MarketInsightsReports, a leading Europe market research firm, is pleased to announce its new report on Gift Card And Incentive Card market, forecast for 2021-2025, covering all aspects of the market and providing up-to-date data on current trends.
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis. The report also includes a detailed study of key companies to provide insights into business strategies adopted by various players in order to sustain competition in this highly competitive environment.
Key Retailers Covered Include: Aldi Group, XXXLutz Group, Schwarz Beteiligungs GmbH, Steinhoff International Holdings Ltd, M-Preis Warenvertriebs GmbH (Malk), Amazon.com Inc, Etn Franz Colruyt NV, Delhaize Group Sa and Others.
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Market Overview:
The European gift card market has seen significant growth over the past few years. However, the gift card market growth in the region in 2020 has been impacted due to the pandemic. COVID-19 has had adverse effect on the social and economic condition in Europe. Real GDP fell by about 40% in Q2-20 (annualized quarter-over-quarter), with greater contraction in advanced Europe, where the virus spread first, as compared to emerging Europe. Moreover, the pandemic is worsening in the region. As per Organization for Economic Co-operation and Development (OECD), the UK is the most affected by the pandemic and by the end of 2021 the UK economy is expected to be 6% smaller than pre- COVID crisis.
The impact of COVID-19 has increased the demand for online services beginning from daily essentials to gift items. Retailers and merchants have been focusing on having an online presence to reach to a greater audience especially in these challenging times. Many retailers have started launching volunteer e-gift cards. For instance, in April 2020, Marks & Spencer and Asda launched volunteer e-gift cards in the UK. These gift cards can be bought through companies websites.
In May 2020, Blackhawk Network launched digital gift card which can be sent to the receiver’s phone and can be redeemed at 60,000 stores in the UK and Ireland. The gift card can be used to make contactless payment at these stores. The impact of this pandemic is expected to last longer and will also change the way people interact with retail infrastructure. Increased dependency on digital platforms will also create significant growth opportunities for gift cards going forward.
Another factor that is driving the growth of the gift card market in region includes increasing acceptance of corporate gift cards. In the corporate gifting sector, digital gift cards are more popular as compared to traditional gift items in the employee incentives segment. Besides gifting to employees on different occasions, most of the corporates also run rewards and recognition programs, and as a suitable gifting option companies are giving preference to e-gift cards. Customizability, easy availability, and offering wider choices for employees are the prime factors giving an edge to the digital gift cards over traditional gift options.
Another notable trend in the region was gift card integration with wearables. Broader payment industry trend indicates wearables will gain share in executing payment transactions. Retailers and payment service providers are also gearing up to capitalize on the rising trend. For instance, K Wearables, in association with Mastercard offers K Ring Gift Card, a wearable gift card in the UK.
Demand for online gaming is growing in Europe. Gaming companies are offering gift cards to attract customers. In February 2020, for instance, InComm, a payments technology company, partnered with Roblox, an online gaming platform to launch gift cards in France and Germany.
This report details the impact of economic slowdown along with change in business and consumer sentiment due to disruption caused by Covid-19 outbreak on gift card industry.
Browse the report description and TOC:
The study objectives of this report are:
- To study and analyze the Europe Gift Card And Incentive Card size (value and volume) by the company, key regions/countries, products and application, history data from 2020 to 2024, and forecast to 2025.
- To understand the structure of Gift Card And Incentive Card by identifying its various sub-segments.
- To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
- Focuses on the key Europe Gift Card And Incentive Card manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
- To analyze the Gift Card And Incentive Card with respect to individual growth trends, future prospects, and their contribution to the total market.
- To project the value and volume of Gift Card And Incentive Card submarkets, with respect to key regions (along with their respective key countries).
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
- To strategically profile the key players and comprehensively analyze their growth strategies.
The research includes historic data from 2015 to 2021 and forecasts until 2025 which makes the report an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
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