Dublin, Oct. 17, 2024 (GLOBE NEWSWIRE) -- The "Canada Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics Databook" has been added to ResearchAndMarkets.com's offering.
The gift card industry in the region is expected to grow by 6.5% on annual basis to reach US$7.7 billion in 2024. The gift card industry in Canada will continue to grow over the forecast period and is expected to record a CAGR of 4.9% during 2024-2028. Gift card market in the country will increase from US$7.3 billion in 2023 to reach US$9.4 billion by 2028.
This report provides a detailed data centric analysis of gift card market, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at country level, this report provides a comprehensive understanding of gift card market dynamics, market size and forecast.
The Canadian gift card sector has evolved significantly, driven by innovations like Givex's customizable e-gift cards and local gift card programs supporting small businesses. Strategic partnerships and regulatory changes across provinces have further shaped the market, enhanced consumer protection and driving economic activity.
Key Developments in the Gift Card Sector in Canada
Product Launches and Innovations: New Features by Givex. Givex launched a Digital Ecommerce Module that allows customers to customize their e-gift cards. This innovation includes the ability to add videos and animations to gift card deliveries, enhancing the personalization aspect of gifting. The new feature also supports payment through digital wallets like Apple Pay and Google Pay, making transactions more convenient.
Local Gift Card Programs: Various local governments and organizations in Canada have initiated gift card programs to support local businesses. For instance, the Selkirk Chamber's program has gained popularity, encouraging consumers to spend at independent retailers. Such initiatives have been successful in driving local economic activity and increasing consumer spending beyond the face value of the gift cards.
Strategic Partnerships
Miconex and Local Governments: Miconex has partnered with various local governments to implement gift card programs aimed at supporting local businesses. These initiatives have been particularly successful, with sales from local gift card programs in Canada significantly increasing, demonstrating the effectiveness of community-focused strategies
Givex and Retailers: Givex has expanded its partnerships with retailers to enhance its digital gift card offerings. The introduction of the Digital Ecommerce Module allows consumers to customize their e-gift cards, integrating features that appeal to modern shoppers. This partnership strategy aims to improve customer experience and increase adoption of digital gift cards.
Regulatory Changes
British Columbia: The Business Practices and Consumer Protection Act (BPCPA) regulates gift cards in British Columbia. This legislation prohibits expiry dates on gift cards and restricts fees, allowing them only under specific circumstances (e.g., replacing lost cards or for mall cards).
Suppliers must disclose key information about the gift cards, including any fees, restrictions, and terms of use, ensuring transparency for consumers.
Ontario: The Ontario Consumer Protection Act (CPA) mandates that gift card agreements must be in writing and clearly disclose all fees and restrictions. Expiry dates are not permitted under this act, which aims to protect consumers from losing the value of their gift cards.
Other Provinces: Other provinces have similar regulations, each with specific rules regarding expiry dates, fees, and disclosure requirements. The enforcement of these regulations typically falls under provincial consumer protection agencies.
Federal Regulations - While most gift card regulations are provincial, federal laws such as the Competition Act apply, particularly concerning misleading advertising and consumer protection. This federal oversight ensures that gift card marketing practices do not deceive consumers.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 268 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $7.7 Billion |
| Forecasted Market Value (USD) by 2028 | $9.4 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Canada |
Scope
Closed Loop Gift Card Market Share by Key Retailers
- George Weston Ltd
- Wal-Mart Stores Inc
- Empire Co Ltd
- Costco Wholesale Corp
- Metro AG
- Canadian Tire Corp Ltd
- Home Depot Inc, The
- Liquor Control Board of Ontario
- Hudson's Bay Co
- Home Hardware Stores Ltd
- Best Buy Co Inc
- Apple Inc
Total Spend on Gifts in Canada
- By Consumer Segment (Retail and Corporate)
- By Product Categories (13 Segments)
- By Retail Sectors (7 Segments)
Gift Card Market Size by KPIs across Consumer Segments in Canada
- Gross Load Value
- Transaction Value
- Unused Value
- Average Value Per Transaction
- Transaction Volume
- Average Value of Card Purchased
- Number of Cards
Gift Card Market Size by Consumer Segment in Canada
- Retail Consumer
- Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size in Canada
- By Retail Consumer
- By Retail Purchase Occasion
- By Corporate Consumer
- By Corporate Purchase Occasion
- By Company Size
Gift Card Market Size by Retail Consumer in Canada
- By Functional Attribute
- By Occasion
- Festivals & Special Celebration Days
- Milestone Celebration
- Self-Use
- Other
- Value by Purchase Channel
Gift Card Spend by Consumer Behavior and Demographics in Canada
- Consumer Purchase Behaviour
- Gift Card Buyer by Age Group
- Gift Card Buyer by Income Level
- Gift Card Buyer by Gender
Gift Card Market Size by Corporate Consumer in Canada
- By Functional Attribute
- By Occasion
- Employee Incentive
- Sales Incentive
- Consumer Incentive
- By Scale of Business
Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in Canada
- Food & Beverage
- Health, Wellness & Beauty
- Apparel, Footwear & Accessories
- Books & Media Products
- Consumer Electronics
- Restaurants & Bars
- Toys, Kids, and Babies
- Jewelry
- Sporting Goods
- Home & Kitchen Accessories & Appliances
- Travel
- Entertainment & Gaming
- Other
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers) in Canada
- Ecommerce & Department Stores
- Restaurants & Bars
- Supermarket, Hypermarket, Convenience Store
- Entertainment & Gaming
- Specialty Stores
- Health & Wellness
- Travel
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers) in Canada
- Gift Card Online Sales
- Gift Card Offline Sales
- 1st Party Sales
- 3rd Party Sales
- Sales Uplift
For more information about this report visit https://www.researchandmarkets.com/r/cehl97
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