Dublin, 10 Feb. 2022 (GLOBE NEWSWIRE) — The report “Asia Pacific Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2022 Update” has been added to from ResearchAndMarkets.com offer.
Historically, the Asia-Pacific gift card market has witnessed steady growth with a CAGR of 11.2% during the period 2016-2020. According to the Global Gift Card Survey Q4 2021, the gift card industry in the country is expected to reach US$205,618.0 million in 2022.
The gift card market in 2021 was driven by a wide range of factors, which supported growth in the retail and corporate segments. Key drivers included the growth of e-commerce, increased adoption to entice employees to work remotely, digital gifts, and initiatives undertaken by the government, hospitality, and travel industries to jump-start growth. Although the gift card market has been impacted by COVID-19, the market is expected to rebound in the coming quarters, especially in the first half of 2022.
The gift card industry in Asia Pacific has weathered the impact of the economic downturn well as well as negative business and consumer sentiment due to the disruptions caused by the Covid-19 outbreak.
Despite the short-term challenges in 2022, the medium to long-term growth of gift cards in Asia-Pacific remains solid. The Asia-Pacific Gift Card Industry is expected to grow steadily in the first half of 2022 and register strong growth in the second half of 2022. The growth momentum is expected to continue to increase over the forecast period, registering a CAGR of 9. 6% over the period 2022-2026. The gift card market will grow from US$184,982.4 million in 2021 to US$296,946.4 million by 2026.
With the growing demand and a favorable regulatory framework, the Asia-Pacific gift card market has remained the most attractive for global gift card companies to expand their business in this region in 2021. Additionally, mergers and acquisitions as well as fundraising activities have increased in the gift card industry in the past four to six quarters.
Global Gift Card Players Launch Services in China to Expand Consumer Base
As the demand for gift cards continues to grow in China, global gift card players are also planning to launch their services in the country and gain market share in the largest Internet economy.
In October 2021, Prezzee, an Australia-based gift card company, announced plans to expand outside of Australia, the United States, and Europe, where it currently operates. The company is also planning a public offering in Australia and plans to expand its growth plan. According to the company, it intends to launch its services in China and other Asian countries. In Australia, the company is expected to process over A$1 billion in corporate and retail cards in its 2022 financial year.
The publisher expects the entry of global players such as Prezzee to further intensify the competition and growth of the gift card market in China over the next four to eight quarters.
SOEs Launch Gift Card Programs to Increase Market Share in India
The gift industry in India is one of the largest in the world, with billions of dollars spent on physical gifts in the country each year. Therefore, to promote ways of giving cashless gifts and expand the gift card market, state-owned companies are launching gift card programs in India.
In June 2021, LIC Card Services entered into a strategic partnership with IDBI Bank to launch a contactless Shagun prepaid gift card for consumers in India. With the launch of this prepaid gift card solution, LIC Card Services is making inroads into India’s fast-growing digital gift card market.
Launched on the RuPay platform, the prepaid gift card can be used at millions of merchants and e-commerce sites nationwide. Therefore, helping the company to diversify consumer spending options on the card.
Gift card providers focus on launching digital platforms and acquiring merchants to gain market share in Singapore
As more and more consumers are embracing digital channels in the country, the majority of gift card players are launching an all-digital platform to gain market share in Singapore.
Several players, including Giftano and Mooments, have launched an online digital gifting platform, which allows individuals and businesses nationwide to purchase gift cards seamlessly. This especially helps the gift card providers to reach more consumers efficiently, thereby increasing their market share.
Some of the other strategies pursued by gift card providers to increase their market share are to have a large network of merchants and expand their market. For example, Giftano and Mooments offer gift cards for well-known brands such as Lazada, Grab, and Zalora, among several others.
The Ability to Buy Cryptocurrencies Using Gift Cards Drives Market Growth in Japan
Another trend supporting the growth of the gift card market in Japan is the ability to purchase cryptocurrencies through gift cards. Over the past few quarters, the popularity of cryptocurrencies has grown globally, and Japan is no different. This has led to the growing investment in digital coins including Bitcoin and Ethereum.
With gift cards making it easier for consumers and investors to purchase cryptocurrencies, the use of gift cards has also increased significantly over the past few quarters. Some of the platforms that allow consumers to purchase cryptocurrencies using gift cards include Paxful and localbitcoins.com.
