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India Gift Card Market By Type (Closed-loop Card, Open Loop, E-Gifting, Others Gift Card); By Price Range (High [above 400 US dollars], Medium [200-400 US$], Low [0-200 US$]); By End-User (Business, Individuals); By Generation (Generation X, Millennial, Generation Z, Others) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Price: $1999

Published: | Report ID: 34005 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period  2019-2022
Base Year  2023
Forecast Period  2024-2032
India Gift Card Market Size 2023  USD 18,650.42 million
India Gift Card Market, CAGR  13.86%
India Gift Card Market Size 2032  USD 59,983.14 million

 Market Overview:

The India Gift Card Market, valued at USD 18,650.42 million in 2023, is experiencing significant growth within the country’s retail sector, projected to reach USD 59,983.14 million by 2032 with a compound annual growth rate of 13.86%. This surge is propelled by India’s robust economic growth, a burgeoning middle class, changing lifestyles, and the digital revolution, which together foster a demand for versatile and convenient gifting options. The market’s expansion is further supported by the widespread adoption of digital payments and online shopping, making gift cards an integral part of India’s digital ecosystem.

Segmentation within the market reveals a preference for retail, restaurant, and digital gift cards, with retail options leading due to their flexibility. The restaurant segment, however, is witnessing growth from the trend of dining out and experiential gifting, while digital gift cards are favored for their ease and immediacy, reflecting a broader consumer shift towards digital transactions. Market leaders like Amazon, Flipkart, and Paytm dominate by leveraging brand recognition and strategic initiatives, including partnerships that enhance distribution channels and promotional efforts, thus playing a pivotal role in shaping the market’s competitive landscape.

The India Gift Card Market is poised for dynamic expansion, driven by technological innovations such as personalization, mobile wallets, and loyalty programs that cater to a tech-savvy consumer base. While challenges like competition and market saturation exist, the digital economy’s growth and e-commerce expansion provide fertile ground for future opportunities. Regulatory clarity regarding gift card transactions will be crucial for maintaining consumer trust and market integrity, indicating a bright future for the India Gift Card Market amidst ongoing economic and technological evolution.

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Segmentation Analysis

By Type:

The segmentation based on the type of gift cards encompasses four distinct categories: closed-loop cards, open-loop cards, e-gifting cards, and others. Closed-loop cards are tailored for specific retailers or a group of retailers, offering a more personalized and brand-focused gifting experience.

By Price Range:

The segmentation based on price range presents a three-tiered structure: high (above 400 US$), medium (200–400 US$), and low (0–200 US$). High-range gift cards offer a premium gifting experience, allowing recipients to indulge in high-end or luxury products and services.

By End-User:

The segmentation based on end-users identifies two primary categories: businesses and individuals. Business-oriented gift cards are purchased for corporate gifting purposes, incentivizing employees, or fostering business relationships. In contrast, individuals purchase gift cards for personal gifting needs, whether for friends, family, or personal celebrations.

By Generation:

The segmentation based on generations encompasses Generation X, Millennials, Generation Z, and others. Generation X, born between the early 1960s and early 1980s, appreciates traditional and established brands. Millennials, embracing digital trends and experiential gifting, significantly contribute to the market’s growth.

By Distribution Channel:

The segmentation based on distribution channels encompasses restaurants, discount stores, supermarkets and hypermarkets, coffee shops, and others. Restaurants offer gift cards, providing a culinary experience for recipients. Discount stores cater to budget-conscious consumers, offering gift cards for various products and services. Supermarkets and hypermarkets, known for their convenience, provide a diverse range of gift card options. Coffee shops appeal to consumers seeking a cozy and relaxed gifting experience. The “Others” category includes diverse distribution channels, such as specialty stores or online platforms, expanding the reach of gift cards to different consumer demographics.  

