Global Gift Card Market Size, Growth and Stats 2023-2030
By Signe Hegart
September 14, 2023
The global gift card market has experienced significant growth in recent years and is expected to continue expanding in the coming years. Gift cards have become increasingly popular among consumers as a convenient and versatile gifting option. They offer a wide range of benefits for both individuals and companies, making them a valuable tool for businesses across various industries.
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What is a global gift card? ????
A global gift card, also known as an international gift card, is a type of prepaid card that can be used for purchases at a variety of merchants or retailers, both within a specific country and, in many cases, internationally. These cards are often issued by financial institutions, credit card companies, or major retail chains and are designed to be a convenient and versatile gift-giving option.
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How big is the global gift card market?
Editor’s pick commonalities & highlights
- Sales of open-loop gift cards rose by 31.5% amid the COVID-19 pandemic
- Digital gift card adoption among businesses will see a 23% increase by 2025
- 69% of consumers see receiving gift cards from their employers as a reward
- eGift cards are the gift card market´s fastest growing segment
- The U.S. gift card market generated $499.4 million in revenue in 2022 and grows 8.2% annually
- 21% of gift cards purchased are redeemable at multiple retailers
- The gift card market is projected to reach $1.5 trillion by 2032, growing at a CAGR of 16.3% from 2023 to 2032.
Source: Capital One Shopping
Global gift card market growth rate forecast ????
Gift Cards Market value worldwide from 2020 to 2025
Here you can take a look at the exact numbers:
2020: $378.97 billion
2021: $400.95 billion
2022: $424.21 billion
2023: $448.81 billion
2024: $474.84 billion
2025: $510 billion
Source: Allied Market Research
Related: How big is the gift card market in Europe? Statistics + Trends
Source: Allied Market Research
Top 10 key industry players in the global gift card market
4. Google play
6. Home depot
Read also: Starbucks Statistics: Unlocking the Numbers Behind its Phenomenal Growth
Key features of a global gift card
- Multi-Use: Global gift cards can typically be used at a wide range of participating stores, both online and offline, within the specified network or partnership. They are not limited to a single retailer or location.
- Prepaid Value: The card comes with a predetermined amount of money loaded onto it, which the recipient can spend until the card’s balance is depleted. The value of the card is often specified on the card itself or in accompanying documentation.
- International Usage: Many global gift cards can be used internationally, allowing recipients to make purchases in various countries and currencies. However, the extent of international acceptance may depend on the specific terms and conditions of the card.
- Customization: Some global gift cards allow for customization, such as adding a personalized message or choosing a design to suit a specific occasion.
- Reloadable vs. Non-reloadable: Some global gift cards can be reloaded with additional funds, while others are designed for one-time use and cannot be topped up.
- Fees and Expiry: It’s important to be aware of any fees associated with the card, such as activation fees or inactivity fees, as well as the card’s expiration date, if applicable.
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How has the global gift card market evolved over the past decade?
The global gift card market has witnessed significant growth and evolution over the past decade. With the increasing popularity of online shopping and the rise of e-commerce, gift cards have become a preferred choice for both consumers and businesses.
One of the key trends that has shaped the gift card market is the shift towards digital and mobile gift cards. Traditional physical gift cards are being replaced by their digital counterparts, allowing for greater convenience and flexibility. Consumers can now easily purchase and send gift cards digitally, eliminating the need for physical cards and enabling recipients to redeem them easily through their smartphones or mobile devices.
Another major development in the global gift card market is the expansion of its reach across various industries. Gift cards are no longer limited to retail stores or specific brands. They have found their way into sectors such as hospitality, travel, entertainment, and even healthcare. This expansion has opened up new opportunities for businesses to use gift cards as a strategic tool for customer acquisition, retention, and loyalty.
Additionally, the customization and personalization of gift cards have become important factors in driving their popularity. Businesses are now offering personalized gift cards that allow customers to add a personal touch by including a recipient’s name or even a customized message. This level of personalization enhances the emotional appeal of gift cards, making them a more meaningful and thoughtful gift choice.
