Asia Pacific Gift Card and Incentive Card Intelligence Report 2024: Market to Grow by 8.3% to Reach $235.7 Billion in 2024, Driven by Entry of New Players Across the Region

DUBLIN, March 27, 2024 /PRNewswire/ — The “Asia Pacific Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2024 Update” report has been added to ResearchAndMarkets.com’s offering.

Gift card industry in Asia-Pacific is expected to grow by 8.3% on annual basis to reach US$235.7 billion in 2024. The industry will continue to grow over the forecast period and is expected to record a CAGR of 7.2% during 2024-2028. Gift card market in the region will increase from US$217.7 billion in 2023 to reach US$310.7 billion by 2028.

Amid the rising demand, firms are entering into strategic partnerships to launch new products, catering to the needs of varied demographics. Gift card platforms are also launching innovative features to make card transactions faster. In 2024, the publisher expects the market to become even more competitive with the entry of new players across the Asia Pacific region. This will support market growth over the medium term.

In emerging markets, like India, the adoption is poised to increase at a rapid rate over the next three to four years. The rising penetration of the internet and smartphones will aid the adoption of gift cards in emerging markets. The corporate gift card sector is also expected to gain increasing growth momentum in 2024. Overall, the publisher maintains a robust growth outlook for the gift card industry in the Asia Pacific region over the next three to four years.

Indian gift card providers are forging strategic partnerships to widen the distribution of their products

The Asia Pacific gift card market is poised to grow at an accelerated rate over the medium term. India-based gift card providers are targeting this growth through strategic partnerships and new product launches in 2024.

Qwikcilver, owned by Pine Labs, entered into a strategic partnership with foodpanda in December 2023. The two firms have collaborated to launch foodpanda Gift Cards. Initially, the gift cards will be made available for corporate customers of foodpanda in Singapore and Thailand.Going forward, however, the gift cards will be made available across all 11 markets where foodpanda operates. With a presence in over 400 cities, foodpanda is a leading player in the online food delivery and grocery delivery segment. This partnership is, therefore, expected to further strengthen the position of Qwikcilver as a leading gift card provider in the region over the medium term.

The publisher expects providers to enter into similar strategic collaborations in 2024, as the regional gift card industry provides lucrative growth opportunities for Indian gift card firms. This will further aid the competitive landscape, while also supporting the market growth over the next three to four years.

Online gift card marketplaces are launching innovative features to boost card transaction speed

With the demand for gift cards growing at a rapid rate among consumers across age groups, firms are innovating with their platforms to deliver more convenience and satisfaction to their users.

Tbay, the Singapore-based global gift card platform, announced the launch of Quick Sell Mode in December 2023. The new feature has been designed to make card transactions faster. The firm seeks to reduce the gift card transaction time by at least 20% with the introduction of Quick Sell Mode.In the recent past, the firm has introduced a series of measures that have been specifically designed to make gift card transactions safer. The security of gift card transactions is one of the major pain points for the industry. These measures, including requiring card vendors to have more than three years of experience and a good credit record, aim to solve the gift card industry’s pain point.

In 2024, the publisher expects the online gift card marketplace to further launch such innovative features and integrate security measures to boost consumer confidence in gift cards. This will subsequently support the adoption of the payment tool while driving the broader industry growth over the next three to four years.

Gift cards are becoming a big business amid growing consumer adoption in Vietnam

The adoption of gift cards is poised to grow at an accelerated pace over the medium term in the Vietnamese market. The uptake is largely driven by the rising middle class and increasing consumer spending. Gift card providers are set to benefit from this, as the trend is expected to continue further in 2024.

Got It, one of the early entrants in the gift card sector, has reported strong business growth over the last few years. The firm, notably, generated US$6.3 million in revenue in 2022. This is a 26.8% increase compared to the year before. In 2023, too, the firm is expected to report strong revenue growth, with the firm expecting a rise of nearly 49% during the 12 months.

Got It has attributed the growth to its early entry into the sector. Since 2015, the firm has significantly expanded its business scope. Over the years, the firm has moved from providing just vouchers for offline stores to covering brand partners’ websites and apps. In 2024, it is also planning to foray into the peer-to-peer gifting space, to further drive its revenue growth over the next three to four years.

Gift card market in 2023 was driven a wide range of factors, which supported growth across retail and corporate segments. The primary factors included growth of ecommerce, increased adoption to incentivize employees working remotely, digital gifting, and initiatives undertaken by government, hospitality, and travel industries to revive growth.

