Gift card is basically a card comprising of some monetary value issued by banks or retailers to be utilized as a substitute to a non-monetary gift.
New York, NY -- (SBWIRE) -- 02/23/2017 -- Over the past few decades, gift cards have become progressively widespread gift options for holidays, birthdays and various other occasions. All around the year, and majorly during shopping season, retailers and bankers look upon the gift card as a major source of revenue. It has been observed that gift card push consumers to a restaurant, stores and various other entertainment places to make a purchase which end up spending more than value of a card. Rising popularity of and demand for gift cards across the globe will bolster the overall gift card market in the next few years.
The Global Gift Card market is segmented on the basis of types of gift cards such as open-loop and closed-loop gift cards. The retailers across the different categories right from specialty stores to restaurants proposes closed-loop cards to consumers which can be utilized only at specialized retail chain (both physical store and online one). On the other hand, open-loop cards can be utilized almost anywhere and are provided by credit card providers such as American express and Visa. The Global Gift Card industry can also be sub-divided on the basis of platform for purchase which includes discount store, fast casual restaurants, gas stations, drug store, grocery store, entertainment and others.
The arrival of mobile phone as a channel for gift cards has made the gift card highly cost effective and economical and has also strengthened the market across the World. E-gifting such as sending financial gifts through various online channels will intensify the Global Gift Card Market in the years to come till 2025. The E-Commerce segment popularity in terms of shopping will foster the market of the Global Gift Card industry in the next few years. Apart from this, change in lifestyles along with inclination in the personal disposable income of consumers will strengthen the Global Gift card market.
The Global Gift Card industry is studied for the major regions which include North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East and Africa. Presently, North America captures the major chunk of the market in the Global Gift Card industry. In the coming years, Asia-Pacific region will cater the higher demand for gift cards. As retail consumption continues to bolster in China, gift cards will become a persistent element of shopping culture. Thus, rising demand for gift cards in Asia region will drive the overall Global gift card market in future.
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Some of the major players in the Global Gift Card market includes National Gift card, Worldpay, Zara, QwikCilver, and Gyft. As higher and higher corporate and individual consumers are choosing for gift cards, the industry is projected to rise at a significant pace.
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