Home » Consumer Goods » US Gift Card Market

US Gift Cards Market By Material Merchant Type (Supermarkets/Hypermarkets, Discount Stores, Coffee Shops, Entertainments, Restaurants, Department Stores, Grocery Stores, Salons/Spa, Book Stores, Home Décor Stores, Gas Stations, Visa/Master Card/American Express Gift Cards, Others) By Merchant Type (Universal Accepted Open Loop, Restaurant Closed Loop, Retail Closed Loop, Miscellaneous Closed Loop, E-Gifting) By End User, 2022 – 2030

Price: $1999

Published: | Report ID: 30594 | Report Format : PDF

U.S. Gift Card Market Overview

The U.S. gift card market is poised for significant growth, with projections indicating a compound annual growth rate (CAGR) of 10.29%, culminating in a market value of approximately USD 924.84 billion by 2030 from USD 380.25 billion. This sector showcases a dynamic and expanding landscape, characterized by a diverse array of market participants offering a variety of gift card types. Key drivers of this growth include the rising popularity of electronic gift cards (e-gift cards) and the burgeoning development of gift card marketplaces.

This market is systematically categorized based on several criteria: product type, functional attributes, industry verticals, and merchant categories. In terms of product type, it is bifurcated into e-gift cards and physical cards. Consumer types in this market are divided into retail and corporate consumers, addressing different consumer needs and preferences. Furthermore, the distribution channels are segmented into online and offline avenues, catering to varied purchasing behaviors.

Notably, the digital or e-gift card segment has demonstrated robust growth, which is anticipated to persist, underlining its increasing acceptance and preference among U.S. consumers. This growth trajectory underscores the evolving nature of the gift card market in the United States, reflecting both technological advancements and changing consumer behaviors.

A gift card, a gift certificate, gift voucher, or gift token, is a prepaid stored-value money card used as an alternative to cash for purchases within specific stores or related businesses. Typically issued by retailers or banks, these cards are non-redeemable for cash and may be subject to expiry dates or fees. They are a popular choice for employers and organizations to give as rewards or gifts due to their convenience, allowing the recipient to choose their desired item while alleviating the giver from selecting a specific gift. Gift cards, which can be either physical or digital, are also beneficial for controlling spending and avoiding bank overdrafts, making them a versatile financial tool.

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In our extensive exploration of the U.S. Gift Card Market, we delve into an extensive regional segmentation, covering all 50 states, to provide a detailed overview and insightful perspectives on the market dynamics across the country. This analysis meticulously details the market across all fifty states, from Alabama to Wyoming, offering a comprehensive snapshot of the gift card industry’s regional nuances and trends. Each state’s market is analyzed to reveal unique consumer behaviors, preferences, and market sizes, contributing to a nationwide overview that is both granular and expansive. Our coverage ensures that stakeholders are equipped with the critical insights needed to navigate the complexities of the U.S. gift card landscape, identifying opportunities for growth, innovation, and strategic investment. By highlighting the specific characteristics and potential of the market in diverse regions such as the tech-savvy California, the tourist-favorite Florida, and the bustling New York, we provide a valuable tool for businesses looking to optimize their strategies in the gift card sector.

U.S. Gift Card Market Growth Drivers and Trends

The United States gift card market is witnessing substantial growth, propelled by several key factors that align with evolving consumer trends and market dynamics. A significant driver of this growth is the increasing demand for gift cards among millennials and Generation Z. These demographic segments are demonstrating a marked preference for the convenience and flexibility of gift cards, both in their physical and digital manifestations. This shift in consumer behavior is particularly notable in the context of the burgeoning e-commerce sector, where digital or e-gift cards are rapidly gaining popularity due to their seamless integration with online shopping platforms.

