UK Gift Cards and Incentive Cards Market Report 2022-2026

DUBLIN, February 15, 2022 /PRNewswire/ — The report “UK Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2022 Update” has been added to from ResearchAndMarkets.com offer.

According to the Global Gift Card Survey for the fourth quarter of 2021, the gift card industry in the country is expected to grow by 10.3% on an annual basis to reach US$9,479.9 million in 2022.

Despite the short-term challenges in 2022, the medium to long-term growth of gift cards in the UK stay strong. The gift card industry UK is expected to grow steadily in H1 2022 and record strong growth in H2 2022.

The growth momentum is expected to continue growing over the forecast period, registering a CAGR of 8.7% during the period 2022-2026. The domestic gift card market will grow from US$8,594.6 million in 2021 to reach US$13,241.5 million by 2026.

Growing preference for digital gift cards in the UK leads to more new product launches

Over the past four to eight quarters, demand for gift card solutions among consumers in UK has increased considerably. This has led to innovative launches of digital gift cards by online marketplaces nationwide.

  • In November 2021Airbnb, the online marketplace for vacation rentals, has announced the launch of its digital gift card in the UK. The launch of the digital gift card solution is strategic for two main reasons. First, it’s easier for guests to treat friends, family and loved ones to their dream vacation during the 2021 holiday season.
  • Second, the global supply chain crisis has led to product shortages. Therefore, more and more consumers are asking for gift card solutions in the UK. In fact, according to the publisher, consumers expected to spend about 35% of their holiday gift budget on gift cards in 2021.

The publisher expects consumer demand for gift cards to remain strong over the next four to eight quarters, which will subsequently drive overall industry growth in the near to medium term. term in the UK.

Global gift card players are launching their services in the UK amid growing consumer preference

the UK The gift card market is one of the most lucrative markets for global gift card players to grow and grow their business. Additionally, consumer preference for gift cards has also surged over the past four to eight quarters and is expected to continue to soar. All of these factors have contributed to the presence of global gift card players in the UK market.

  • In November 2021, Australia-digital gift card company Prezzee announced that it has established its presence in the UK market. Notably, the company is aggressively partnering with multiple retailers across all industries to strengthen its presence in the UK. From November 2021the company has added more than 120 retailers to its network in the country.
  • In June 2021US-based Factor4 also announced that the company is expanding its services in the UK amid growth in gift card sales due to changing consumer habits driven by Covid-19.

Gift card retailers allow consumers to purchase gift cards using cryptocurrencies in the UK

Amid the growing adoption of cryptocurrencies by consumers nationwide, gift card retailers are also innovating in their services by offering consumers a variety of different payment options, including cryptocurrencies.

  • In November 2021, UK-based online gift card retailer Giftchill, announced that the company has added new payment options allowing consumers to purchase gift cards with cryptocurrencies. Notably, the Company accepts Bitcoin, Ethereum, Dogecoin, Bitcoin Cash, Litecoin, and USD Coin, among others, as a payment method for gift card purchases in the UK.
  • According to Giftchill, once the gift card purchase is made through the use of an encrypted payment method, consumers receive the gift card code instantly to their email address.

As more and more consumers invest in cryptocurrencies, the publisher expects the adoption of gift cards to subsequently increase in the UKas it is one of the most efficient and affordable ways to spend cryptocurrencies.

Scope

Closed-loop gift card market share by major retailers. Major retailers covered include:

  • Tesco Plc
  • Associated British Foods Plc
  • Next Plc
  • J Sainsbury Plc
  • Wal-Mart Stores Inc.
  • TJX Cos Inc, The
  • Wm Morrison Supermarkets Plc
  • Amazon.com Inc.

Total spend on gifts in UK

  • 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 UK

  • 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 UK

  • retail consumer
  • Corporate consumer (small scale, intermediate, large enterprise)

Digital gift card market size in UK

  • Per retail consumer
  • Per Retail Opportunity
  • By Corporate Consumer
  • By Business Buying Opportunity
  • By business size

Gift Card Market Size by Retail Consumer in UK

  • By functional attribute
  • By occasions
    1. Festivals and special celebration days
    2. Milestone Celebration
    3. Self-use
    4. Other
  • Value by buying channel

Gift Card Spending by Consumer Behavior and Demographics UK

  • 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 UK

  • By functional attribute
  • By occasions
    1. Employee incentive
    2. Sales incentive
    3. Consumer incentive
  • By activity scale

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

  • 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 UK

  • 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 UK

  • 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/yuk4at

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Research and Markets
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SOURCE Research and Markets


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