Segmentations:

By Type:

  • Closed-loop Card
  • Open Loop
  • E-Gifting
  • Others Gift Card

By Price Range

  • High (above 400 US dollars)
  • Medium (200-400 US$)
  • Low (0-200 US$)

By End-User

  • Business
  • Individuals

By Generation

  • Generation X
  • Millennial
  • Generation Z
  • Others

By Distribution Channel

  • Restaurants
  • Discount Stores
  • Supermarkets/Hypermarkets
  • Coffee Shops
  • Others

Market Drivers

E-commerce Boom and Changing Consumer Habits:

The exponential rise of e-commerce platforms in India has revolutionized the retail landscape, spurring a robust demand for digital gift cards. These cards provide a seamless and convenient avenue for online shoppers, offering an efficient means to navigate the digital marketplace while avoiding the complexities associated with cash-on-delivery transactions. India’s progressive shift towards digital payment methods, including mobile wallets and the Unified Payments Interface (UPI), has significantly influenced consumer preferences in the gift card domain. The compatibility of digital gift cards with these widely adopted payment platforms enhances the overall user experience, aligning with the nation’s burgeoning inclination towards a cashless economy.

Increasing Disposable Income and Evolving Preferences:

The escalating disposable incomes among Indian consumers have ushered in a heightened appetite for discretionary spending, notably on gift cards. This surge in purchasing power translates into an increased propensity to invest in gift cards, particularly during gifting occasions and celebratory events. A discernible shift in consumer preferences is evident, with a growing inclination towards experiences and intangible gifts over traditional physical items. Gift cards seamlessly cater to this trend by providing the flexibility and convenience needed to curate personalized experiences for recipients.

Convenience and Instant Gifting:

Digital gift cards emerge as champions in the realm of convenience and instant gifting. Their unparalleled speed of delivery and redemption eliminates the need for physical purchases, providing a solution for last-minute gifting needs and catering to the fast-paced lifestyles of modern consumers. Online platforms serve as expansive marketplaces, hosting a diverse array of gift cards from various retailers and brands. This accessibility extends the reach of gift cards to a broader audience, surpassing the limitations associated with traditional brick-and-mortar stores.

Growing Adoption by Businesses:

Businesses are increasingly leveraging the effectiveness of gift cards as a cost-efficient and impactful tool for rewarding and incentivizing employees. These cards contribute to boosting morale, fostering positive engagement, and serving as tangible acknowledgments of employee contributions. The integration of gift cards into customer loyalty programs represents a strategic approach for businesses to enhance customer retention. By incentivizing repeat business, gift cards become powerful catalysts for fostering stronger and more enduring relationships with customers. Gift cards have evolved into integral components of businesses marketing and promotional strategies. These versatile tools attract new customers, bolster brand awareness, and contribute to the overall success of promotional campaigns, showcasing the adaptability and widespread appeal of gift cards in diverse business landscapes.

Government Initiatives and Regulatory Framework:

Government initiatives championing cashless transactions indirectly elevate the prominence of digital gift cards as viable alternatives to cash for gifting purposes. This alignment with national agendas further solidifies the role of gift cards in shaping the financial landscape. Clear and comprehensive regulations pertaining to fees, expiration dates, and redemption processes play a pivotal role in fostering trust and confidence among consumers. Such regulatory frameworks serve as cornerstones for the wider adoption of gift cards in the market, ensuring transparency and consumer protection in every transaction.

Market Trends

Digitalization and Evolving Formats:

Digital gift cards are swiftly eclipsing traditional plastic cards, driven by their unparalleled convenience, advanced security features, and environmentally friendly attributes, marking a paradigm shift in gifting practices. Seamless integration with popular mobile wallets such as Paytm, PhonePe, and Google Pay is revolutionizing the storage, portability, and redemption of gift cards. This integration not only enhances accessibility but also aligns with the growing reliance on digital wallets in everyday transactions. The exploration of innovative technologies like blockchain is enhancing the security and transparency of gift card transactions. Additionally, the potential integration of near-field communication (NFC) is on the horizon, offering tap-and-pay functionalities and further enriching the digital gifting experience.