Further fueling the market’s expansion is the rising inclination towards digital gifting options and the strategic use of gift cards as rewards and incentives in various sectors. This trend is underscored by a growing consumer preference for experiential purchases over physical gifts, making gift cards an appealing option due to their inherent flexibility and wide applicability. Additionally, the consistent growth of the global retail industry is playing a crucial role in enhancing sales opportunities for retailers through gift cards, especially in the steadily expanding foodservices sector. These factors collectively highlight the strategic importance of gift cards as a convenient, versatile, and effective tool for both consumers and retailers, thereby significantly contributing to the ongoing growth and diversification of the gift card market in the United States.

U.S. Gift Card Market challenges and Restraints Factors

 While demonstrating robust growth, the U.S. gift card market is confronted with several challenges and restraint factors that necessitate strategic attention. Foremost among these is the issue of security. The increasing prevalence of gift card hacking and related fraudulent activities poses a significant threat, particularly in the realm of digital gift cards. This heightened risk of cyber-attacks undermines consumer confidence and serves as a major impediment to market growth. The industry, therefore, faces the urgent need to bolster security measures and develop more secure, fraud-resistant gift card solutions to maintain consumer trust and market stability.

Moreover, the market is also dealing with challenges stemming from exploitative practices and a highly competitive landscape. Practices such as imposing latency and redemption fees have been criticized for eroding the inherent value of gift cards, thereby dissuading consumers from maximizing their utility. This issue is further complicated by the increasing market saturation, with a multitude of companies offering a wide variety of innovative gift card options. This saturation makes it challenging for businesses to distinguish themselves and capture consumer interest. Additionally, evolving consumer preferences, marked by a shift towards personalized and experiential gifts, pose challenges to traditional gift card models, prompting a need for adaptation and innovation.

Interesting Facts about U.S. Gift Card Market

  • Significant Market Value: The U.S. gift card market is remarkably substantial, with sales reaching billions of dollars during the holiday season alone, highlighting its major economic impact.
  • Widespread Consumer Adoption: A large percentage of Americans engage with gift cards, not only purchasing them for others but also for personal use, indicating their widespread popularity.
  • Expiration Dates: Gift cards often have expiration terms and conditions, making it crucial for consumers to be aware of these details to utilize the cards before they expire fully.
  • Retail Innovation: Neiman Marcus is the first retail store to sell gift cards, pioneering a trend that has become ubiquitous in the retail industry.
  • Collectible Designs: Some gift cards are designed with intricate patterns, holographic effects, or as limited editions, which makes them highly sought after by collectors, adding a unique aspect to their appeal.

Regional Insights

North America stands as the most significant revenue contributor in the U.S. gift card market, exemplifying a CAGR of 14.4%. The robust expansion of the U.S. gift card market can be largely attributed to technological advancements in product offerings and an increasing inclination towards digital gift cards. Within North America, the U.S. dominates the market share, while Canada emerges as the fastest-growing market in the region. The preeminence of North America in the gift card sector is largely due to several key factors. These include government initiatives that promote the adoption of digital payment methods, continuous technological progress in the field, and the escalating popularity of digital gift cards among consumers. This convergence of technological innovation and supportive regulatory frameworks has positioned North America, and the U.S. in particular, at the forefront of the global gift card market.

Competitive Analysis

The U.S. gift card market is very competitive, with many powerful players. Some of the leading market participants and their corresponding market shares are listed below:

  • Under Armour, Inc
  • TransGate Solutions
  • Walgreen Co
  • Sephora USA, Inc
  • Tele-Pak Inc.
  • Alltimeprint.com
  • Plastek Card Solutions, Inc.
  • eCard Systems
  • Blackhawk Network
  • Card Isle
  • Tango Card. Inc
  • InComm Payments, 
  • Card USA, Inc
  • Duracard
  • Gyft, Inc
  • Givex Corporation.

