Asia Pacific Gift Card and Incentive Card Market Report 2021: Q2 2021 Market Size and Forecasts 2016-2025 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Asia Pacific Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Market Size and Forecast (2016-2025) – Q2 2021 Update” report has been added to ResearchAndMarkets.com’s offering.
The gift card market in Asia Pacific has witnessed significant growth in the past few years. Gift card industry has performed well, taking away market share from traditional gifting sector.
The overall gift industry has been impacted by the COVID-19 pandemic. Going forward, the gift card market is expected to grow backed by increase in digitization as well as surge in online shopping. E-commerce market in the region has recorded significant growth in the recent years due to better internet connectivity and penetration across the region.
The surge in internet penetration has led to digitization in the region. Moreover, this trend has accelerated due to COVID-19 as more and more retailers and merchants look to have a digital presence to cater to surge in online shopping.
Gift card issuers are targeting almost all major festivals across the world, be it Easter, Eid, Diwali, or Hanukkah. The trend has become more prominent in the Asia-Pacific region in the recent years, primarily due to the rising internet and smartphone penetration and a large young population. The growing demand from the millennial and Gen Z population for online gifting options such as e-gift cards are changing the entire dynamics of the gifting industry.
People are moving away from the traditional gifting options such as greeting cards or edibles to digital gift cards. For instance, there has been a rising demand for digital red envelope/packet (also known as, Yasui Qianas), a monetary gift, and a symbol of good luck in China. Since 2014, Tencent, a Chinese technology company offers digital red envelop in the country, which has recorded strong growth over the years.
The trend is quite similar in Singapore, India, and Indonesia where QR code-based gift cards are creating an alternative to the traditional cash based gift. The gift card is reloadable and can be accessed through mobile wallet app. Mobile wallet players are increasingly eyeing this high growth, high margin sector to drive profitability and acquire customers.
Rising mobile commerce and proximity payment is making it essential for retailers and fintech companies to introduce gift cards that can be integrated into mobile apps for making payment. This becomes more relevant as more consumers adopt contactless mobile payment due to COVID-19.
Several food and beverage retailers are making use of mobile gift card programs to drive revenues. In China, Starbucks is offering digital coffee gifts on mobile payment app such as WeChat. Users of the mobile payment app can buy digital gift cards for Starbucks either for themselves or friends and families as a gift on their birthdays and anniversaries. This integration of digital gift cards with WeChat is helping Starbucks to drive in-store traffic, resulting in incremental revenue.
The pandemic has also been affecting wellness studios, fitness centers, and gyms. Reduced footfall and limited new enrollments due to the pandemic is affecting these businesses in most of the countries. For instance, in May 2020, Curefit, an India based fitness startup downsized its operations in India and the UAE. To sustain in the present situation these players are now targeting corporates for bulk membership and offering gift cards, to gain market share.
This report details the impact of economic slowdown along with change in business and consumer sentiment due to disruption caused by COVID-19 outbreak on gift card industry.
Though growth of gift card industry has been impacted due to pandemic, there are certain segments which will gain market share. There are interesting trends emerging across various segments, which are expected to fundamentally reshape gift card industry dynamics. Despite near-term challenges, medium to long term growth story of gift cards remains strong.
Scope
This bundled offering provides the following detailed gift card market opportunity at country level
Total Spend on Gifts
- By Consumer Segment (Retail and Corporate)
- By Product Categories (13 Segments)
- By Retail Sectors (7 Segments)
Gift Card Market Size by KPIs across Consumer Segments
- Gross Load Value
- Transaction Value
- Unused Value
- Average Value Per Transaction
- Transaction Volume
- Average Value of Card Purchased
- Number of Cards
Gift Card Market Size by Consumer Segment
- Retail Consumer
- Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size
- By Retail Consumer
- By Retail Purchase Occasion
- By Corporate Consumer
- By Corporate Purchase Occasion
- By Company Size
Gift Card Market Size by Retail Consumer
- By Functional Attribute
- By Occasion
- Festivals & Special Celebration Days
- Milestone Celebration
- Self-Use
- Other
- Value by Purchase Channel
Gift Card Spend by Consumer Behavior and Demographics
- Consumer Purchase Behaviour
- Gift Card Buyer by Age Group
- Gift Card Buyer by Income Level
- Gift Card Buyer by Gender
Gift Card Market Size by Corporate Consumer
- By Functional Attribute
- By Occasion
- Employee Incentive
- Sales Incentive
- Consumer Incentive
- By Scale of Business
- Budget Allocation Trend for 2021
Gift Spend by Product Categories (Split by Retail and Corporate Consumers)
- Food & Beverage
- Health, Wellness & Beauty
- Apparel, Footwear & Accessories
- Books & Media Products
- Consumer Electronics
- Restaurants & Bars
- Toys, Kids, and Babies
- Jewelry
- Sporting Goods
- Home & Kitchen Accessories & Appliances
- Travel
- Entertainment & Gaming
- Other
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers)
- Ecommerce & Department Stores
- Restaurants & Bars
- Supermarket, Hypermarket, Convenience Store
- Entertainment & Gaming
- Specialty Stores
- Health & Wellness
- Travel
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers)
- Gift Card Online Sales
- Gift Card Offline Sales
- 1st Party Sales
- 3rd Party Sales
- Sales Uplift
Closed Loop Gift Card Market Share by Key Retailers.
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