Read also: The Home Depot Gift Cards: Growth and Stats You Need To Know
Industry trends that are currently shaping the global gift card market
The global gift card market is constantly evolving and being shaped by various trends. In recent years, there have been several key factors influencing the global market and driving its growth. Let’s take a closer look at some of the current trends shaping the global gift card market.
One of the biggest trends in the gift card market is the shift towards digital gift cards. With the rise of e-commerce and mobile technology, digital gift cards have become increasingly popular. They offer convenience, flexibility, and instant delivery, making them a preferred choice for both consumers and businesses.
Another trend shaping the gift card market is the demand for personalized gift cards. Consumers today seek unique and customized experiences, and gift cards are no exception. From personalized messages to custom designs, businesses are leveraging personalization to enhance the gifting experience.
Consumers now expect gift cards to be available across various channels, both online and offline. This includes retail stores, e-commerce platforms, mobile apps, and social media. By offering multi-channel availability, businesses can cater to the diverse preferences of their customers, resulting in higher sales and customer satisfaction.
Integration with loyalty programs
Many companies are integrating gift cards with their loyalty programs to drive customer engagement and retention. By offering rewards and incentives in the form of gift cards, businesses can encourage repeat purchases, increase customer loyalty, and strengthen their brand.
Global holiday gift cards ????
The holiday season is a peak time for gift card sales, and the global market is no exception. Gift cards are a popular choice for holiday gifting, as they offer flexibility and convenience for both the giver and the recipient.
- 54% of U.S. consumers buy gift cards as holiday gifts
- According to a survey by the National Retail Federation, gift cards are consistently among the top three most requested gifts during the holiday season.
- 17% of Americans would want to receive a gift card for the holidays
- All generations primarily use their open-loop gift cards for online shopping
- Millennials make up 37% of gift card buyers followed by Gen-Xers with 28% and lastly baby boomers with 25%
- In 2020 the average spending for in-store channels decreased by 28% while the average spending for online channels increased by 64%
- In 2021, consumers budgeted each an average of $48.92 for gift cards, spending national a total of $28.1 billion
In conclusion, the gift card market is experiencing significant growth and transformation. With the rise of e-commerce and digital platforms, gift cards have become a convenient and popular choice for both consumers and businesses. The trends of digitalization, personalization, multi-channel availability, and integration with loyalty programs are shaping the gift card market and driving its success.
During the holiday season, gift cards are particularly in high demand, with a significant percentage of consumers purchasing them as gifts. They offer flexibility and convenience, making them a preferred choice for both the giver and the recipient. Furthermore, different generations have different preferences when it comes to gift cards, with Millennials being the largest group of buyers.
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Businesses can integrate gift cards with loyalty programs by offering them as rewards and incentives for customers who engage with the loyalty program. For example, businesses can offer gift cards as a reward for reaching a certain number of points or for making a certain number of purchases. This not only encourages repeat purchases and increases customer loyalty, but also strengthens the overall brand.
Multi-channel availability is important for gift cards because it allows businesses to meet the diverse preferences and behaviors of their customers. By offering gift cards across various channels such as retail stores, e-commerce platforms, mobile apps, and social media, businesses can reach a wider audience and make the purchasing process more convenient for customers. This ultimately leads to higher sales and customer satisfaction.
Businesses can leverage personalization in gift cards by allowing customers to customize the design, message, and even the value of the gift card. This adds a personal touch and makes the gift card more meaningful to the recipient. Additionally, businesses can use customer data to personalize the offers and recommendations that are associated with the gift card, enhancing the overall gifting experience.
The global gift card market is a dynamic and rapidly growing industry, with various regional differences that companies should be aware of when using rewards and incentives across departments. These differences can impact the effectiveness and success of gift card programs in different parts of the world.
1. Regional Preferences
2. Cultural Considerations
3. Redemption Behavior
4. Legal and Regulatory Requirements