Personalization and experiential gifting:

Gift cards are becoming highly personalized, offering an array of customization options, from tailored messages and denominations to unique e-card designs. This focus on customization caters to individual preferences, elevating the overall gifting experience. There is a notable surge in the popularity of experiential gifting, reflected in the emergence of gift cards tailored for diverse experiences such as travel, dining, wellness activities, and entertainment. This trend aligns seamlessly with the evolving preferences of gift recipients. Gift cards for curated subscription boxes, delivering either products or ongoing experiences, are gaining significant traction. This trend caters to consumers seeking distinctive and continuous gifting options beyond traditional offerings.

Omnichannel Distribution and Wider Reach:

Consumers now enjoy the flexibility of purchasing gift cards through various channels, including online platforms, physical stores, mobile apps, and even social media platforms. This multi-channel approach enhances convenience and accessibility for a diverse range of consumers. Collaborations between gift card platforms and financial institutions or loyalty programs are expanding distribution channels, ensuring a wider reach. These strategic partnerships open up new avenues for consumers to access and utilize gift cards across diverse platforms. Gift cards are increasingly integrated with social media platforms, facilitating easy sharing and gifting within social circles. This integration not only broadens the market’s reach but also capitalizes on the social connectivity inherent in modern communication.

Focus on Regional Preferences and Gifting Occasions:

Gift card platforms and retailers are strategically catering to regional preferences by offering gift cards in local languages. Additionally, customization aligns with specific cultural gifting occasions, enhancing the resonance of gift cards. Tailoring gift cards to religious festivals and celebrations is becoming more prevalent. This trend aligns with traditional gifting practices, ensuring that gift cards resonate with the cultural significance of specific occasions.

Evolving Regulatory Landscape and Consumer Protection:

Regulatory bodies are proactively adapting regulations to ensure transparency in fees, expiry dates, and redemption processes. This focus on regulatory clarity builds trust and confidence among consumers, fostering a secure and reliable gift card ecosystem. Technological advancements are dedicated to combating fraud associated with digital gift cards, prioritizing robust data security measures. These efforts aim to enhance consumer trust and confidence, reinforcing the integrity of digital gift card transactions in the market.

Market Restraints and Challenges

Limited Awareness and Trust:

A prevailing challenge lies in the limited awareness of digital gift card benefits, particularly among consumers in rural areas or older demographics. Bridging this information gap is crucial for widespread adoption. Apprehensions related to online scams, data security breaches, and potential misuse of digital gift cards can impede consumer trust and hinder broader acceptance, emphasizing the need for enhanced security measures.

Lack of Standardization and Interoperability:

The absence of universal acceptance for all types of gift cards among retailers and service providers restricts usability, creating hurdles that need to be addressed to foster seamless market growth. Variations in redemption processes based on the issuer and retailer can cause confusion and inconvenience for consumers. Establishing standardized procedures can enhance the consumer experience and confidence.

Regulatory Hurdles and Complexities:

The intricate regulatory landscape surrounding gift cards poses a challenge for businesses, potentially stifling innovation and hindering market expansion. The costs and administrative efforts associated with compliance with diverse regulations can be daunting for businesses. Striking a balance between regulatory adherence and operational agility becomes paramount.

Infrastructure Challenges and Limited Internet Penetration:

Uneven internet penetration, especially in rural areas, combined with limited digital literacy among certain segments poses obstacles to the widespread adoption of digital gift cards. Addressing these challenges is pivotal for inclusive market growth. India’s prevalent cash-based economy presents a challenge for the widespread adoption of digital gift cards, which heavily rely on digital payment methods. Encouraging digital literacy and transitioning from cash-based habits is essential.

