 trillion by 2026, with a CAGR of 11.1% in the period.

After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Restaurant Closed Loop segment is now reduced to a 10% CAGR for the next 7 years.

Gift Cards are currently the largest share of the global gift cards market. In the last years, gift cards have gained notable attention in the restaurant industry as a creative marketing and branding approach as well as as a lifeline for businesses who are dealing with the problems that arise.

Gift cards are growing in popularity because they are perceived and considered as unthinkable as it requires no effort and implies a calculated dollar value tagged on the relationship. Convenience and flexibility are the two main benefits of gift cards facilitating their adoption among people, companies and marketers the world over.

Gift cards for businesses help express appreciation and gratitude to their employees, and this kind of workplace recognition is a way to foster inclusive work environment. For retailers and marketers gift cards assist in increasing holiday sales, increasing customer engagement, generating useful customer behavioral data.

With millennial brides' preference for online shopping, wedding e-gift cards are becoming a big business. Gift cards are becoming a new sales force in online retail with consumers widely appreciating the many benefits of gift cards.

Gift cards are available in eCommerce businesses as well as increased sales and customer loyalty. Integrated gift card systems assist customers make payments for purchases using the gift cards while simultaneously aiding retailers to track and analyze customer behavior.

A large portion of customers prefer gift cards from their preferred restaurant, giving them the chance to serve them. Major retailers and restaurant chains such as Walmart, Amazon, Target, Starbucks, and Chipotle also offer customers both digital and physical gift cards.

The rise of smart devices and increased levels of digital transformation are causing the demand for e-gift cards to rise.The United States Market is expected to reach $313.4 billion in 2021, while China is expected to reach $156.4 billion by 2026.

The Gift Cards market in the United States is estimated to be worth US$313.4 billion in the year 2021, with China, the world's second largest economy, expected to reach an estimated market size of US$156.4 billion in 2026, despite a CAGR of 15.3% during the analysis period.

The most notable geographic markets in Europe are Japan and Canada, with each gaining 8.9% and 11.1% respectively over the analysis period. The Rest of Europe's close loop segment will be worth $144.8 billion by 2026.

The 9.5 percent CAGR projected for this segment will be driven by USA, Canada, Japan, China, and Europe. In the global Miscellaneous Closed Loop segment, these regional markets accounting for a combined market size of US$66.6 Billion in the year 2020 will reach a projected size of US$120.1 Billion by the close of the analysis period.

MARKET OVERVIEW

  • Gift-Giving Etiquette Ingrained Into Our Culture Provides the Cornerstone for the Growth of the Gift Card Industry
  • The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
  • These are Times When Questions Abound & Answers Are Few
  • So How Fast Or Slow Are We Moving?
  • Split Scenarios Unfold: The Great Vaccine Divide Emerges
  • Progress on Vaccinations, Why Should Businesses Care?
  • With IMF's Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About an Economic Comeback Despite a Continuing Pandemic
  • How the Retail & Restaurant Industries Are Impacted by the Pandemic & What's the New Normal?
  • Recent Market Activity
  • Innovations
  • World Brands

2. FOCUS ON SELECT PLAYERS (Total 218 Featured)

  • Amazon.com, Inc.
  • Apple Inc.
  • Best Buy Co., Inc.
  • Blackhawk Network Holdings, Inc.
  • Edenred
  • Global Payments Direct, Inc.
  • Gyft, Inc.
  • InComm Payments
  • NGC US, LLC.
  • Qwikcilver Solutions Pvt. Ltd.
  • Starbucks Corporation
  • Target Corporation
  • Walmart Inc.

3. MARKET TRENDS & DRIVERS

  • Wedding Gift Cards to Witness Steady Growth Supported by Marriageable Millennials
  • Robust Rise of e-Commerce & m-Commerce to Support Market Growth
  • Pandemic Fast Forwards eCommerce Growth
  • Growing Emphasis On Loyalty Management Programs Bodes Well for Inclusion of Gift Cards
  • Coffee Gift Cards as Top Marketing Tools to Benefit From the Healthy Outlook for Coffee Shops
  • E-Gifting Rises in Prominence. Here's Why
  • Widespread Adoption of Smartphones Accelerates the Concept of e-Gift Cards
  • Rising Demand for Personalized Gift Cards as More Consumers Appreciate Personalization
  • Growing Focus on Employee Rewards & Recognition to Spur Demand for Gift Cards
  • Gift Cards Emerge as a Popular Marketing Strategy for Restaurants

PERSPECTIVE III IN THE GLOBAL MARKET IN REGIONAL MARKET, COMPETITION

  • Total Companies Profiled: 218

For more information on this report, please visit the Web.

Contact with Media:

Laura Wood, Senior Manager for E.S.T Office Hours Call +1-917-300-0470 For GMT Office Hours Call +353-1-416-8900 Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets

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