 Recent Developments in U.S. Gift Card Market

In September 2021, Factor4, a major player in the U.S. gift card and loyalty solutions market, announced a strategic partnership with SavorConnect, a prominent provider of cloud-based integration platforms. As a result of this alliance, Factor4 is set to develop omnichannel gift cards for Shopify, enabling consumers to utilize these cards across various channels, including online, in-store, and on mobile devices.

In May 2022, New Seasons Market and New Leaf Community Markets, both renowned on the West Coast, broadened their collaboration with Blackhawk Network, a global leader in branded payments. This expansion aims to enhance the online gift card programs of their community-focused grocery stores, reflecting a commitment to elevating the customer experience in the realm of digital payments.

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Segmentation

US Gift Cards Market – By Material Merchant Type

  • Restaurants
  • Department Stores
  • Grocery Stores
  • Supermarkets/Hypermarkets
  • Discount Stores
  • Coffee Shops
  • Entertainments
  • Salons/Spa
  • Book Stores
  • Home Décor Stores
  • Gas Stations
  • Visa/Master Card/American Express Gift Cards
  • Others

US Gift Cards Market – By Merchant Type

  • Universal Accepted Open Loop
  • Restaurant Closed Loop
  • Retail Closed Loop
  • Miscellaneous Closed Loop
  • E-Gifting