This title is a bundled offering, comprising 1 regional and 10 Country Reports.

Regional Report – Asia Pacific Gift Card and Incentive Card Market Intelligence (Databook)Country Report 1 – Australia Gift Card and Incentive Card Market Intelligence (Databook)Country Report 2 – Indonesia Gift Card and Incentive Card Market Intelligence (Databook)Country Report 3 – Philippines Gift Card and Incentive Card Market Intelligence (Databook)Country Report 4 – Singapore Gift Card and Incentive Card Market Intelligence (Databook)Country Report 5 – Thailand Gift Card and Incentive Card Market Intelligence (Databook)Country Report 6 – China Gift Card and Incentive Card Market Intelligence (Databook)Country Report 7 – Japan Gift Card and Incentive Card Market Intelligence (Databook)Country Report 8 – India Gift Card and Incentive Card Market Intelligence (Databook)Country Report 9 – South Korea Gift Card and Incentive Card Market Intelligence (Databook)Country Report 10 – Malaysia Gift Card and Incentive Card Market Intelligence (Databook)

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 ValueTransaction ValueUnused ValueAverage Value Per TransactionTransaction VolumeAverage Value of Card PurchasedNumber of Cards

Gift Card Market Size by Consumer Segment

Retail ConsumerCorporate Consumer (Small Scale, Mid-Tier, Large Enterprise)

Digital Gift Card Market Size

By Retail ConsumerBy Retail Purchase OccasionBy Corporate ConsumerBy Corporate Purchase OccasionBy Company Size

Gift Card Market Size by Retail Consumer

By Functional AttributeBy OccasionValue by Purchase Channel

Gift Card Spend by Consumer Behavior and Demographics

Consumer Purchase BehaviourGift Card Buyer by Age GroupGift Card Buyer by Income LevelGift Card Buyer by Gender

Gift Card Market Size by Corporate Consumer

By Functional AttributeBy OccasionBy Scale of Business

Gift Spend by Product Categories (Split by Retail and Corporate Consumers)

Food & BeverageHealth, Wellness & BeautyApparel, Footwear & AccessoriesBooks & Media ProductsConsumer ElectronicsRestaurants & BarsToys, Kids, and BabiesJewelrySporting GoodsHome & Kitchen Accessories & AppliancesTravelEntertainment & GamingOther

Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers)

Ecommerce & Department StoresRestaurants & BarsSupermarket, Hypermarket, Convenience StoreEntertainment & GamingSpecialty StoresHealth & WellnessTravel

Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers)

Gift Card Online SalesGift Card Offline Sales1st Party Sales3rd Party SalesSales Uplift

Gift Card Sales Estimates by Key Retailers

7-Eleven99 SpeedmartAeonAeon BigAldiAlfa MidiAlfamartAlibaba (China inc. all brands)AmazonAmazon (Cloudtail + Appario)AppleBelle (All brands)Big basketBig C ExtraBig C SupercenterBig WBigBazaarBunningsCarrefourCentralCJ MallColesCountdown SupermarketsCourtsCromaCUDaieiD-MartemartErafoneFairPriceFairPrice FinestFairPrice ShopFairPrice XtraFarmers Trading Company LtdFour SquareGiantGlobal houseGourmet MarketGuardianHarvey NormanHeroHimartHomeplus HypermarketHomeProHypermartIGAIkeaIndomaretJapan Consumers Cooperative UnionJapan Consumers Cooperative Union – HypermarketJB Hi-FiJD.ComKmartLawson – Other (Franchises)LifeLotte Department StoreLotte MartMatahari Department StoreMaxvaluMercury DrugMitre 10Mr. D.I.Y.New City Commercial Corporation MallNew WorldNewCore OutletOlive YoungPAK`nSAVEPuregold Price Clubqoo10Reliance DigitalReliance Digital Express Mini/JioReliance FreshRobinsons SupermarketRT MartRustan’s SupermarketSamsungSavemoreSeiyu (Hypermarket)Sheng SiongSiam MakroSM HypermarketSM SupermarketSuper IndoTanishqTargetTescoTesco HypermarketThe SM StoreThe WarehouseTops marketTransmart CarrefourUnimartVip.comWatsonsWoolworths SupermarketsWumart SuperstoreYodobashiYonghui Superstores Group

For more information about this report visit https://www.researchandmarkets.com/r/eddxu6

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