Competition from Traditional Gifting Practices:

Deep-rooted cultural preferences for physical gifts, such as cash or gold, continue to hold significant sway in India. Overcoming this cultural hurdle necessitates strategic efforts to showcase the unique value proposition of digital gift cards. Some consumers perceive digital gift cards as less personal or valuable compared to traditional physical gifts. Communicating the emotional and practical benefits of digital options is pivotal to altering this perception.

Technological Challenges and Security Concerns:

Managing data security and preventing fraudulent activities linked to digital gift cards present ongoing technological challenges. A concerted effort is needed to implement robust security measures and build consumer confidence. Establishing and maintaining a robust technological infrastructure to support secure and efficient digital gift card transactions poses a challenge for some industry players. Strategic investments in technology are imperative to overcome this hurdle and ensure a seamless digital gifting experience.

Key Players

  • EbixCash
  • QwikCilver
  • LivQuik
  • igp
  • eVoucher India Pvt Ltd
  • Apple Inc.
  • Best Buy Co., Inc
  • Blackhawk Network Holdings, Inc.
  • Global Payments Direct, Inc.
  • First Data Corporation
  • InComm Payments™
  • NGC US, LLC.
  • Starbucks Corporation
  • Target Corporation

Recent Developments

In 2023, Fiserv demonstrated its commitment to enhancing consumer accessibility with a significant expansion of its Carat platform. This expansion involved strategic integration with various retailers and brands, thereby offering consumers a more extensive and diverse selection of gift cards—all accessible from a single, unified platform. The move by Fiserv aligns with the evolving landscape of gift card offerings, catering to the preferences and convenience of modern consumers.

In 2023, Visa unveiled its innovative “Visa B2B Connect” platform, ushering in a new era of efficiency for business-to-business gift card transactions. This cutting-edge platform is designed to streamline and expedite the process, providing a seamless experience for businesses engaged in the exchange of gift cards.

Regional Analysis

The Indian gift card market exhibits significant regional diversity, with contributions varying across the northern, western, southern, eastern, and central regions, reflecting the country’s varied economic and cultural landscapes. The northern region, with its affluent urban centers like Delhi-NCR and Chandigarh, accounts for 25% of the market, driven by both traditional and e-commerce retail sectors. The western region, including the financial hub of Mumbai, leads with a 30% share, where industries such as IT, manufacturing, and tourism promote gift card usage for corporate and personal gifting. The southern region, with its IT and manufacturing hubs like Bengaluru and Chennai, holds a 20% share, integrating gift cards into its vibrant cultural and tourist activities. Conversely, the eastern region, although slower in adoption, is catching up with a 15% market share, leveraging its rich cultural heritage and the growing presence of major retailers. Lastly, the central region contributes 10%, where emerging urban centers and the hospitality sector are beginning to embrace the convenience and versatility of gift cards, illustrating a comprehensive and expanding gift card market across India.

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Future Outlook

  1. The India Gift Card Market is expected to grow significantly, reaching USD 59,983.14 million by 2032 from USD 18,650.42 million in 2023, with a CAGR of 13.86%.
  2. Digital gift cards will become more popular, offering convenience and environmental benefits over traditional plastic cards.
  3. Gift cards will offer more personalization options, allowing custom messages, designs, and denominations for a unique gifting experience.
  4. Experiential gift cards for travel, dining, and entertainment will see increased demand as consumers prefer memorable experiences.
  5. Multi-channel purchasing options, including online platforms, physical stores, mobile apps, and social media integration, will enhance gift card accessibility.
  6. Regional preferences will be considered, with gift cards available in local languages and tailored for specific cultural occasions.
  7. Regulatory refinements will focus on transparency, security, and consumer protection to build trust in the market.
  8. Technology will advance with the exploration of blockchain for secure transactions and the potential integration of NFC for tap-and-pay functionalities.
  9. Educational initiatives will address limited awareness, especially in rural areas and among older demographics, about the benefits of digital gift cards.
  10. Industry collaboration will increase, leading to partnerships between gift card issuers and retailers for cross-promotions and expanded distribution channels.

