Dublin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The "United Arab Emirates 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 10.8% on annual basis to reach US$2.0 billion in 2024. The gift card industry in United Arab Emirates will continue to grow over the forecast period and is expected to record a CAGR of 9.3% during 2024-2028. Gift card market in the country will increase from US$1.8 billion in 2023 to reach US$2.8 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 UAE's gift card sector is thriving, driven by strategic partnerships like those between FNP.ae and Merit Incentives, and YouGotaGift and Carrefour. These collaborations, alongside supportive regulatory changes and a strong consumer preference for digital solutions, underscore the sector's dynamic growth and increasing innovation.
Key Developments in the Gift Card Sector in the UAE
The UAE's gift card market is growing dynamically due to strategic partnerships and consumer engagement initiatives, with robust demand for digital and physical gift cards.
Product Launches and Innovations: FNP.ae and Merit Incentives Partnership - FNP.ae, a leading online gifting solutions provider, announced a strategic partnership with Merit Incentives to launch its gift card service in the UAE. This initiative allows FNP gift cards to be available in various denominations through the Merit Incentives platform, expanding FNP's product offerings in the region.
YouGotaGift and Carrefour Collaboration - YouGotaGift, a prominent digital gift card marketplace, partnered with Carrefour to distribute its multi-brand gift cards at all Carrefour outlets in the UAE. This collaboration aims to enhance the distribution network for YouGotaGift, allowing Carrefour to incorporate these gift cards into various customer and employee programs.
Strategic Partnerships
FNP.ae and Merit Incentives Partnership - In October 2023, FNP.ae, a leading online gifting solutions provider, announced a strategic partnership with Merit Incentives. This collaboration aims to launch FNP gift cards in the UAE, offering various denominations through the Merit Incentives platform. This partnership also extends to other markets, including Qatar and Saudi Arabia, marking a significant step for FNP in diversifying its product offerings in the region.
YouGotaGift and Carrefour Collaboration - In January 2024, YouGotaGift, a pioneer in digital multi-brand gift cards, partnered with Carrefour to make its 'HappyYOU' gift cards available across all Carrefour outlets in the UAE. This partnership allows customers to purchase the 'phygital' HappyYOU card, which can be redeemed at a wide range of retailers. The collaboration highlights YouGotaGift's commitment to providing innovative gifting solutions and expands its distribution network significantly.
Regulatory Changes
Incentives for Digital Solutions - The UAE government supports the growth of digital solutions, including gift cards, as part of its broader strategy to enhance the digital economy. This includes encouraging businesses to adopt innovative gifting solutions that align with consumer preferences for convenience and flexibility. The government's initiatives in this area are expected to continue driving the growth of the gift card sector.
Market Growth and Consumer Preferences - Recent surveys indicate a strong preference among UAE consumers for gift cards, particularly digital gift cards. The government's focus on enhancing the digital infrastructure supports this trend, Emirati consumers prefer gift cards over traditional gifts. This consumer behavior reflects the effectiveness of government policies aimed at promoting digital solutions and enhancing consumer engagement in the gifting sector.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 268 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $2 Billion |
| Forecasted Market Value (USD) by 2028 | $2.8 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | United Arab Emirates |
Scope
United Arab Emirates Closed Loop Gift Card Market Share Analysis by Top Retailers
- Carrefour SA
- Consumer Co-operative Union (CCU)
- Landmark Group
- Emke Group
- Damas International Ltd
- T Choithram & Sons
- Sharaf DG LLC
- Inter Ikea Systems BV
Total Spend on Gifts in United Arab Emirates
- 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 United Arab Emirates
- 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 United Arab Emirates
- Retail Consumer
- Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size in United Arab Emirates
- 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 United Arab Emirates
- 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 United Arab Emirates
- 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 United Arab Emirates
- 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 United Arab Emirates
- 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 United Arab Emirates
- 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 United Arab Emirates
- 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/vwevbk
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