Along with the ability to purchase cryptocurrencies, payment companies also allow consumers to make purchases using cryptocurrencies through gift cards. For example, Bitrefill is one such platform that allows Japanese consumers to convert their cryptocurrencies into gift cards during the point-of-sale transaction.
Scope: This bundle offers the following in-depth opportunities in the Gift Card Market nationwide
Total spend on gifts
- By consumer segment (retail and business)
- By product categories (13 segments)
- By retail sectors (7 segments)
Gift Card Market Size by KPIs in Consumer Segments
- Gross load value
- Transaction value
- Unused value
- Average value per transaction
- Transaction volume
- Average value of card purchased
- Number of cards
Gift Card Market Size by Consumer Segment
- retail consumer
- Corporate consumer (small scale, intermediate, large enterprise)
Digital gift card market size
- Per retail consumer
- Per Retail Opportunity
- By Corporate Consumer
- By Business Buying Opportunity
- By business size
Gift Card Market Size by Retail Consumer
- By functional attribute
- By Occasion1. Festivals and special days of celebration
2. Milestone Celebration
- Value by buying channel
Gift Card Spending by Consumer Behavior and Demographics
- Consumer buying behavior
- Gift card buyer by age group
- Gift card buyer by income level
- Gift card buyer by gender
Gift Card Market Size by Company
- By functional attribute
- By Occasion1. Employee incentive
2. Sales incentive
3. Consumer incentive
- By activity scale
Spending on gifts by product categories (split between individuals and businesses)
- food and drinks
- Health, well-being and beauty
- Clothing, shoes and accessories
- Books and multimedia products
- Consumer electronics
- Restaurants & Bars
- Toys, children and babies
- Sport stuff
- Home and kitchen accessories and appliances
- Entertainment and games
Gift card spending by retail sector (distribution between personal and business)
- E-commerce and department stores
- Restaurants & Bars
- Supermarket, hypermarket, convenience store
- Entertainment and games
- Specialty stores
Gift card spend by distribution channel (split between personal and business)
- Online gift card sales
- Offline gift card sales
- First party sales
- Sales to third parties
- Increase in sales
Closed-loop gift card market share by major retailers. Major retailers covered include:
- Wesfarmers Ltd
- Woolworths Ltd (Australia)
- Metcash Ltd
- Aldi Group
- Harvey Norman Holdings Ltd.
- JB Hi-Fi Ltd
- Apple Inc.
- SM Retail Inc.
- Puregold Price Club Inc
- Group Rustan of Cos
- Seven & I Holdings Co Ltd
- Hutchison Whampoa Ltd
- Metro AG
- San Miguel Corp.
- Salim Group
- Trans Retail Indonesia PT
- Matahari Putra Prima Tbk PT
- Sumber Alfaria Trijaya Tbk PT
- Delhaize Group SA
- Kompas Gramedia Group
- Ace Hardware Corp.
- NTUC FairPrice Co-operative Pte Ltd
- Dairy Farm International Holdings Ltd
- Shen Siong Supermarket Pte Ltd
- Takashimaya Co Ltd
- Mustafa Holdings Pte Ltd
- Asia Courts Ltd
- Al Futtaim Group LLC
- Yamada Denki Co Ltd
- Tesco Plc
- Central Retail Company
- Home PCL Product Center
- Mall Group Co Ltd, The
- Charoen Pokphand Group
- Alibaba Group Holding Ltd
- JD.com Inc.
- Auchan Group SA
- Wal-Mart Stores Inc.
- Bailian Group Co Ltd
- Yonghui Supermarket Group
- Flipkart Online Services Pvt Ltd
- Tata Group
- future group
- Trust group
- Amazon.com Inc.
- Aditya Birla Group
- K Raheja Corp
- AEON Group
- Lawson inc.
- FamilyMart Co Ltd
- Rakuten Inc.
- Isetan Mitsukoshi Holdings Ltd.
- Lotte Group
- Shinsegae Co Ltd
- Hyundai Department Store Co Ltd
- GS Holdings Corp.
- SK Planet Co Ltd
- BGF Retail Co Ltd
- Costco Wholesale Corp.
For more information about this report visit https://www.researchandmarkets.com/r/yq8j6n