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Gift Vouchers Market: Competitive Analysis, Market Trends and Forecast to 2031
Gift Vouchers Market Trends, Growth Opportunities, and Forecast Scenarios
The gift vouchers market is experiencing significant growth due to factors such as the increasing popularity of gift-giving culture, the rise of e-commerce platforms, and the convenience of purchasing and using gift vouchers. This market is projected to expand further in the coming years, with a CAGR of around 12% expected from 2021 to 2026.
One of the key trends driving this growth is the shift towards personalized and experiential gifting options. Consumers are increasingly looking for unique and customized gift vouchers that cater to the recipient's specific interests and preferences. This has led to the emergence of niche gift voucher categories, such as spa treatments, gourmet dining experiences, and adventure activities.
Moreover, the growing adoption of digital gift vouchers is also contributing to market growth. Online retailers and service providers are increasingly offering e-gift cards that can be easily purchased, redeemed, and shared through digital channels. This trend is particularly appealing to tech-savvy consumers who value convenience and instant gratification.
In terms of growth opportunities, there is a rising demand for corporate gift vouchers as companies recognize the benefits of using them as employee rewards, client incentives, and promotional tools. Additionally, the expansion of the gift vouchers market into new sectors such as healthcare, wellness, and travel presents lucrative opportunities for vendors to diversify their product offerings and attract a wider customer base.
Overall, the gift vouchers market is poised for continued expansion and innovation, driven by evolving consumer behavior, technological advancements, and the growing importance of gift-giving in modern society.
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Gift Vouchers Market Competitive Analysis
The competitive landscape of the Gift Vouchers market includes key players like Walmart, iTunes, Starbucks, IKEA, Amazon, Carrefour, JCB Gift Card, H&M, Central Group, McDonald, Zara, Familymart, Zalora. These companies offer gift vouchers to attract customers, increase brand loyalty, and drive sales growth. Walmart's gift voucher sales revenue is $10 billion, while Starbucks reported $ billion. Amazon's gift card sales revenue is $3.4 billion, and IKEA's gift card sales revenue is $1.5 billion. Zara's gift card sales revenue is $1.2 billion.
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In terms of Product Type, the Gift Vouchers market is segmented into:
Universal Accepted Open Loop gift vouchers can be used at multiple stores, while E-Gifting vouchers are digital and can be sent through email. Restaurant Closed Loop vouchers are specific to certain eateries, while Retail Closed Loop vouchers are for specific stores. Miscellaneous Closed Loop vouchers are for a variety of businesses. These different types cater to diverse preferences and needs, boosting the demand for gift vouchers. They offer convenience, flexibility, and personalized options for gifting, appealing to a wide range of consumers. This variety in offerings drives the growth of the gift voucher market as people seek convenient and customizable gifting solutions.
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In terms of Product Application, the Gift Vouchers market is segmented into:
Gift vouchers are used in various applications such as restaurants, department stores, coffee shops, and entertainment venues like movies and music. Customers can purchase gift vouchers as gifts for friends and family, who can then redeem them for a meal at a restaurant, shopping at a department store, a cup of coffee at a coffee shop, or tickets to a movie or music event. The fastest growing application segment in terms of revenue is the entertainment sector, as people are increasingly looking for experiences rather than physical goods as gifts. This trend has led to a surge in the popularity of entertainment gift vouchers.
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Gift Vouchers Industry Growth Analysis, by Geography
The gift vouchers market is expected to experience significant growth in regions such as North America (NA), Asia Pacific (APAC), Europe, USA, and China. North America is expected to dominate the market with a market share of 35%, followed by Europe with 25%, USA with 20%, APAC with 15%, and China with 5%. The market is driven by the increasing trend of gifting experiences, convenience of digital gift cards, and adoption of e-commerce platforms. The growth in disposable income and changing consumer preferences towards personalized gifting is also contributing to the expansion of the gift vouchers market in these regions.
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