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NEW YORK, May 4, 2021 /PRNewswire/ The global gift card market by type (e-gift cards and physical gift cards) and geography (North America, Europe, APAC, MEA, and South America) has been added to Technavio s offering. The global gift card market is expected to grow by USD 527.11 billion, at a CAGR of over 14% during 2020-2024.
Technavio has announced its latest market research report titled Gift Card Market by Type and Geography - Forecast and Analysis 2020-2024
The rapid surge in the number of COVID-19 cases led to the temporary closure of various businesses in 2020. To help such businesses, several governments have designed gift card programs that can provide immediate cash flow to ensure businesses run smoothly. For instance, the Government of Prince Edward Island, Canada, has partnered with Sobeys on the PEI Employee Gift Card Program. The temporary program offers a USD 100 Sobeys gift value to every employee, living and working on Prin
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ResearchAndMarkets.com s offering.
Overall spending on gifts remained stable in Canada in 2020, despite economic slowdown and reduced celebrations due to lockdowns and people staying away from gatherings. The overall spending on gifts recorded a decline in 2020, with a shift towards gift cards. This has resulted in increased penetration for gift card. Gift card growth over the next 4 quarters in 2021 is expected to improve significantly with improved business and consumer sentiment.
Despite a challenging near-term outlook, the gift card industry in Canada is expected to experience steady growth over the medium term, starting Q2 2021. This will be driven by consumer confidence and retail spending in the country along with increased adoption of corporate incentive and loyalty cards.