Increased adoption to incentivize employees to work remotely, digital giveaways and government initiatives

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DUBLIN, September 19, 2022 /PRNewswire/ — The report “Nigeria Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2022 Update” has been added to from ResearchAndMarkets.com offer.

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Historically, the gift card market in Nigeria recorded steady growth with a CAGR of 13.3% during the period 2017-2021. from Nigeria The gift card industry in the country is expected to grow by 15.6% on an annual basis to reach US$1658.7 million in 2022.

The growth momentum is expected to continue increasing over the forecast period, registering a CAGR of 11.7% during the period 2022-2026. The domestic gift card market will grow from US$1,435.0 million in 2021 to reach US$2,583.9 million by 2026.

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.

Gift card industry in Nigeria held up well to the impact of the economic downturn 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 and long-term growth of gift cards in Nigeria stay strong. The gift card industry Nigeria is expected to grow steadily in H1 2022 and record strong growth in H2 2022.

Reasons to buy

  • In-Depth Understanding of Gift Cards and Incentive Cards Market Dynamics: Understand the market opportunities, key trends and drivers along with the five-year forecast (2017-2026) for Gift Cards and Incentive Cards in Nigeria.

  • Develop market-specific strategies: identify growth segments and target specific opportunities across consumer segments and occasions to formulate your gift card strategy; assess key market-specific trends and risks.

  • Get insights into consumer attitude and behavior in Nigeria: Understand changing consumer attitude and behavior and increase return on investment. Get detailed insights into retail spend with gift cards for individuals and businesses.

  • Get a complete perspective with six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction and value of transactions.

  • Distribution channel insights: Understand the dynamics of gift card sales by channel – online vs. offline sales and first-party vs. third-party sales.

Scope

Total spend on gifts in Nigeria

  • By consumer segment (retail and business)

  • By product categories (13 segments)

  • By retail sectors (7 segments)

Gift Card Market Size by KPIs in Consumption Segments Nigeria

Gift Card Market Size by Consumer Segment in Nigeria

Digital gift card market size in Nigeria

Gift Card Market Size by Retail Consumer in Nigeria

Gift Card Spending by Consumer Behavior and Demographics Nigeria

  • 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 in Nigeria

Spending on gifts by product categories (disaggregated by individuals and businesses) in Nigeria

  • food and drinks

  • Health, well-being and beauty

  • Clothing, shoes and accessories

  • Books and multimedia products

  • Consumer electronics

  • Restaurants & Bars

  • Toys, children and babies

  • Jewelry

  • Sport stuff

  • Home and kitchen accessories and appliances

  • Travel

  • Entertainment and games

  • Other

Spending on gift cards by retail sector (split between retail consumers and businesses) in Nigeria

  • E-commerce and department stores

  • Restaurants & Bars

  • Supermarket, hypermarket, convenience store

  • Entertainment and games

  • Specialty stores

  • Health

  • Travel

Spending on gift cards by distribution channel (split between individuals and businesses) in Nigeria

  • Online gift card sales

  • Offline gift card sales

  • First party sales

  • Sales to third parties

  • Increase in sales

For more information on this report visit https://www.researchandmarkets.com/r/fgxs23

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