Dublin, Aug. 16, 2022 (GLOBE NEWSWIRE) — The report “Switzerland Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2022 Update” has been added to from ResearchAndMarkets.com offer.
Despite the short-term challenges in 2022, the medium to long-term growth of gift cards in Switzerland remains solid. The gift card industry in Switzerland is expected to grow steadily in the first half of 2022 and record strong growth in the second half of 2022. The gift card market in the country will reach $2421.6 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 incentivize 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 Switzerland has weathered the impact of the economic downturn well as well as negative business and consumer sentiment due to the disruption caused by the Covid-19 outbreak.
Retailers are taking advantage of the current cryptocurrency boom to sell Bitcoin gift cards in their stores in Switzerland
Amid the continued boom in the cryptocurrency segment in Switzerland, major retailers have started to take advantage of the growing sector to sell gift cards to consumers looking for ways to buy Bitcoin.
According to Swiss daily Tages-Anzeiger, Manor, one of Switzerland’s largest department store chains, sells Bitcoin gift cards in all of its 59 stores across the country. Another retail giant, Valora, offers consumers Bitcoin gift cards at its kiosks across Switzerland. Notably, Vardex, a cryptocurrency financial services company, developed Bitcoin gift cards, which are sold by major retailers in Switzerland.
With the launch of these gift cards amid the growing crypto and blockchain industry in Switzerland, the publisher expects more retailers to join the bitcoin gift card bandwagon over the next four to next eight quarters in the country. This will subsequently stimulate the growth of the entire gift card industry in Switzerland in the short to medium term.
As merchant adoption of bitcoin continues to grow, consumers with bitcoin gift cards have limited options for spending their gift cards. They can either redeem their vouchers through an exchange service or sell the Bitcoin amount on the gift card using one of the 70 ATMs operated by Vardex. However, as more merchants start to adopt Bitcoin as a payment method, the publisher expects Bitcoin gift cards to gain more adoption in the country.
Growth of the e-commerce sector supporting the growth of the gift card market in Switzerland
The e-commerce market in the country is recording double-digit growth and is expected to continue its upward momentum over the next four to eight quarters. In 2020, the value of goods ordered online increased by more than 25%.
The strong growth of the e-commerce industry has been largely driven by the global pandemic in recent quarters. More and more people have chosen to shop online because of the fear of Covid-19. The publisher expects the change in consumer buying behavior to persist even in the post-pandemic era. The growth of the e-commerce industry is expected to support the adoption of gift cards by consumers in Switzerland in the short to medium term. Hence, supporting the growth of the overall gift card industry in the country.
Mergers and acquisitions for the launch of gift and loyalty card programs are increasing in Switzerland
As more companies turn to gift cards and loyalty programs to meet the challenges imposed by Covid-19, M&A activity is accelerating in Switzerland.
In February 2021, Givex, a cloud-based customer engagement solution, acquired Pi Cash Systems, one of Switzerland’s leading point-of-sale system providers, in Switzerland. Through the acquisition of Pi Cash Systems, Givex aims to launch new products such as gift cards and loyalty programs among others in the country. The launch of new products, including gift cards, follows a growing demand from companies for such solutions in Switzerland.
Reasons to buy
- In-Depth Understanding of Gift Cards and Incentive Cards Market Dynamics: Understand the market opportunities, key trends and drivers, and five-year forecast (2017-2026) for Gift Cards and Incentive Cards in Switzerland .
- 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.
- Gain insights into consumer attitude and behavior in Switzerland: Understand changing consumer attitude and behavior and increase ROI. 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.
Closed Loop Gift Card Market Share by Major Retailers
- Migros Genossenschaftsbund eG
- Coop Genossenschaft
- Maus Freres SA
- Aldi Group
- fenaco-LANDI Gruppu
- Inter Ikea Systems B.V.
Total spending on gifts in Switzerland
- By consumer segment (retail and business)
- By product categories (13 segments)
- By retail sectors (7 segments)
Gift card market size by KPI in consumer segments in Switzerland
- 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 in Switzerland
- retail consumer
- Corporate consumer (small scale, intermediate, large enterprise)
Switzerland 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 in Switzerland
- By functional attribute
- By Occasion1. Festivals and special days of celebration
2. Milestone Celebration
- Value by buying channel
Spending on gift cards by consumer behavior and demographics in Switzerland
- 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 Switzerland
- By functional attribute
- By Occasion1. Employee incentive
2. Sales incentive
3. Consumer incentive
- By activity scale
Spending on gifts by product category (broken down by individuals and companies) in Switzerland
- 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
Spending on gift cards by retail sector (distribution between individuals and companies) in Switzerland
- E-commerce and department stores
- Restaurants & Bars
- Supermarket, hypermarket, convenience store
- Entertainment and games
- Specialty stores
Spending on gift cards by distribution channel (distribution between individuals and companies) in Switzerland
- Online gift card sales
- Offline gift card sales
- First party sales
- Sales to third parties
- Increase in sales
For more information about this report, visit https://www.researchandmarkets.com/r/vtj95p