US Gift Cards Market – By End User

  • Business
  • Individuals

US Gift Cards Market – By Price Range

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

By Countries

Table of Content

Chapter No. 1 :……….. Introduction.. 18

1.1.       Report Description. 18

1.1.1.     Purpose of the Report. 18

1.1.2.     USP & Key Offerings. 18

1.2.       Key Benefits for Stakeholders. 18

1.3.       Target Audience. 19

1.4.       Report Scope   20

Chapter No. 2 :……….. Executive Summary. 21

2.1.       Gift Cards Market Snapshot. 21

2.2.       U.S. Gift Cards Market, 2018 – 2032 (USD Billion). 22

Chapter No. 3 :……….. Gift Cards Market – Industry Analysis. 23

3.1.       Introduction   23

3.2.       Market Drivers  24

3.2.1.     Enhanced Sales for Retailers and Convenience to Buyers. 24

3.2.2.     Steadily Rising Foodservice Sector Worldwide. 25

3.2.3.     Consistently Growing Retail Industry Worldwide. 25

3.3.       Market Restraints. 26

3.3.1.     Growing instances of gift card hacking by the fraudsters. 26

3.3.2.     Economic Uncertainty. 26

3.4.       Market Opportunities. 28

3.4.1.     Rise of Digital Gift Cards. 28

3.4.2.     Use of Packaged Gift Cards. 28

3.5.       Buying Criteria  29

3.6.       Average Gift Card Spends in the United States. 30

3.7.       Unused Gift Cards Value, 2023, (USD Bn). 30

3.8.       Holiday Gift Cards Vs Other Gift Cards Value, 2023, (USD Bn). 30

3.9.       Average Redemption Rate of Gift Cards in U.S., 2023. 30

3.10.    Average value/load of a Gift Card in U.S., 2023, USD.. 30

Chapter No. 4 :……….. Competitive Landscape Analysis. 31

4.1.       Company Market Share Analysis – 2023. 31

4.1.1.     U.S. Gift Cards Market: Company Market Share, by Revenue, 2023. 31

4.1.       U.S. Gift Cards Market Company Revenue Market Share, 2023. 32

4.2.       U.S. Gift Cards Market Retailers Revenue Market Share, 2023. 33

4.3.       Strategic Developments. 35

4.3.1.     Acquisitions & Mergers, Partnerships and New Product Launch. 35

4.4.       Key Players Product Matrix. 37

Chapter No. 5 :……….. PESTEL & Adjacent Market Analysis. 40

5.1.       PESTEL  40

5.1.1.     Political Factors. 40

5.1.2.     Economic Factors. 40

5.1.3.     Social Factors. 40

5.1.4.     Technological Factors. 40

5.1.5.     Environmental Factors. 41

5.1.6.     Legal Factors. 41

5.2.       Adjacent Market Analysis. 41

Chapter No. 6 :……….. Gift Cards Market – By Type Segment Analysis. 44

6.1.       Gift Cards Market Overview, by Type Segment. 44

6.1.1.     Gift Cards Market Revenue Share, By Type, 2023 & 2032. 44

6.1.2.     Gift Cards Market Attractiveness Analysis, By Type. 46

6.1.3.     Incremental Revenue Growth Opportunity, by Type, 2024 – 2032. 46

6.1.4.     Gift Cards Market Revenue, By Type, 2018, 2023, 2027 & 2032. 47

6.2.       Closed-loop Card. 48

6.3.       Open Loop   49

6.4.       E-Gifting  50

6.5.       Others Gift Card. 51

Chapter No. 7 :……….. Gift Cards Market – By Price Range Segment Analysis. 52

7.1.       Gift Cards Market Overview, by Price Range Segment. 52

7.1.1.     Gift Cards Market Revenue Share, By Price Range, 2023 & 2032. 52

7.1.2.     Gift Cards Market Attractiveness Analysis, By Price Range. 53

7.1.3.     Incremental Revenue Growth Opportunity, by Price Range, 2024 – 2032. 53

7.1.4.     Gift Cards Market Revenue, By Price Range, 2018, 2023, 2027 & 2032. 54

7.2.       High (Above 400 US$). 55

7.3.       Medium (200-400 US$). 56

7.4.       Low (0-200 US$). 57

Chapter No. 8 :……….. Gift Cards Market – By End-user Segment Analysis. 58

8.1.       Gift Cards Market Overview, by End-user Segment. 58

8.1.1.     Gift Cards Market Revenue Share, By End-user, 2023 & 2032. 58

8.1.2.     Gift Cards Market Attractiveness Analysis, By End-user. 59

8.1.3.     Incremental Revenue Growth Opportunity, by End-user, 2024 – 2032. 59

8.1.4.     Gift Cards Market Revenue, By End-user, 2018, 2023, 2027 & 2032. 60

8.2.       Business  61

8.3.       Individuals  62

Chapter No. 9 :……….. Gift Cards Market – By Generation Segment Analysis. 63

9.1.       Gift Cards Market Overview, by Generation Segment. 63

9.1.1.     Gift Cards Market Revenue Share, By Generation, 2023 & 2032. 63

9.1.2.     Gift Cards Market Attractiveness Analysis, By Generation. 64

9.1.3.     Incremental Revenue Growth Opportunity, by Generation, 2024 – 2032. 64

9.1.4.     Gift Cards Market Revenue, By Generation, 2018, 2023, 2027 & 2032. 65

9.2.       Generation X   66

9.3.       Millennial 67

9.4.       Generation Z  68

9.5.       Others  69

Chapter No. 10 :……… Gift Cards Market – By Distribution Channel Segment Analysis  70

