Europe Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics Databook Q1 2024 , Featuring Meta, Miconex, Marks & Spencer, Carrefour, Centra, SuperValu, Tesco and More
DUBLIN, March 27, 2024 /PRNewswire/ -- The "Europe Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
DUBLIN, March 27, 2024 /PRNewswire/ -- The "Europe 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 European gift card industry is forecast to reach US$71.4 billion in 2024 and will continue to grow over the forecast period and is expected to record a CAGR of 6.4% during 2024-2028. Europe's gift card market is forecast to increase from US$66.2 billion in 2023 to reach US$91.7 billion by 2028.
Several local governments, especially in the United Kingdom launched gift card programs to revive economic growth in 2023. This trend is projected to continue further in 2024, and a as result, will provide growth support to the regional gift card industry. In the United Kingdom, retailers have also experienced strong growth in gift card sales in 2023.
This is a clear indication of the growing demand for gift cards in markets like the United Kingdom. In 2023, several new gift cards have been launched across European markets. Meta, for instance, launched its Quest gift cards in markets like France and Germany. More product launches are forecast over the medium across the region. All of these factors indicate a strong growth market in the European region over the next three to four years.
Local government disbursement programs are driving the growth of the gift card industry in Europe
Miconex, the Scotland-based fintech firm, reported that the local gift card programs are driving spending in high streets and downtown areas across several markets including the United Kingdom. In 2023, sales from Miconex's local gift card programs reached £12.4 million. In 2024, the trend of supporting local businesses seems to be growing even stronger, with a 69% increase in local gift card sales compared to the previous year.
The number of locations offering local gift card programs with Miconex's support surpassed 200 in 2023, marking a significant growth compared to the year before. Additionally, 26 new towns, cities, and downtown areas joined the trend by launching their own local gift card programs. These initiatives are not only meeting the regional demand for gift cards but also providing a way for communities to encourage spending at independent and national brick-and-mortar stores across various sectors.
Notably, the Aberdeen Gift Card and the ShopLK Gift Card were among the most successful local gift card programs in the United Kingdom and Ireland, respectively. This highlights the effectiveness of these programs in driving local economic growth and supporting small businesses. According to Miconex's report, 33% of consumers end up spending between 100% to 125% more than the actual value of the gift card when they use it to make purchases in the United Kingdom.
This means that gift cards often encourage people to spend more than they initially planned, especially in the UK where a significant portion of users tends to exceed the card's value by a substantial margin. The retail sector emerged as the most popular category for redeeming local gift cards in the United Kingdom. Among the top national retailers where these cards were used were Primark, M&S, Boots, Argos, TK Maxx, Next, Sainsbury's, John Lewis, Dunnes Stores, and Aldi. Additionally, new national retailers such as Co-op, Smyths Toys, and Lidl also jumped on board, participating in the local gift card programs, which contributed to supporting the local economy.
Meta launched its Quest gift cards in several European markets like the United Kingdom, France, and Germany
Meta, in 2023, expanded the presence of its Quest gift cards across several international markets, including in Europe. The gift cards were initially launched for consumers in the United States in October 2022. The firm has now made the payment tool available in markets like the United Kingdom, France, and Germany. These gift cards come with unlimited validity. In addition to this, Meta is ensuring that the games purchased with these gift cards are transferrable between headsets.
Retailers have experienced a strong surge in gift card revenues amid increasing adoption in the United Kingdom
Inflation and the cost-of-living crisis have resulted in higher demand for gift cards over the last 12 months. Consumers, across the United Kingdom, are using the payment tool for budgeting and to receive higher value for their dollars. This has benefited retailers offering gift card solutions to their customers.
Marks & Spencer, for instance, reported that its gift card revenue has surged a significant 245% in 2023. Apart from the rising demand, the firm has attributed the growth to its partnership with Runa, the digital value payments infrastructure and network.
Before collaborating with Runa, Marks & Spencer lacked critical infrastructure in the gift card sector. The insufficient means to distribute the payment tool to the masses hindered the firm's growth in the segment. With Runa, Marks & Spencer has been able to streamline its ordering process, enabling the retailer to create a new customer base.
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. The report covers Norway, France, Germany, Italy, Spain, United Kingdom, Netherlands, Austria, Belgium, Greece, Switzerland, Poland, Denmark, Finland and Russia.
Report 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
- 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
- Ecommerce & Department Stores
- Restaurants & Bars
- Supermarket, Hypermarket, Convenience Store
- Entertainment & Gaming
- Specialty Stores
- Health & Wellness
- Travel
Gift Card Spend by Distribution Channel
- Gift Card Online Sales
- Gift Card Offline Sales
- 1st Party Sales
- 3rd Party Sales
- Sales Uplift
Gift Card Sales Estimates by Key Retailers
Companies Mentioned
- Action
- Albert Heijn
- Aldi
- Amazon
- Apotek 1
- Apple
- Argos
- ASDA
- Auchan
- Biedronka
- Billa
- Bunnpris
- Carrefour
- Centra
- Colruyt
- Conad
- Consum
- Cool Blue
- Coop Extra
- Coop Obs!
- Cora
- CRAI
- Dagli`Brugsen & Lokalbrugsen
- Delhaize
- Denner
- DIA Market
- Digitec Galaxus
- Dino
- Dirk
- Dunnes Stores
- E.Leclerc
- Edeka
- El Corte Ingles
- Elgiganten
- Elkjop
- Eroski
- Esselunga
- Euronics
- Eurospin
- Fakta
- Famila
- Fotex
- Galaxias
- Gruppo SUN
- Hemkop
- Hofer
- ICA Kvantum
- ICA Supermarket
- Ikea
- Intermarche
- Ipercoop
- Jumbo
- Jysk Nordic
- Kaufland
- K-Citymarket
- Kiwi
- K-Market
- Kotsovolos
- K-Rauta
- Kruidvat
- K-Supermarket
- Kvickly
- Landi
- Leroy Merlin
- Lidl
- Manor
- Marks & Spencer
- Masoutis
- Maxi ICA Stormarknad
- Media Expert
- Media Markt
- Meny
- Mercadona
- MerkurMarkt
- Migros
- Morrisons
- MPREIS
- My Market
- Netto
- Netto Marken
- Okay
- Onninen
- Pepco
- Plus
- Primark
- Prisma
- Rema 1000
- REWE
- RTV Euro AGD
- Sainsbury's
- Sklavenitis
- S-market
- Spar
- Sport 2000
- Stokrotka
- Stora Coop
- Super Brugsen
- Super U
- Supervalu
- Systembolaget
- Tesco
- Tokmanni
- Verkkokauppa
- Volg
- Waitrose & Partners
- Willys
- Zara
For more information about this report visit https://www.researchandmarkets.com/r/bw858
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