The hotel gift card market thrives on festivals and appreciation for employees. These cards are neither directly given to the customer or are given through online platforms like e-gifting. Gift cards are prepaid payment cards containing a specific amount of money, and render the same role as that of paper gift cards. The hotel gift card market is majorly driven by the younger generation across the globe, and product innovation along with hotel and entertainment trends are driving its growth. Increasing demand from developing countries is aiding overall market growth. However, with the current lockdown situation and quarantine measures due to outbreak of coronavirus, corporates and holiday makers have been impacted, which is hampering the growth of the hotel gift card market up to some extent.
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The global hotel gift card market is projected to be valued at US$ 133 Bn by the end of 2030, expanding at a healthy CAGR of 14% over the forecast period of 2020 to 2030.
Key Takeaways of Global Hotel Gift Card Market Study
- North America is expected to be a prominent region in the global hotel gift card market, as increasing awareness of the e-Commerce sector will offer immense growth opportunities.
- Innovative and discount offers with hotel gift cards are offered by companies, which, in turn, attracts middle-class customers toward purchasing them. On the other side, due to the outbreak of COVID-19, there has been a decrease in the sales of hotel gift cards, as consumers are shying away from any type of outdoor activities – a factor hindering market growth.
- Increasing concerns regarding the environment have encouraged hotel gift card companies to manufacture ecofriendly and biodegradable gift cards. Thus, physical gift cards that are made from recycled PVC, wood, and other biodegradable materials are now trending. These, ecofriendly cards are attracting customers, which, in turn, is fueling the growth of the hotel gift card market.
“The outbreak of the coronavirus pandemic and quarantine measures taken by government bodies across the globe have drastically impacted the tourism industry. Hotel gift card market growth industry will be comparatively slower than the growth of most other sectors,” says a PMR analyst.
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Changing Hospitality Landscape
Geopolitical and economic impacts are continuously changing the hospitality industry. Moreover, structural shifts due to technological disruptions, changing leisure patterns, and new market players are shifting the trends in the global hospitality industry. New services associated with the hospitality industry are encouraging companies to launch innovative hotel gift cards, which, in turn, is providing new experiences to customers, thus, positively influencing the sales of hotel gift cards across the world. In addition, digital gift cards will continue to grow and eventually surpass the demand for physical gift cards. With growing penetration of the Internet and smartphones in developing countries, people are now moving toward e-Commerce portals for online shopping more than ever before, which is a factor driving the hotel gift card market in these regions.
Hotel Gift Card Market: Competition Landscape
PMR’s report underlines groundbreaking insights into the competitive scenario of the hotel gift card market, along with highlights of the differential strategies used by manufacturers. Some of the prominent players in the global hotel gift card market include Amazon.com Inc., Blackhawk Network Holdings, Inc., MakeMyTrip Limited, Avani Hotels & Resorts Limited, Anantara Hotels, Resorts & Spas, Travelgift.cards, Toga Far East Hotels, Accor, Expedia Group, Arp-Hansen Hotel Group, Valencia Hotel Group, FabHotels, Taj Hotels, Qwikcilver Solutions Pvt. Ltd., and others.
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More Valuable Insights on Hotel Gift Card Market
Persistence Market Research released a new market research on the hotel gift card market, covering global industry analysis of 2015–2019 and forecasts for 2020–2030. The hotel gift card market study reveals compelling insights on the basis of product type (universal accepted open loop, hotel closed loop, miscellaneous closed loop, and e-gifting), application (stays, holiday packages, bar & spa services, meetings & events, sports & activities, travel & transportation, and others), price range (high, medium, and low), end users (business {small and medium enterprises, large enterprises} and individuals), and sales channel (online and offline), across seven major regions.
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