Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "Middle East and Africa Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The gift card industry in the region is expected to grow by 10.7% on annual basis to reach US$12.4 billion in 2024. The market will continue to grow over the forecast period and is expected to record a CAGR of 9.1% during 2024-2028. The market will increase from US$11.2 billion in 2023 to reach US$17.6 billion by 2028.
The adoption of gift cards is poised to grow further across the Middle East and African market over the medium term. The thriving fintech market, coupled with the rise of online shopping, will aid the adoption of the payment toll across the region in 2024. Firms are entering into strategic collaborations to launch new products aimed at catering to the demands of different consumer demographic.
Additionally, marketplaces are also targeting to widen the distribution of their products through retail channels in the Middle East. In 2024, the industry will also receive growth support from gift card giveaway campaigns in the region. Overall, the publisher maintains a strong growth outlook for the gift card industry in Africa and the Middle East over the next three to four years.
Gift card marketplaces are seeking to widen the distribution of their products through retail channels
Although digital gift cards are becoming increasingly popular compared to physical ones, marketplaces are widening the distribution of their products through retail partnerships amid a growing competitive landscape in the Emirates.
- YouGotaGift, one of the leading digital gift card marketplaces, announced a strategic collaboration with Carrefour in January 2024. The multi-brand gift card has been made available at all Carrefour outlets in the Emirates. The partnership widens the distribution network for YouGotaGift, which is facing growing competition from new entrants in the market.
- eXtra, the leading consumer electronics and home appliance maker in the Kingdom, partnered with YouGotaGift in September 2023. As part of the collaboration, eXtra is using YOUProcess, a new omnichannel gift card processing solution, to launch a branded gift card program in Saudi Arabia. The YOUProcess gift card program will enable consumers to buy and use gift cards across all eXtra stores
From the short to medium-term perspective, the publisher expects YouGotaGift to enter into more such strategic partnerships in the Middle East region. This is projected to aid the adoption of the payment tool, thereby supporting the growth of the industry over the next three to four years.
Firms are entering into strategic partnerships to launch new gift card products for consumers
In Africa, the adoption of gift cards is on the rise and this trend is projected to continue further over the medium term. Consequently, to tap into the growing uptake of the payment tool, providers are partnering with more consumer-focused brands to launch gift cards, thereby targeting higher revenue growth.
- SureGifts, one of the leading gift card platforms in Nigeria, announced that the firm had entered into a strategic partnership with Eat'N'Go in Q4 2023. Eat'N'Go, notably, is the master franchise for Domino's Pizza, Cold Stone Creamery, and Pinkberry in Nigeria. As part of the collaboration, SureGifts has launched gift cards for these three brands in Nigeria. The e-vouchers are available in different denominations ranging from N5,000 and above.
Going forward, the publisher expects more such gift card providers to enter into strategic collaborations in the African market, thereby aiding their revenue growth. This will subsequently support the uptake of the payment solution, while also driving the industry growth over the next three to four years.
Gift card giveaway campaigns to provide growth support to the market in the United Arab Emirates
The Galleria Al Maryah Island in Abu Dhabi, known for its upscale shopping and lifestyle offerings, marked its 10th anniversary with a gift card giveaway campaign. The Dh1 million worth of gift cards campaign is part of its strategy to drive more footfall at the mall. Under the campaign, until October 31, shoppers were allowed to enter the prize draw by spending Dh500 or more.
The mall offered Dh10,000 worth of gift cards to a total of 100 winners. In addition to the giveaway, The Galleria also celebrated its 10-year milestone by releasing a special unisex fragrance. Visitors who purchased a gift card worth Dh250 or more before October 31 were entitled to receive the limited-edition fragrance as a gift. These innovative gift card programs are supporting the growth of the gift card industry in the United Arab Emirates. The publisher expects more such campaign launches in the Emirates in 2024.
The gift card market in 2023 was driven a wide range of factors, which supported growth across retail and corporate segments. The primary factors included growth of ecommerce, increased adoption to incentivize employees working remotely, digital gifting, and initiatives undertaken by government, hospitality, and travel industries to revive growth.
This bundled 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 region level, this report provides a comprehensive understanding of gift card market dynamics, market size and forecast.
Scope
This bundled offering provides the following detailed gift card market opportunity at country level.
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
- 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
- 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
Gift Card Sales Estimates by Key Retailers
Key Attributes
| Report Attribute | Details |
| No. of Pages | 2412 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $12.4 Billion |
| Forecasted Market Value (USD) by 2028 | $17.6 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Africa, Middle East |
Companies Mentioned
- 5M
- A101
- Abdullah AlOthaim Supermarket
- Al Nahdi
- Al Raya
- Al-Dawaa pharmacies
- Amazon
- Arcelik
- BIM
- Boxer
- Carrefour
- Checkers - All Brands
- Choithrams
- Clicks
- Cohen Sales Warehouses Ltd
- Danube
- Dis-Chem Pharmacy
- Dubai Duty Free
- Fathalla
- HyperPanda
- Ikea
- Jarir
- Jumbo
- kazyon
- Kheir Zaman
- LC Waikiki
- Life
- Lulu
- Max
- Mega Ba'ir
- Merav - Mazon Kol
- Metro Market
- MM
- MMM
- MRP
- Omar Effendi
- Panda
- Pep
- Pick n Pay
- RadioShack
- Ragab Sons
- Rami Levy
- Samsung
- Sharaf DG
- Shoprite
- Shufersal Deal
- Sok
- Souq
- Spar
- Spinneys
- Super-Pharm
- Tiv Taam
- Victory
- Woolworths Food
- Yesh
- Yeynot Bitan
For more information about this report visit https://www.researchandmarkets.com/r/gpaiza
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