The latest market report published by Credence Research, Inc. North America Gift Cards Market is projected to increase at a significant CAGR of 10.33% in the coming years. In 2022, the North America gift cards market was valued at USD 390.05 Billion and is projected to reach USD 896.33 Billion by 2030. The demand for gift cards is projected to increase substantially in the coming years.
The North America gift card market has witnessed remarkable growth in recent years, becoming a significant segment of the retail and gifting industry. Gift cards have evolved from being traditional presents to versatile and popular gifting options. This article explores the factors contributing to the growth of the North America gift card market and its current state.
Consumer Convenience
One of the key drivers behind the growth of the North America gift card market is consumer convenience. Gift cards provide an easy and flexible way to give and receive gifts. They eliminate the stress of choosing the perfect present, allowing recipients to select their desired products or services. This convenience factor has made gift cards a popular choice for birthdays, holidays, and special occasions.
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E-commerce and Digitalization
The rise of e-commerce and digitalization has significantly impacted the gift card market. Online retailers and businesses have embraced digital gift cards, making them easily accessible to consumers. The ability to purchase and redeem gift cards online has expanded their reach and convenience, contributing to market growth.
Personalization and Customization
North America’s gift card market has evolved to offer personalized and customized options. Consumers can now create customized gift cards with personalized messages and images, making the gifting experience more meaningful. This level of personalization has resonated with consumers, driving increased demand for gift cards.
Corporate Gifting
Corporate gifting is another significant driver of the North America gift card market. Many businesses use gift cards as employee incentives, rewards, or bonuses. Additionally, companies purchase gift cards in bulk to distribute during promotional events or as part of loyalty programs. The corporate sector’s engagement with gift cards has contributed to the market’s sustained growth.
Expansion of Gift Card Types
The North America gift card market has expanded to include various types of gift cards. Beyond traditional retail gift cards, there are now options for experiences, dining, entertainment, and travel. Consumers appreciate the diversity in gift card offerings, as it allows them to cater their gifts to the recipient’s interests.
Sustainability and Eco-Friendly Initiatives
As environmental concerns continue to grow, some gift card providers have introduced eco-friendly options. These cards are made from sustainable materials or are designed to be reusable, reducing their environmental impact. This trend aligns with the increasing awareness of sustainability among consumers.
Technological Advancements
Technological advancements have improved the security and functionality of gift cards. Features like mobile wallets, QR codes, and chip technology have made gift cards more secure and easier to use. Consumers can now store and redeem their gift cards conveniently on their smartphones.
The North America gift card market is thriving, driven by factors such as consumer convenience, e-commerce, personalization, corporate gifting, diverse gift card offerings, sustainability, and technological advancements. As the retail and gifting industry continues to evolve, gift cards are expected to remain a popular choice for both gift-givers and recipients. This market’s growth demonstrates its adaptability and resilience in meeting the changing preferences and needs of consumers in North America.
Browse the Full Report: https://www.credenceresearch.com/report/north-america-gift-card-market
List of Companies Covered:
- Blackhawk Network Holdings, Inc.
- Com Inc
- American Express Company
- Fiserv Inc
- PayPal Inc
- InComm Payments
- Givex Corporation
By Segmentation Type
By Material Merchant Type
- Restaurants
- Department Stores
- Grocery Stores
- Supermarkets/Hypermarkets
- Discount Stores
- Coffee Shops
- Entertainments
- Salons/Spa
- Book Stores
- Home Décor Stores
- Gas Stations
- Visa/Master Card/American Express Gift Cards
- Others
By Merchant Type
- Universal Accepted Open Loop
- Restaurant Closed Loop
- Retail Closed Loop
- Miscellaneous Closed Loop
- E-Gifting
By End User
- Business
- Individuals
By Price Range
- High (Above 400 US$)
- Medium (200-400 US$)
- Low (0-200 US$)
By Countries
- US
- Canada
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