Table of Content

Chapter No. 1 :………. Introduction.. 16

1.1.      Report Description. 16

1.1.1.     Purpose of the Report 16

1.1.2.     USP & Key Offerings. 16

1.2.      Key Benefits for Stakeholders. 16

1.3.      Target Audience. 17

1.4.      Report Scope  18

Chapter No. 2 :………. Executive Summary. 19

2.1.      Gift Cards Market Snapshot 19

2.2.      India Gift Cards Market, 2018 – 2032 (USD Billion) 20

Chapter No. 3 :………. Gift Cards Market – Industry Analysis. 21

3.1.      Introduction   21

3.2.      Market Drivers  22

3.2.1.     Enhanced Sales for Retailers and Convenience to Buyers. 22

3.2.2.     Steadily Rising Foodservice Sector Worldwide. 23

3.2.3.     Consistently Growing Retail Industry Worldwide. 23

3.3.      Market Restraints. 24

3.3.1.     Growing instances of gift card hacking by the fraudsters. 24

3.3.2.     Economic Uncertainty. 24

3.4.      Market Opportunities. 26

3.4.1.     Rise of Digital Gift Cards. 26

3.4.2.     Use of Packaged Gift Cards. 26

3.5.      Buying Criteria  27

Chapter No. 4 :………. Competitive Landscape Analysis. 28

4.1.      Company Market Share Analysis – 2023. 28

4.1.1.     India Gift Cards Market: Company Market Share, by Revenue, 2023  28

4.1.      India Gift Cards Market Company Revenue Market Share, 2023. 29

4.2.      India Gift Cards Market Retailers Revenue Market Share, 2023. 30

4.3.      Strategic Developments. 32

4.3.1.     Acquisitions & Mergers, Partnerships and New Product Launch. 32

4.4.      Key Players Product Matrix. 34

Chapter No. 5 :………. PESTEL & Adjacent Market Analysis. 37

5.1.      PESTEL  37

5.1.1.     Political Factors. 37

5.1.2.     Economic Factors. 37

5.1.3.     Social Factors. 37

5.1.4.     Technological Factors. 37

5.1.5.     Environmental Factors. 38

5.1.6.     Legal Factors. 38

5.2.      Adjacent Market Analysis. 38

Chapter No. 6 :………. Gift Cards Market – By Type Segment Analysis. 41

6.1.      Gift Cards Market Overview, by Type Segment 41

6.1.1.     Gift Cards Market Revenue Share, By Type, 2023 & 2032. 41

6.1.2.     Gift Cards Market Attractiveness Analysis, By Type. 43

6.1.3.     Incremental Revenue Growth Opportunity, by Type, 2024 – 2032. 43

6.1.4.     Gift Cards Market Revenue, By Type, 2018, 2023, 2027 & 2032. 44

6.2.      Closed-loop Card. 45

6.3.      Open Loop   46

6.4.      E-Gifting  47

