DUBLIN, Sept. 23, 2020 /PRNewswire/ -- The "United Kingdom Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast (2015-2024) - Covid-19 Update Q2 2020" report has been added to ResearchAndMarkets.com's offering.
Gift card market in the UK has witnessed steady growth in recent years. However, over the next 4 quarters, growth is expected to remain subdued due to Covid-19 outbreak's socio-economic impact.
Adoption of digital gift card has already witnessed strong growth in Q2 2020. Interestingly, percentage of consumers who now prefer gift card (vs those buying because of convenience) has gone up as well. According to the Global Gift Card Q2 2020 Survey, open loop gift card segment is further expected to gain market share in 2020 and over the forecast period. Self-use segment is also expected to gain share, driving adoption of digital gift card (e-gift card).
In value terms, the gift card market in the United Kingdom has recorded a CAGR of 12.8% during 2015-2019.The gift card industry in the United Kingdom will continue to grow over the forecast period and is expected to record a CAGR of 10.0% during 2020-2024. Gift card market in the country will increase from US$ 8,034.2 million in 2019 to reach US$ 11,285.8 million by 2024.
Companies are capitalizing on the gift card popularity by bringing in innovative options. For instance, Mastercard introduced Europe's first fully digital gift card in December 2019 , in association with Appreciate Group and CleverCards. This mobile-enabled and fully digital card helps reduce the postage fees, distribution, and production costs by enabling the consumers to send their e-gift cards instantly using email or text apps.
Corporate spending is another factor that is contributing to the growth of the gift card market. As companies are making use of physical and digital gift cards to offer rewards and incentives to their employees, business-to-business gift card sales have increased. The businesses also benefit from using the e-gift card options as they get bulk percentage discounts and eliminate the need of asking bank account details.
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 United Kingdom. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics.
Reasons to Buy
- In-depth understanding of gift card and incentive card market dynamics: Understand market opportunity, key trends and drivers along with five-year forecast (2014-2023) for gift cards and incentive cards in United Kingdom.
- Develop market specific strategies: Identify growth segments and target specific opportunities across consumer segments and occasions to formulate your gift cards strategy; assess market specific key trends and risks.
- Get insights into consumer attitude and behaviour in United Kingdom: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through gift cards for both retail and corporate consumers.
- Get complete perspective through six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and value of transactions.
- Distribution channel insights: Understand gift cards sales dynamics by channels - online vs offline and by 1st party vs 3rd party sales.
Closed Loop Gift Card Market Share by Key Retailers. Key Retailers Covered Include:
- Tesco Plc
- Associated British Foods Plc
- Next Plc
- J Sainsbury Plc
- Wal-Mart Stores Inc
- TJX Cos Inc, The
- Wm Morrison Supermakets Plc
- Amazon.com Inc
- Matalan Ltd
- New Look Group Plc
- Arcadia Group Ltd
- John Lewis Partnership Plc
- Marks & Spencer Plc
- H&M Hennes & Mauritz AB
- Co-operative Group Ltd, The
- Walgreens Boots Alliance Inc
- Home Retail Group
- C&J Clark International Ltd
- Edinburgh Woollen Mill
For more information about this report visit https://www.researchandmarkets.com/r/4drvhh
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