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| Global gift card industry is expected to grow by 7.9% on annual basis to reach US$555.8 billion in 2024. Global gift card industry will continue to grow over the forecast period and is expected to record a CAGR of 6.6% during 2024-2028. Global gift card market will increase from US$515.0 billion in 2023 to reach US$716.9 billion by 2028. Government disbursement programs are aiding the growth of the global gift card market Globally, several local governments have announced gift card disbursement programs. These programs aim to revive economic growth and support local businesses. Miconex, the Scotland-based fintech firm, reported that the local gift card programs are driving spending in high streets and downtown areas across several markets including the United Kingdom. In 2023, sales from Miconex's local gift card programs in the United Kingdom, Ireland, Canada, and the United States reached £12.4 million. In 2024, the trend of supporting local businesses seems to be growing even stronger, with a 69% increase in local gift card sales compared to the previous year. The number of locations offering local gift card programs with Miconex's support surpassed 200 in 2023, marking a significant growth compared to the year before. Additionally, 26 new towns, cities, and downtown areas joined the trend by launching their own local gift card programs. These initiatives are not only meeting the regional demand for gift cards but also providing a way for communities to encourage spending at independent and national brick-and-mortar stores across various sectors. Notably, the Aberdeen Gift Card and the ShopLK Gift Card were among the most successful local gift card programs in the United Kingdom and Ireland, respectively. In Canada, Selkirk Chamber's program gained strong popularity, whereas in the United States, York Chamber's program took the top place. According to Miconex's report, 33% of consumers end up spending between 100% to 125% more than the actual value of the gift card when they use it to make purchases in the United Kingdom. This means that gift cards often encourage people to spend more than they initially planned, especially in the UK where a significant portion of users tends to exceed the card's value by a substantial margin. The retail sector emerged as the most popular category for redeeming local gift cards in the United Kingdom. Among the top national retailers where these cards were used were Primark, M&S, Boots, Argos, TK Maxx, Next, Sainsbury's, John Lewis, Dunnes Stores, and Aldi. Additionally, new national retailers such as Co-op, Smyths Toys, and Lidl also jumped on board, participating in the local gift card programs, which contributed to supporting the local economy. Gift platforms are launching new and innovative features to elevate customer experience With the rising competition in the fast-growing gift card market, firms are innovating with their platforms to elevate customer experience. The launch of new features is part of the firm's strategy to accelerate revenue growth. Givex, one of the leading global gift card providers, launched Digital Ecommerce Module in October 2023. The feature aims to improve customer experience by allowing them to customize gift cards. Consumers can add video and animate their e-gift card deliveries with a personal touch. The digital gift cards are also compatible with wallets such as Apple Pay and Google Pay, making transactions more convenient. 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. In 2024, the publisher expects the online gift card marketplace to further launch such innovative features aimed at improving customer experience and confidence. This will subsequently support the adoption of the payment tool while driving the broader industry growth over the next three to four years. This title is a bundled offering, comprising 1 global, 5 regional and 20 country reports.
Scope: This bundled offering provides the following detailed gift card market opportunity at country level Gift Card Sales Estimates by Key Retailers
Gift Card Market Size by KPIs across Consumer Segments
Gift Card Market Size by Consumer Segment
Digital Gift Card Market Size
Gift Card Market Size by Retail Consumer
Gift Card Spend by Consumer Behavior and Demographics
Gift Card Market Size by Corporate Consumer
Gift Spend by Product Categories (Split by Retail and Corporate Consumers)
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers)
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers)
For more information about this report visit https://www.researchandmarkets.com/r/vmliqn About ResearchAndMarkets.com Media Contact: Research and Markets Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets 
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