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South Korea Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics Report 2021 - ResearchAndMarkets.com
February 16, 2021 GMT
DUBLIN (BUSINESS WIRE) Feb 16, 2021
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Gift card market in 2020 was driven a wide range of factors, which supported growth across retail and corporate segments. The primary factors included growth of ecommerce, increased adoption to incentivize employees working remotely, digital gifting, and initiatives undertaken by government, hospitality, and travel industries to revive growth. Though the gift card market was impacted due to COVID-19, the market is expected to bounce back in the coming quarters, especially in H1 2021.
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The gift card market in the US is expected to record steady growth over the forecast period, driven by increased adoption of digital or e-gift cards.
The ongoing pandemic has changed consumer behavior in 2020. Online purchases of gift cards more than doubled in 2020, outperforming the YoY growth recorded in 2019. Though online purchase of gift cards has increased in the last few years, the growth has been rapid in 2020 due to the COVID-19. Moreover, gift cards are increasingly being purchased by consumers for digital content including streaming and gaming services.
The open and closed loop gift cards were mostly spent on online shopping in 2020. Among various categories, gift card spending increased especially in electronics and grocery categories. Rise in spending on electronics was due to the work from home trend and rise in spend on home entertainment options such as gaming and online streaming.