6.5.      Others Gift Card. 48

Chapter No. 7 :………. Gift Cards Market – By Price Range Segment Analysis. 49

7.1.      Gift Cards Market Overview, by Price Range Segment 49

7.1.1.     Gift Cards Market Revenue Share, By Price Range, 2023 & 2032. 49

7.1.2.     Gift Cards Market Attractiveness Analysis, By Price Range. 50

7.1.3.     Incremental Revenue Growth Opportunity, by Price Range, 2024 – 2032  50

7.1.4.     Gift Cards Market Revenue, By Price Range, 2018, 2023, 2027 & 2032  51

7.2.      High (Above 400 US$) 52

7.3.      Medium (200-400 US$) 53

7.4.      Low (0-200 US$) 54

Chapter No. 8 :………. Gift Cards Market – By End-user Segment Analysis. 55

8.1.      Gift Cards Market Overview, by End-user Segment 55

8.1.1.     Gift Cards Market Revenue Share, By End-user, 2023 & 2032. 55

8.1.2.     Gift Cards Market Attractiveness Analysis, By End-user 56

8.1.3.     Incremental Revenue Growth Opportunity, by End-user, 2024 – 2032  56

8.1.4.     Gift Cards Market Revenue, By End-user, 2018, 2023, 2027 & 2032. 57

8.2.      Business  58

8.3.      Individuals  59

Chapter No. 9 :………. Gift Cards Market – By Generation Segment Analysis. 60

9.1.      Gift Cards Market Overview, by Generation Segment 60

9.1.1.     Gift Cards Market Revenue Share, By Generation, 2023 & 2032. 60

9.1.2.     Gift Cards Market Attractiveness Analysis, By Generation. 61

9.1.3.     Incremental Revenue Growth Opportunity, by Generation, 2024 – 2032  61

9.1.4.     Gift Cards Market Revenue, By Generation, 2018, 2023, 2027 & 2032  62

9.2.      Generation X   63

9.3.      Millennial 64

9.4.      Generation Z  65

9.5.      Others  66

Chapter No. 10 :…….. Gift Cards Market – By Distribution Channel Segment Analysis. 67

10.1.    Gift Cards Market Overview, by Distribution Channel Segment 67

10.1.1.  Gift Cards Market Revenue Share, By Distribution Channel, 2023 & 2032  67

10.1.2.  Gift Cards Market Attractiveness Analysis, By Distribution Channel 68

10.1.3.  Incremental Revenue Growth Opportunity, by Distribution Channel, 2024 – 2032. 68

10.1.4.  Gift Cards Market Revenue, By Distribution Channel, 2018, 2023, 2027 & 2032. 69

10.2.    Restaurants  70

10.3.    Discount Stores  71

10.4.    Supermarkets/Hypermarkets. 72

10.5.    Coffee Shops  73

10.6.    Others  74

Chapter No. 11 :…….. Gift Cards Market – By Distribution Channel Segment Analysis. 75