10.1.    Gift Cards Market Overview, by Distribution Channel Segment. 70

10.1.1.   Gift Cards Market Revenue Share, By Distribution Channel, 2023 & 2032. 70

10.1.2.   Gift Cards Market Attractiveness Analysis, By Distribution Channel 71

10.1.3.   Incremental Revenue Growth Opportunity, by Distribution Channel, 2024 – 2032. 71

10.1.4.   Gift Cards Market Revenue, By Distribution Channel, 2018, 2023, 2027 & 2032. 72

10.2.    Restaurants  73

10.3.    Discount Stores. 74

10.4.    Supermarkets/Hypermarkets. 75

10.5.    Coffee Shops  76

10.6.    Others  77

Chapter No. 11 :……… Gift Cards Market – By Regional Segment Analysis. 78

11.1.    Gift Cards Market, by Region, 2018 – 2032 (USD Bn). 78

11.1.1.   Alabama. 78

11.1.2.   Alaska  78

11.1.3.   Arizona  78

11.1.4.   Arkansas. 78

11.1.5.   California. 78

11.1.6.   Colorado. 78

11.1.7.   Connecticut. 78

11.1.8.   Delaware. 78

11.1.9.   Florida  78

11.1.10.              Georgia. 78

11.1.11.              Hawaii 78

11.1.12.              Idaho. 78

11.1.13.              Illinois. 78

11.1.14.              Indiana. 78

11.1.15.              Iowa. 78

11.1.16.              Kansas. 78

11.1.17.              Kentucky[B]. 78

11.1.18.              Louisiana. 78

11.1.19.              Maine. 79

11.1.20.              Maryland. 79

11.1.21.              Massachusetts[B] 79

11.1.22.              Michigan. 79

11.1.23.              Minnesota. 79

11.1.24.              Mississippi 79

11.1.25.              Missouri 79

11.1.26.              Montana. 79

11.1.27.              Nebraska. 79

11.1.28.              Nevada. 79

11.1.29.              New Hampshire. 79

11.1.30.              New Jersey. 79

11.1.31.              New Mexico. 79

11.1.32.              New York. 79

11.1.33.              North Carolina. 79

11.1.34.              North Dakota. 79

11.1.35.              Ohio. 79

11.1.36.              Oklahoma. 79

11.1.37.              Oregon. 79

11.1.38.              Pennsylvania[B]. 79

11.1.39.              Rhode Island. 79

11.1.40.              South Carolina. 80

11.1.41.              South Dakota. 80

11.1.42.              Tennessee. 80

11.1.43.              Texas. 80

11.1.44.              Utah. 80

11.1.45.              Vermont. 80

11.1.46.              Virginia[B]. 80

11.1.47.              Washington. 80

11.1.48.              West Virginia. 80

11.1.49.              Wisconsin. 80

11.1.50.              Wyoming. 80

Chapter No. 12 :……… Gift Cards Market – By Distribution Channel Segment Analysis  81

