Asia Pacific Gift Card and Incentive Card Market Report 2021: Spend Analysis by Digital/e-Gift Card, Retail and Corporate Consumers, Top Retailers, Distribution Channel, Occasions and Demographics
April 29, 2021 04:03 ET | Source: Research and Markets Research and Markets Dublin, IRELAND
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The gift card market in Asia Pacific has witnessed significant growth in the past few years. The gift card industry has performed well, taking away market share from traditional gifting sector. The overall gift industry has been impacted by the COVID-19 pandemic.
The gift card market is expected to grow backed by increase in digitization as well as surge in online shopping. The E-commerce market in the region has recorded significant growth in the recent years due to better Internet connectivity and penetration across the region. The surge in internet penetration has led to digitization. This trend has accele
European Gift Card and Incentive Card Market Report 2021: 200 KPIs for 15 European Countries
April 27, 2021 04:03 ET | Source: Research and Markets Research and Markets Dublin, IRELAND
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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.
European Gift Card and Incentive Card Market Report 2021: 200 KPIs for 15 European Countries benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Research and Markets: Europe Gift Card and Incentive Card Future Growth Dynamics: Spend Analysis by Digital/e-Gift Card, Retail and Corporate Consumers, Top Retailers, Distribution Channel, Occasions, and Demographics - ResearchAndMarkets.com
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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.
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The strong growth in the e-commerce sector primarily supported the overall gift card industry during 2020, a trend expected to continue over the forecast period. Increasing smartphone penetration and consumer’s inclination towards online shopping has positively impacted e-commerce sector. In South Africa, for instance, the growth in the e-commerce market is one of the factors driving gift card market growth in the country. With growing online sales the spending on gift cards is also likely to increase in the country.
The gift card market in Kenya recorded substantial growth in the last few years. As one of East Africa’s largest economies, technological advancements in the payment industry widened the scope of the gift card market in Kenya. The market growth has been primarily backed by the rising adoption of gift cards by the millennials and Gen Z consumers, expansion of the retail sector, and growing inclination towards cryptocurrencies.