11.1.    Gift Cards Market, by Retailers, 2018 – 2023 (USD Bn) 75

11.1.    Gift Cards Market Share, by Retailers, 2018 – 2023 %.. 77

Chapter No. 12 :…….. Company Profiles. 79

12.1.    Amazon.com, Inc. 79

12.1.1.  Company Overview.. 79

12.1.2.  Product Portfolio. 80

12.1.3.  Financial Overview.. 80

12.2.    Apple Inc. 81

12.2.1.  Company Overview.. 81

12.2.2.  Product Portfolio. 82

12.2.3.  Financial Overview.. 82

12.3.    Best Buy Co., Inc. 83

12.3.1.  Company Overview.. 83

12.3.2.  Product Portfolio. 84

12.3.3.  Financial Overview.. 85

12.4.    Blackhawk Network Holdings, Inc. 86

12.4.1.  Company Overview.. 86

12.4.2.  Product Portfolio. 87

12.4.3.  Financial Overview.. 87

12.5.    Global Payments Direct, Inc. 88

12.5.1.  Company Overview.. 88

12.5.2.  Product Portfolio. 89

12.5.3.  Financial Overview.. 89

12.6.    First Data Corporation. 90

12.6.1.  Company Overview.. 90

12.6.2.  Product Portfolio. 91

12.6.3.  Financial Overview.. 91

12.7.    InComm Payments™.. 92

12.7.1.  Company Overview.. 92

12.7.2.  Product Portfolio. 93

12.7.3.  Financial Overview.. 94

12.8.    NGC US, LLC. 95

12.8.1.  Company Overview.. 95

12.8.2.  Product Portfolio. 96

12.8.3.  Financial Overview.. 96

12.9.    Starbucks Corporation. 97

12.9.1.  Company Overview.. 97

12.9.2.  Product Portfolio. 98

12.9.3.  Financial Overview.. 98

12.10.  Target Corporation. 99

12.10.1.             Company Overview.. 99

12.10.2.             Product Portfolio. 100

12.10.3.             Financial Overview.. 100

Chapter No. 13 :…….. Research Methodology. 101

13.1.    Research Methodology. 101

13.2.    Phase I – Secondary Research. 102

13.3.    Phase II – Data Modeling. 102

13.3.1.  Company Share Analysis Model 103

13.3.2.  Revenue Based Modeling. 103

13.4.    Phase III – Primary Research. 104

13.5.    Research Limitations. 105

13.5.1.  Assumptions. 105

 

List of Figures

FIG NO. 1………. India Gift Cards Market Revenue, 2018 – 2032 (USD Billion) 20

FIG NO. 2………. Company Share Analysis, 2023. 28

FIG NO. 3………. Gift Cards Market – Company Revenue Market Share, 2023. 29

FIG NO. 4………. Gift Cards Market – Retailers Revenue Market Share, 2023. 30

FIG NO. 5………. Gift Cards Market Revenue Share, By Type, 2023 & 2032. 41

FIG NO. 6………. Market Attractiveness Analysis, By Type. 43

FIG NO. 7………. Incremental Revenue Growth Opportunity by Type, 2024 – 2032. 43

FIG NO. 8………. Gift Cards Market Revenue, By Type, 2018, 2023, 2027 & 2032. 44

FIG NO. 9………. India Closed-loop Card, Revenue (USD Billion) 2018 – 2032. 45

FIG NO. 10……… India Open Loop Card, Revenue (USD Billion) 2018 – 2032. 46

FIG NO. 11……… India E-Gifting Card, Revenue (USD Billion) 2018 – 2032. 47

FIG NO. 12……… India Other Gift Cards Market, Revenue (USD Billion) 2018 – 2032. 48

FIG NO. 13……… Gift Cards Market Revenue Share, By Price Range, 2023 & 2032. 49

FIG NO. 14……… Market Attractiveness Analysis, By Price Range. 50

FIG NO. 15……… Incremental Revenue Growth Opportunity by Price Range, 2024 – 2032. 50

FIG NO. 16……… Gift Cards Market Revenue, By Price Range, 2018, 2023, 2027 & 2032. 51

FIG NO. 17……… India Gift Cards Market for High (Above 400 US$), Revenue (USD Billion) 2018 – 2032. 52

FIG NO. 18……… India Gift Cards Market for Medium (200-400 US$), Revenue (USD Billion) 2018 – 2032. 53

FIG NO. 19……… India Gift Cards Market for Low (0-200 US$), Revenue (USD Billion) 2018 – 2032. 54

FIG NO. 20……… Gift Cards Market Revenue Share, By End-user, 2023 & 2032. 55

FIG NO. 21……… Market Attractiveness Analysis, By End-user. 56

FIG NO. 22……… Incremental Revenue Growth Opportunity by End-user, 2024 – 2032. 56

FIG NO. 23……… Gift Cards Market Revenue, By End-user, 2018, 2023, 2027 & 2032. 57

FIG NO. 24……… India Gift Cards Market for Business, Revenue (USD Billion) 2018 – 2032. 58

FIG NO. 25……… India Gift Cards Market for Individuals, Revenue (USD Billion) 2018 – 2032. 59

FIG NO. 26……… Gift Cards Market Revenue Share, By Generation, 2023 & 2032. 60

FIG NO. 27……… Market Attractiveness Analysis, By Generation. 61

FIG NO. 28……… Incremental Revenue Growth Opportunity by Generation, 2024 – 2032. 61

FIG NO. 29……… Gift Cards Market Revenue, By Generation, 2018, 2023, 2027 & 2032. 62

FIG NO. 30……… India Gift Cards Market for Generation X, Revenue (USD Billion) 2018 – 2032. 63