12.1.    Gift Cards Market, by Retailers, 2018 – 2023 (USD Bn). 81

12.1.    Gift Cards Market Share, by Retailers, 2018 – 2023 %.. 83

Chapter No. 13 :……… Gift Card Market Breakdown, By Spending.. 85

13.1.    Gift Card Market Breakdown, By Spending, 2023. 85

13.1.1.   Marketing and Promotion Costs. 85

13.1.2.   Compliance and Regulatory Costs. 85

13.1.3.   Technology and Processing Fees (Visa/MasterCard) 85

13.1.4.   Financial Institution Fees (Banks). 85

13.1.5.   Others  85

Chapter No. 14 :……… Company Profiles. 86

14.1.    Amazon.com, Inc. 86

14.1.1.   Company Overview.. 86

14.1.2.   Product Portfolio. 87

14.1.3.   Financial Overview.. 87

14.2.    Apple Inc. 88

14.2.1.   Company Overview.. 88

14.2.2.   Product Portfolio. 89

14.2.3.   Financial Overview.. 89

14.3.    Best Buy Co., Inc. 90

14.3.1.   Company Overview.. 90

14.3.2.   Product Portfolio. 91

14.3.3.   Financial Overview.. 92

14.4.    Blackhawk Network Holdings, Inc. 93

14.4.1.   Company Overview.. 93

14.4.2.   Product Portfolio. 94

14.4.3.   Financial Overview.. 94

14.5.    Global Payments Direct, Inc. 95

14.5.1.   Company Overview.. 95

14.5.2.   Product Portfolio. 96

14.5.3.   Financial Overview.. 96

14.6.    First Data Corporation. 97

14.6.1.   Company Overview.. 97

14.6.2.   Product Portfolio. 98

14.6.3.   Financial Overview.. 98

14.7.    InComm Payments™.. 99

14.7.1.   Company Overview.. 99

14.7.2.   Product Portfolio. 100

14.7.3.   Financial Overview.. 101

14.8.    NGC US, LLC. 102

14.8.1.   Company Overview.. 102

14.8.2.   Product Portfolio. 103

14.8.3.   Financial Overview.. 103

14.9.    Starbucks Corporation. 104

14.9.1.   Company Overview.. 104

14.9.2.   Product Portfolio. 105

14.9.3.   Financial Overview.. 105

14.10.  Target Corporation. 106

14.10.1.              Company Overview.. 106

14.10.2.              Product Portfolio. 107

14.10.3.              Financial Overview.. 107

Chapter No. 15 :……… Research Methodology. 108

15.1.    Research Methodology. 108

15.2.    Phase I – Secondary Research. 109

15.3.    Phase II – Data Modeling. 109

15.3.1.   Company Share Analysis Model 110

15.3.2.   Revenue Based Modeling. 110

15.4.    Phase III – Primary Research. 111

15.5.    Research Limitations. 112

15.5.1.   Assumptions. 112

 

List of Figures

FIG NO. 1……….. U.S. Gift Cards Market Revenue, 2018 – 2032 (USD Billion) 22

FIG NO. 2……….. Company Share Analysis, 2023. 31

FIG NO. 3……….. Gift Cards Market – Company Revenue Market Share, 2023. 32

FIG NO. 4……….. Gift Cards Market – Retailers Revenue Market Share, 2023. 33

FIG NO. 5……….. Gift Cards Market Revenue Share, By Type, 2023 & 2032. 44

FIG NO. 6……….. Market Attractiveness Analysis, By Type. 46

FIG NO. 7……….. Incremental Revenue Growth Opportunity by Type, 2024 – 2032. 46

FIG NO. 8……….. Gift Cards Market Revenue, By Type, 2018, 2023, 2027 & 2032. 47

FIG NO. 9……….. U.S. Closed-loop Card, Revenue (USD Billion) 2018 – 2032. 48

FIG NO. 10……… U.S. Open Loop Card, Revenue (USD Billion) 2018 – 2032. 49

FIG NO. 11……… U.S. E-Gifting Card, Revenue (USD Billion) 2018 – 2032. 50

FIG NO. 12……… U.S. Other Gift Cards Market, Revenue (USD Billion) 2018 – 2032. 51

FIG NO. 13……… Gift Cards Market Revenue Share, By Price Range, 2023 & 2032. 52

FIG NO. 14……… Market Attractiveness Analysis, By Price Range. 53

FIG NO. 15……… Incremental Revenue Growth Opportunity by Price Range, 2024 – 2032. 53

FIG NO. 16……… Gift Cards Market Revenue, By Price Range, 2018, 2023, 2027 & 2032. 54

FIG NO. 17……… U.S. Gift Cards Market for High (Above 400 US$), Revenue (USD Billion) 2018 – 2032. 55

FIG NO. 18……… U.S. Gift Cards Market for Medium (200-400 US$), Revenue (USD Billion) 2018 – 2032. 56

FIG NO. 19……… U.S. Gift Cards Market for Low (0-200 US$), Revenue (USD Billion) 2018 – 2032. 57

FIG NO. 20……… Gift Cards Market Revenue Share, By End-user, 2023 & 2032. 58

FIG NO. 21……… Market Attractiveness Analysis, By End-user. 59

FIG NO. 22……… Incremental Revenue Growth Opportunity by End-user, 2024 – 2032. 59

FIG NO. 23……… Gift Cards Market Revenue, By End-user, 2018, 2023, 2027 & 2032. 60

FIG NO. 24……… U.S. Gift Cards Market for Business, Revenue (USD Billion) 2018 – 2032. 61

FIG NO. 25……… U.S. Gift Cards Market for Individuals, Revenue (USD Billion) 2018 – 2032. 62

