With shoppers around the world planning to shop early for their gift cards, PayNXT360 expects it is time for restaurants and big-box retailers to start pushing the sales of their gift cards to expand their market. Based on PayNXT360’s analysis, shipping delays and global supply chain crisis due to covid restriction is likely to lead to increased consumer interest in gift cards, especially for the ones of restaurants and retailers.
It is expected that multi-brand gift cards and restaurants are expected to top consumers' shopping lists in this holiday season. The global pandemic and unavailability of vaccines affected the restaurant gift card sales during the last holiday season. However, with public places, including restaurants opening back for business worldwide, the restaurant gift cards category is expected to see increased consumer interest during the 2021 holiday season.
Anticipated shortage in gift products, retailers are focusing on gift cards for increasing market share
Large retailers such as Macy's, Best Buy, Target, and Walmart, are predicting a shortage in traditional gift products availability led by the global supply chain crisis. Therefore, increasingly putting effort to secure enough gift card inventory early to meet the increased consumer demand during the 2021 holiday season.
According to PayNXT360, the gift cards segment is expected to play an important role during Q4 2021 to counter the supply chain crisis for retailers. Notably, from the start of October 2021, retailers have been pushing the sales of gift cards as part of their holiday campaigns.
Moreover, PayNXT360 projects that the multi-brand category gift cards outperform other categories during the holiday season in 2021. Apart from this, gift cards that bundle together brands, for instance, that combine retailers and restaurants, are also expected to gain more consumers' interest in the 2021 holiday shopping season.
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Increase in application areas such as banking, hospitality, and retail stores and growing technological innovation in product offerings drive the growth of the global gift cards market.
However, various types of fees associated with card transactions hinder the market growth.
On the other hand, surge in demand for gift cards from developing economies such as China and India creates new opportunities for the market player in the coming years.The global gift cards market generated $619.25 billion in 2019, and is estimated to reach $1,922.87 billion by 2027, registering a CAGR of 15.4% from 2020 to 2027.
The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.Covid-19 scenario:Due to lockdown in several countries, the tourism and hospitality industry have been affected badly.
If market players in the industry cannot sell their services due to the restrictions, they can sell their gift cards on a lower than the nominal value.
This will motivate customers to purchase such services and offer a chance to earn for market players.The demand for gift card is likely to get affected as their printing and production has been halted amid lockdown due to COVID-19 pandemic situation.The revenue generated from the retail establishment segment is likely to increase as retail shops have been allowed to do the business during the lockdown.The report offers detailed segmentation of the global gift cards market based on card type, end user, and region.Read Full News: https://www.alliedmarketresearch.com/gift-cards-market Based on card type, the closed-loop card segment contributed to the largest share in 2019, accounting for more than two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period.