FIG NO. 31……… India Gift Cards Market for Millennial, Revenue (USD Billion) 2018 – 2032. 64

FIG NO. 32……… India Gift Cards Market for Generation Z , Revenue (USD Billion) 2018 – 2032. 65

FIG NO. 33……… India Gift Cards Market for Others, Revenue (USD Billion) 2018 – 2032. 66

FIG NO. 34……… Gift Cards Market Revenue Share, By Distribution Channel, 2023 & 2032. 67

FIG NO. 35……… Market Attractiveness Analysis, By Distribution Channel 68

FIG NO. 36……… Incremental Revenue Growth Opportunity by Distribution Channel, 2024 – 2032. 68

FIG NO. 37……… Gift Cards Market Revenue, By Distribution Channel, 2018, 2023, 2027 & 2032. 69

FIG NO. 38……… India Gift Cards Market for Restaurants, Revenue (USD Billion) 2018 – 2032. 70

FIG NO. 39……… India Gift Cards Market for Discount Stores, Revenue (USD Billion) 2018 – 2032. 71

FIG NO. 40……… India Gift Cards Market for Supermarkets/Hypermarkets, Revenue (USD Billion) 2018 – 2032. 72

FIG NO. 41……… India Gift Cards Market for Coffee Shops , Revenue (USD Billion) 2018 – 2032. 73

FIG NO. 42……… India Gift Cards Market for Others, Revenue (USD Billion) 2018 – 2032. 74

FIG NO. 43……… Research Methodology – Detailed View.. 101

FIG NO. 44……… Research Methodology. 102

 

List of Tables

TABLE NO. 1. :…. India Gift Cards Market: Snapshot 19

TABLE NO. 2. :…. Drivers for the Gift Cards Market: Impact Analysis. 22

TABLE NO. 3. :…. Restraints for the Gift Cards Market: Impact Analysis. 24

Frequently Asked Questions:

What is the current valuation of the India Gift Card Market, and how is it projected to evolve in the future?

The India Gift Card Market is currently valued at USD 18,650.42 million as of 2023. Projections indicate a significant upswing, reaching an impressive USD 59,983.14 million by 2032, showcasing a remarkable compound annual growth rate of 13.86%.

What are the key factors driving the growth of the Indian gift card market?

Several factors contribute to the dynamic growth of the Indian gift card market. The robust economic growth of the country, coupled with increased consumer spending and a thriving retail sector, is a significant driver. The rise of the middle class, evolving lifestyles, and changing gifting preferences have fueled demand for versatile and convenient gifting options, contributing to the market’s expansion.

How is the India Gift Card Market segmented, and what are the dominant segments within it?

The market is segmented based on the type of gift cards, including retail gift cards, restaurant gift cards, and digital gift cards. Retail gift cards, offering flexibility for recipients to choose their preferred products, dominate the market. The digital gift card segment is also gaining traction due to its ease of purchase, quick delivery, and seamless redemption process.

Who are the key players shaping the Indian gift card market, and what strategic initiatives are they undertaking?

Established companies such as Amazon, Flipkart, and Paytm are major players leveraging brand recognition and extensive reach. These key players engage in strategic initiatives, including collaborations, promotional campaigns, and the introduction of innovative features. Partnerships between gift card issuers and retailers are becoming prevalent, creating synergies that amplify cross-promotions and extend distribution channels.

What challenges does the India Gift Card Market face, and how are regulatory bodies addressing them?

The market faces challenges such as intense competition, regulatory complexities, and limited awareness among certain demographics. Regulatory bodies play a crucial role in navigating these challenges by adapting and refining guidelines. Clear regulations regarding fees, expiry dates, and consumer protection are imperative to build trust and confidence among consumers, ensuring transparency and fairness in gift card transactions.

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I am very impressed with the information in this report. The author clearly did their research when they came up with this product and it has already given me a lot of ideas.

Jana Schmidt
CEDAR CX Technologies

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