The "Europe Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering. The gift card industry ...
Autore: Business Wire
DUBLIN: The "Europe Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The gift card industry in the region is expected to grow by 7.9% on annual basis to reach US$71.4 billion in 2024. The gift card industry in Europe will continue to grow over the forecast period and is expected to record a CAGR of 6.4% during 2024-2028. Gift card market in the country will increase from US$66.2 billion in 2023 to reach US$91.7 billion by 2028.
This report provides a detailed data centric analysis of gift card market, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at country level, this report provides a comprehensive understanding of gift card market dynamics, market size and forecast.
The European gift card sector is thriving, driven by significant product innovations and strategic partnerships like Marks & Spencer's with Runa. Local government initiatives are also making a substantial impact, with rising sales and support for independent retailers, signaling continued growth and positive economic influence in the region.
Key Developments in the Gift Card Sector in Europe
The European gift card sector has seen several noteworthy product launches that reflect the growing demand and innovation within the market.
Product Launches and Innovations
Marks & Spencer's Gift Card Revenue Surge: Marks & Spencer reported a 245% increase in gift card revenue in 2023, attributed to its partnership with Runa, a digital value payments network. This collaboration has enabled Marks & Spencer to enhance its gift card distribution and streamline its ordering process, thereby expanding its customer base and improving sales performance.
Strategic Partnerships
Marks & Spencer's Partnership with Runa: Marks & Spencer reported a 245% increase in gift card revenue in 2023, attributed to its partnership with Runa, a digital value payments network. This collaboration has enabled Marks & Spencer to enhance its gift card distribution and streamline its ordering process, thereby expanding its customer base and improving sales performance.
Local Gift Card Programs: Various local governments in the United Kingdom initiated gift card programs aimed at boosting economic activity in their communities. For instance, Miconex reported a substantial increase in local gift card sales, which reached £12.4 million in 2023, with a 69% rise compared to the previous year. This trend is expected to continue, with more towns and cities launching their own local gift card initiatives to support local businesses.
Regulatory Changes
Local Government Gift Card Programs: Numerous local governments, especially in the United Kingdom, have launched gift card initiatives aimed at revitalizing local economies. These programs are designed to encourage spending in local businesses and have seen significant success. For instance, Miconex reported that local gift card sales reached £12.4 million in 2023, with a 69% increase compared to the previous year. This trend is expected to continue, with more towns and cities adopting similar programs in 2024.
Support for Independent Retailers: The local gift card programs are specifically aimed at driving consumer spending in high streets and downtown areas, supporting both independent and national retailers. The initiatives have proven effective in encouraging consumers to spend above the value of the gift cards, further stimulating local economies.
A bundled offering, comprising 1 regional and 15 country reports
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 4288 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $71.4 Billion |
| Forecasted Market Value (USD) by 2028 | $91.7 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Europe |
Scope for Each Databook
Total Spend on Gifts
Gift Card Market Size by KPIs across Consumer Segments
Gift Card Market Size by Consumer Segment
Digital Gift Card Market Size
Gift Card Market Size by Retail Consumer
Gift Card Spend by Consumer Behavior and Demographics
Gift Card Market Size by Corporate Consumer
Gift Spend by Product Categories (Split by Retail and Corporate Consumers)
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers)
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers)
Closed Loop Gift Card Market Share by Key Retailers
For more information about this report visit https://www.researchandmarkets.com/r/zcob1m
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Fonte: Business Wire