Sweden's GDP expanded by 4.3% in Q3'20 after a slump in Q2'20 due to coronavirus outbreak. The economy is likely to recover in 2021 which would have a positive impact on consumer spending and consequently the gift card market.
Though the growth of the gift card market has been impacted in 2020 due to the COVID crisis, the market is set to grow as retail and corporate customer increase spending on gift cards over the forecast period. Due to COVID-19, there has been shift in demand from brick and mortar retail to e-commerce. The growth in e-commerce is due to digitally savvy shoppers which will have a positive impact on the gift card industry in the coming years. Moreover, in October 2020, Amazon extended its presence in Sweden with its new e-commerce site Amazon.se, which could further enhance the e-commerce market in the country.
The growing demand from the millennials and Gen Z population for online gifting options such as e-gift cards is changing the entire dynamics of the gifting industry. People are moving away from the traditional gifting options such as greeting cards or edibles to digital gift cards.
Maintaining long term relationships especially with millennials and Gen Z consumers is becoming a rising concern for retailers. As a result, gift cards are becoming core to retailer's strategy to gain market share. Retailers are focusing on offering reloadable gift cards and loyalty card programs to engage consumers by giving them periodical credits, adding bonus points, and insisting on reloading. This strategy could help retailers in gaining profits.
Another emerging trend that will boost the growth momentum of the gift card market is the ability to buy bitcoins with gift cards in Sweden.
According to the Q2 2021 Global Gift Card Survey, gift card industry in Sweden is expected to grow by 0.0% on annual basis to reach US$ 1384.6 million in 2021. Despite near-term challenges in 2021, medium to long term growth story of gift cards in Sweden remains strong. The gift card industry in Sweden is expected to grow steadily in H1 2021 and record a strong growth in H2 2021. The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 0.0% during 2021-2025. The gift card market in the country will increase from US$ 1275.1 million in 2020 to reach US$ 1792.0 million by 2025.
This report provides a detailed data centric analysis of gift cards and corporate incentive cards market along with consumer behaviour and retail spend dynamics in Sweden. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics.
The report includes raw data along with structured dashboards, charts, and tables in an interactive Excel format.
Key Topics Covered:
Sweden Total Gift Spend Analyzer
Sweden Retail Consumer Gift Spend Analyzer
Sweden Corporate Consumer Gift Spend Analyzer
Sweden Gift Card Spend Analyzer
Sweden Digital Gift Card Spend Analyzer
Sweden Gift Card Spend Analysis by City Type
Sweden Gift Card Spend Share by Demographics and Purchase Behaviour
Sweden Retail Consumer Gift Card Spend Analyzer
Sweden Retail Consumer Gift Card Spend Analysis by Functional Attribute
Sweden Retail Consumer Gift Card Spend Analysis by Occasion
Sweden Corporate Consumer Gift Card Spend Analyzer
Sweden Corporate Consumer Gift Card Spend Analysis by Functional Attribute
Sweden Corporate Consumer Gift Card Spend Analysis by Occasion
Sweden Corporate Consumer Gift Card Spend Analysis by Company Size
Sweden Corporate Consumer Gift Card Spend Analysis by Company Size X Functional Attribute
Sweden Gift Card Spend Analysis by Distribution Channel
Sweden Gift Card Spend Analysis by Retail Sector
Sweden Retail Consumer Gift Card Spend Analysis by Retail Sector
Sweden Corporate Consumer Gift Card Spend Analysis by Retail Sector
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