The North American Gift Cards Market is expected to grow at a significant CAGR of 10.33% in the coming years, with the market value projected to reach USD 896.33 Billion by 2030 from USD 390.05 Billion in 2022.
The market is segmented by country and card type, with the US and Canada being the major players and closed-loop cards dominating the market. This segmentation reflects the diverse applications and preferences within the market.
Key factors include the shift from traditional plastic cards to digital formats like e-Gift cards and mobile gift cards, government initiatives promoting digital payments, corporate adoption for rewards, and technological innovations in digital wallets and mobile devices.
Seasonal factors, such as holiday seasons and gift-giving occasions, significantly boost gift card demand. Additionally, the rising demand from millennials, drawn to the convenience and social aspects of online gift giving, is also shaping market trends.