QY Research has come up with a new report titled, “Global Gift Cards Industry Professional 2019”, for the forecasted period of 6-Years, i.e., between 2019 and 2025. According to the report the global gift cards market was valued at US$ 337.6 Bn in the year 2018 and is likely to reach over US$ 505.9 Bn by the end of 2025, exhibiting the robust CAGR of 6.0% during the forecasted period.
Since last few years, the gift cards have become an extensive and unique gift option for various occasions such as birthdays and anniversaries. The gift cards usually push consumers towards stores and restaurants to make a purchase and thus it raised the growth for the market across the globe.
Global Gift Cards Market: Drivers
The global market for gift cards is growing due to an increasing demand for innovative technology, rising demand for cashless transactions and increasing end-use industries such as banks and retail sectors. The gift cards are attaining more popularity and consumers are preferring it over gift vouchers which is creating a positive impact on the global market for gift cards.
Growing adoption of gift cards in the corporate sector is one of the significant factors which is creating robust growth on the global gift cards market.
The rising adoption of smartphones and the growing e-commerce industry is expected to boost the growth of the worldwide market for gift cards in the coming years. Moreover, rising disposable income, buying patterns of the consumer, rising economic growth, and consumer taste and preferences are the other growth trends that are positively impacting on the global gift cards market.
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Global Gift Cards Market: Segmental Analysis
The worldwide market for gift cards is segmented into by application and by product type. On the basis of application the global gift cards market is segmented into Entertainment (Movie, Music), Restaurant, Coffee Shop, and Department Store.
Based on by product type, the gift cards market is segmented into Miscellaneous Closed Loop, Universal Accepted Open Loop, Retail Closed Loop, E-Gifting, and Restaurant Closed Loop
Global Gift Cards Market: Geographical Analysis
North America is significantly witnessing a remarkable growth due to the rise in technological innovation over the forecasted period. The market in Asia Pacific is also likely to grow due to the factors such as rising population, increasing disposable income, and change in taste and preferences of the consumer across the globe. Europe is expected to grow in the coming years.
Global Gift Cards Market: Competitive Landscape
The global gift cards market report usually focuses on the market share, revenue, and the production capacity of the top manufacturers. Some of the key players operating into the global market for gift cards are AL-FUTTAIM ACE, Amazon, JCB Gift Card, iTunes, H&M, Walmart, IKEA, Google Play, Virgin, Starbucks, Macy’s, Home Depot, Sainsbury’s, Walgreens, Best Buy, Sephora, JD, Carrefour, and Lowes.
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