South Africa's Gift Card and Incentive Card Market Forecast to Record a CAGR of14.8 During 2020-2024 Despite Economic Impact of COVID-19

DUBLIN, June 15, 2020 /PRNewswire/ -- The "South Africa 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.

This report details the impact of the economic slowdown along with changes in business and consumer sentiment due to the disruption caused by Covid-19 outbreak on gift card industry in South Africa.

Historically, the gift card market in South Africa has recorded a steady growth with a CAGR of 19.0% during 2015-2019. However, the gift card market in South Africa is expected to be impacted across retail and corporate segments due to disruption caused by Covid-19 outbreak.

Though growth of gift card industry will be impacted due to the pandemic, there are certain segments such as self-use which will gain significant market share. Adoption of e-Gift cards is also expected to increase significantly over the next 4-6 quarters. There are interesting trends emerging across various segments, which are expected to fundamentally reshape the gift card industry dynamics.

Despite near-term challenges, the medium to long term growth story of gift cards in South Africa remains strong. The gift card industry in South Africa will continue to grow over the forecast period and is expected to record a CAGR of 14.8% during 2020-2024. The gift card market in the country will increase from US$ 815.4 million in 2019 to reach US$ 1,378.9 million by 2024.

The growing e-commerce market in the country is one of the factors that is driving the market growth in South Africa. With online sales growing at 25-30% annually and the e-commerce market expected to reach US$ 6 billion by 2022, the spending on gift cards is also expected to increase.

The rising trend of gift card usage has drawn foreign companies to explore the market in South Africa. For instance, in March 2020, InComm , a payments technology company, launched its gift cards in partnership with Flash and Pepkor Group. The gift cards include gaming, ride-sharing, content, and streaming gift cards via Flash and Pepkor's retail network effectively making these cards available in every South African region.

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 South Africa. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics. The report includes raw data along with structured dashboards, charts, and tables in an interactive Excel format.

Key report features:

• Provides detailed view of overall spend on gifts, broken down by retail and consumer segments. For both retail and consumer segments, this report provides a breakdown of spend on gifts by product categories and retail sectors.
• Provides in-depth analysis of opportunities in both open loop and closed loop prepaid gift card categories. Assesses consumer behaviour by type of consumer, gifting occasion, digital gift card and market share by retail sectors.
• Details six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and value of transactions.
• Provides detailed market dynamics of corporate incentive cards, broadly segmented in three categories - consumer incentive card, employee incentive card, and sales/partner incentive card. It details market size and forecast at category level, by functional attribute and by corporate consumer segments.
• Provides market size and forecast for digital gift cards, broken down by retail and corporate buyers. It also includes gift card spend by occasion and digital gift card adoption by company size.
• Provides market estimates and forecasts to assess opportunities in open loop and closed loop gift and incentive card segments across consumer segments.
• Identifies and interprets key KPIs related to gift card dynamics including spend by age, gender, and income level.
• Breaks down retail spend across retail sectors to provide detailed insights on consumer behaviour and changing dynamics of gift card spend.
• Provides market share of closed loop gift cards by key retailers in South Africa.
• Provides market share by distribution channel - online vs offline sales and 1st party vs 3rd party sales.

Companies Mentioned

• Shoprite Holdings Ltd
• Pick 'n' Pay Stores Ltd
• Internationale Spar Centrale BV
• Wal-Mart Stores Inc
• Woolworths Holdings Ltd
  
• Edcon Holdings Ltd
• Pepkor Holdings Ltd
• Steinhoff International Holdings Ltd
• Mr Price Group Ltd
• Clicks Group Ltd
• Foschini Group Ltd, The
• Truworths Group Pty, Ltd

For more information about this report visit https://www.researchandmarkets.com/r/1wrxqu

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.

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]   

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716

View original content:http://www.prnewswire.com/news-releases/south-africas-gift-card-and-incentive-card-market-forecast-to-record-a-cagr-of14-8-during-2020-2024-despite-economic-impact-of-covid-19--301076869.html

SOURCE Research and Markets