FIG NO. 26……… Gift Cards Market Revenue Share, By Generation, 2023 & 2032. 63

FIG NO. 27……… Market Attractiveness Analysis, By Generation. 64

FIG NO. 28……… Incremental Revenue Growth Opportunity by Generation, 2024 – 2032. 64

FIG NO. 29……… Gift Cards Market Revenue, By Generation, 2018, 2023, 2027 & 2032. 65

FIG NO. 30……… U.S. Gift Cards Market for Generation X, Revenue (USD Billion) 2018 – 2032. 66

FIG NO. 31……… U.S. Gift Cards Market for Millennial, Revenue (USD Billion) 2018 – 2032. 67

FIG NO. 32……… U.S. Gift Cards Market for Generation Z , Revenue (USD Billion) 2018 – 2032. 68

FIG NO. 33……… U.S. Gift Cards Market for Others, Revenue (USD Billion) 2018 – 2032. 69

FIG NO. 34……… Gift Cards Market Revenue Share, By Distribution Channel, 2023 & 2032. 70

FIG NO. 35……… Market Attractiveness Analysis, By Distribution Channel 71

FIG NO. 36……… Incremental Revenue Growth Opportunity by Distribution Channel, 2024 – 2032. 71

FIG NO. 37……… Gift Cards Market Revenue, By Distribution Channel, 2018, 2023, 2027 & 2032. 72

FIG NO. 38……… U.S. Gift Cards Market for Restaurants, Revenue (USD Billion) 2018 – 2032. 73

FIG NO. 39……… U.S. Gift Cards Market for Discount Stores, Revenue (USD Billion) 2018 – 2032. 74

FIG NO. 40……… U.S. Gift Cards Market for Supermarkets/Hypermarkets, Revenue (USD Billion) 2018 – 2032. 75

FIG NO. 41……… U.S. Gift Cards Market for Coffee Shops , Revenue (USD Billion) 2018 – 2032. 76

FIG NO. 42……… U.S. Gift Cards Market for Others, Revenue (USD Billion) 2018 – 2032. 77

FIG NO. 43……… Research Methodology – Detailed View.. 108

FIG NO. 44……… Research Methodology. 109

 

 

List of Tables

TABLE NO. 1. :…. U.S. Gift Cards Market: Snapshot 21

TABLE NO. 2. :…. Drivers for the Gift Cards Market: Impact Analysis. 24

TABLE NO. 3. :…. Restraints for the Gift Cards Market: Impact Analysis. 26

 

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

The US gift card market is experiencing substantial growth due to several factors, including the increasing demand from millennials and Generation Z. These demographic groups show a strong preference for the convenience and flexibility of gift cards, both physical and digital. Additionally, the rise of e-commerce has significantly boosted the popularity of digital or e-gift cards, which seamlessly integrate with online shopping platforms.

Why are digital gift cards becoming more popular in the US?

Digital gift cards are gaining popularity in the US due to their convenience and adaptability to the evolving e-commerce landscape. The ease of purchasing and sending e-gift cards online aligns with the growing consumer trend towards digital gifting options. Moreover, the ability to use these cards for a wide range of online purchases makes them a highly attractive choice for tech-savvy consumers, particularly among younger generations.

How are gift cards being used in various sectors beyond just gifting?

Beyond traditional gifting, gift cards are increasingly used as rewards and incentives across various sectors. This strategic use stems from the growing consumer preference for experiential purchases over physical gifts. Gift cards offer flexibility and wide applicability, making them an effective tool for businesses to engage with customers and employees in a meaningful and versatile manner.

What role does the global retail industry play in the US gift card market?

The global retail industry plays a significant role in the US gift card market by providing enhanced sales opportunities for retailers. The consistent growth in retail, especially in the foodservices sector, has opened new avenues for the utilization of gift cards. This trend underscores the strategic importance of gift cards as a convenient and versatile tool for retailers to boost sales and customer engagement.

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