Mi. Feb 21st, 2024

The latest market report published by Credence Research, Inc. The U.S. gift card market is poised for significant growth, with projections indicating a compound annual growth rate (CAGR) of 10.49%, culminating in a market value of approximately USD 764.35 billion by 2030 from USD 328.87 billion.

The gift cards market in the United States has been on a remarkable growth trajectory in recent years, with consumers increasingly turning to gift cards as a convenient and versatile gifting option. In this article, we will explore the current trends and opportunities in the US gift cards market.

The Evolving Landscape

The US gift cards market has evolved significantly, moving beyond traditional physical cards to include digital and mobile options. With the rise of e-commerce and mobile apps, consumers can now purchase, send, and redeem gift cards with ease. This convenience has contributed to the market’s growth, as it caters to the preferences of tech-savvy and time-constrained shoppers.

Diverse Gifting Occasions

Gift cards are no longer limited to birthdays and holidays. They are now a popular choice for various occasions, including weddings, graduations, and corporate incentives. Businesses also use gift cards as rewards for loyal customers or as part of marketing campaigns. This versatility has expanded the potential customer base for gift card retailers.

Browse the Full Report: https://www.credenceresearch.com/report/u-s-gift-card-market

Personalization and Customization

Consumers are increasingly looking for personalized and customized gift card options. Retailers offer the ability to choose from a range of designs, add personalized messages, and even upload personal photos to create a unique gift card experience. This customization trend enhances the emotional value of gift cards.

Sustainability and Eco-friendly Options

Environmental concerns have led to a growing demand for eco-friendly gift cards. Some companies now offer digital-only or biodegradable gift cards to reduce waste. This trend aligns with consumers’ desire to make environmentally responsible choices.

Corporate Gifting

The corporate sector has become a significant contributor to the gift cards market. Companies use gift cards as employee rewards, incentives, and client appreciation gifts. The flexibility and ease of use of gift cards make them an ideal choice for corporate gifting programs.

Technological Advancements

Advancements in technology have further propelled the gift cards market. Mobile wallets, blockchain technology, and AI-driven recommendation systems are enhancing the gift card experience. These innovations provide consumers with more seamless and secure options for purchasing and redeeming gift cards.

E-gifting and Social Media Integration

E-gifting has gained traction, allowing consumers to send gift cards instantly via email, text messages, or social media platforms. The integration of gift cards with social media has made it easier for people to share and receive them, making gift-giving a more social and interactive experience.

Challenges and Competition

While the US gift cards market continues to thrive, it also faces challenges such as fraud and increased competition. Retailers must invest in security measures and stay updated on market trends to remain competitive.

Conclusion

The US gift cards market has undergone a remarkable transformation, evolving from traditional plastic cards to a diverse and tech-savvy industry. The growth of digital and mobile options, coupled with customization and personalization trends, has made gift cards a go-to choice for consumers across various occasions. Corporate gifting and technological advancements are further driving this market’s expansion.

However, retailers must adapt to changing consumer preferences and address challenges like fraud and competition to continue thriving in this dynamic market. As gift cards continue to be a popular choice for gifting and rewards, they are likely to remain a significant part of the US retail landscape for years to come.

Browse the Full Report: https://www.credenceresearch.com/report/u-s-gift-card-market

List of Companies Covered:

  • Under Armour, Inc
  • TransGate Solutions
  • Walgreen Co
  • Sephora USA, Inc
  • Tele-Pak Inc.
  • Alltimeprint.com
  • Plastek Card Solutions, Inc.
  • eCard Systems
  • Blackhawk Network
  • Card Isle
  • Tango Card. Inc
  • InComm Payments,
  • Card USA, Inc
  • Duracard
  • Gyft, Inc
  • 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$)

 

 

 

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