Dublin, Oct. 22, 2024 (GLOBE NEWSWIRE) -- The "Asia Pacific Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The gift card industry in the region is expected to grow by 8.3% on annual basis to reach US$235.7 billion in 2024. The gift card industry in Asia Pacific will continue to grow over the forecast period and is expected to record a CAGR of 7.2% during 2024-2028. Gift card market in the country will increase from US$217.7 billion in 2023 to reach US$310.7 billion by 2028.
Recent advancements in the Asia Pacific gift card sector, including Qwikcilver's partnership with foodpanda and Tbay's Quick Sell Mode, highlight a focus on innovation and improved consumer experience. However, the sector must navigate complex regulatory challenges and increasing fraud risks.
Key Developments in the Gift Card Sector in Asia Pacific
Several significant product launches have recently taken place in the gift card sector in the Asia Pacific region, showcasing strategic partnerships and innovations aimed at improving consumer engagement.
Product Launches and Innovations
Qwikcilver and foodpanda Partnership: In December 2023, Qwikcilver, a subsidiary of Pine Labs, partnered with foodpanda to launch foodpanda Gift Cards. Initially available for corporate customers in Singapore and Thailand, these gift cards are expected to roll out across all 11 markets where foodpanda operates, significantly enhancing Qwikcilver's market presence in the region.
Tbay's Quick Sell Mode: Also in December 2023, Tbay, a Singapore-based gift card platform, introduced a feature called Quick Sell Mode, designed to expedite gift card transactions by reducing processing time by at least 20%. This innovation aims to address consumer demand for faster and more secure transaction processes, which has become increasingly important in the gift card market.
Strategic Partnerships
Qwikcilver and foodpanda Partnership: In December 2023, Qwikcilver, a subsidiary of Pine Labs, entered a strategic partnership with foodpanda to launch foodpanda Gift Cards. Initially targeted at corporate customers in Singapore and Thailand, these gift cards are set to expand across all 11 markets where foodpanda operates, significantly bolstering Qwikcilver's position in the gift card market.
Regulatory Changes
Regulatory Complexities: The gift card market faces various regulatory and compliance challenges across different countries in the Asia Pacific. These include differing taxation issues and consumer protection laws, which complicate the operations of gift card issuers and retailers that operate in multiple jurisdictions. Adhering to local regulations adds complexity to gift card programs and distribution channels.
Fraud and Security Risks: The region has seen a rise in concerns regarding gift card fraud, counterfeiting, and unauthorized use. Regulatory bodies are increasingly focused on implementing robust security measures and fraud detection systems to protect consumers and businesses. This includes requirements for card vendors to demonstrate experience and good credit records to mitigate risks associated with gift card transactions.
Reasons to buy
- Comprehensive understanding of the dynamics of the gift card and incentive card markets: Recognise the opportunities in the market, the main drivers and trends, and the five-year projection for gift and incentive cards in Asia Pacific.
- Create strategies tailored to the market: To create your gift card strategy, identify growth categories and target particular opportunities across consumer segments and occasions; evaluate important trends and risks unique to your market.
- Learn about the attitudes and behaviours of consumers in Asia Pacific: Increase ROI by understanding how consumer attitudes and behaviours are evolving. With gift cards, you may obtain comprehensive information about retail spending for both corporate and retail customers.
- Six key performance indicators (KPIs) provide a comprehensive view: the quantity of cards in circulation, load value, unused value, average purchase value, average value per transaction, and transaction value.
- Distribution channel insights: Recognise the differences in gift card sales across online and offline channels as well as between first-party and third-party sales.
A bundled offering, comprising 1 regional and 10 country reports
- Asia Pacific Gift Card and Incentive Card Market Intelligence (Databook)
- Australia Gift Card and Incentive Card Market Intelligence (Databook)
- Indonesia Gift Card and Incentive Card Market Intelligence (Databook)
- Philippines Gift Card and Incentive Card Market Intelligence (Databook)
- Singapore Gift Card and Incentive Card Market Intelligence (Databook)
- Thailand Gift Card and Incentive Card Market Intelligence (Databook)
- China Gift Card and Incentive Card Market Intelligence (Databook)
- Japan Gift Card and Incentive Card Market Intelligence (Databook)
- India Gift Card and Incentive Card Market Intelligence (Databook)
- South Korea Gift Card and Incentive Card Market Intelligence (Databook)
- Malaysia Gift Card and Incentive Card Market Intelligence (Databook)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 2948 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $235.7 Billion |
| Forecasted Market Value (USD) by 2028 | $310.7 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Asia Pacific |
Scope for Each Report
Total Spend on Gifts
- 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
- 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
- Retail Consumer
- Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size
- By Retail Consumer
- By Retail Purchase Occasion
- By Corporate Consumer
- By Corporate Purchase Occasion
- By Company Size
Gift Card Market Size by Retail Consumer
- 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
- 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
- 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)
- 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)
- 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)
- Gift Card Online Sales
- Gift Card Offline Sales
- 1st Party Sales
- 3rd Party Sales
- Sales Uplift
Closed Loop Gift Card Market Share by Key Retailers
- Wesfarmers Ltd
- Woolworths Ltd (Australia)
- Metcash Ltd
- Aldi Group
- Harvey Norman Holdings Ltd
- JB Hi-Fi Ltd
- Apple Inc
- SM Retail Inc
- Puregold Price Club Inc
- Rustan Group of Cos
- Seven & I Holdings Co Ltd
- Hutchison Whampoa Ltd
- Metro AG
- San Miguel Corp
- Salim Group
- Trans Retail Indonesia PT
- Matahari Putra Prima Tbk PT
- Sumber Alfaria Trijaya Tbk PT
- Delhaize Group Sa
- Kompas Gramedia Group
- Ace Hardware Corp
- NTUC FairPrice Co-operative Pte Ltd
- Dairy Farm International Holdings Ltd
- Shen Siong Supermarket Pte Ltd
- Takashimaya Co Ltd
- Mustafa Holdings Pte Ltd
- Courts Asia Ltd
- Al Futtaim Group LLC
- Yamada Denki Co Ltd
- Tesco Plc
- Central Retail Corp
- Home Product Center PCL
- Mall Group Co Ltd, The
- Charoen Pokphand Group
- Alibaba Group Holding Ltd
- JD.com Inc
- Auchan Group SA
- Wal-Mart Stores Inc
- Bailian Group Co Ltd
- Yonghui Superstores Group
- Flipkart Online Services Pvt Ltd
- Tata Group
- Future Group
- Reliance Group
- Amazon.com Inc
- Aditya Birla Group
- K Raheja Corp
- AEON Group
- Lawson Inc
- FamilyMart Co Ltd
- Rakuten Inc
- Isetan Mitsukoshi Holdings Ltd
- Lotte Group
- Shinsegae Co Ltd
- Hyundai Department Store Co Ltd
- GS Holdings Corp
- SK Planet Co Ltd
- BGF Retail Co Ltd
- Costco Wholesale Corp
For more information about this report visit https://www.researchandmarkets.com/r/1ktchl
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
