DUBLIN–(BUSINESS WIRE)–The “Australia Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2023 Update” report has been added to ResearchAndMarkets.com’s offering.
The gift card market in 2022 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.
- The gift card market in Australia has recorded steady growth amid rising popularity among consumers and brands. In 2023, the rising cost of living is expected to further drive the demand among consumers in Australia. The ecosystem has become increasingly competitive as more and more brands are leveraging gift card programs to drive their sales and revenue, owing to the popularity of payment methods among consumers in Australia.
- Furthermore, to offer consumers an innovative gift card, providers are launching multi-brand solutions in the country. Such gift card solutions are expected to accelerate the growth of the gift card industry from the short to medium-term perspective. Moreover, global gift card providers are also entering into mergers and acquisition deals to strengthen their position in the growing Australian gift card market.
- Shoppers are turning to gift card solutions to combat the surging product prices in Australia
- With inflation and cost of living pressures, Australian shoppers are seeking safe haven in gift cards. Many retailers have launched discounted gift card program, which allows shoppers to shop for anything from groceries to fuel and more.
- Coles, one of the leading supermarkets in the country, launched a discounted gift card program in its effort to ease the consumer burden who are struggling with rising inflation and cost of living. Shoppers can use the gift cards wherever Mastercard is accepted, thereby allowing them to buy anything from groceries to power bills and fuel.
- NRMA, the Australian organization that offers roadside assistance, also launched a discounted gift card program. Cardholders can use the gift cards to several retailers including Big W, Rebel, and JB Hi-Fi. The firm has experienced an uptake of 45% for these gift cards, as the payment solution offers them savings ranging from 3% to 10% at times when Australians are struggling with inflation.
- Woolworths, another Australian supermarket retailer, has a gift card promotion for consumers. The firm provides shoppers with bonus points, which they can use at a later date for shopping.
- These gift card programs are expected to gain more popularity over the next few quarters, thereby driving the growth of the industry in Australia from the short to medium-term perspective.
- Gift card providers are entering into mergers and acquisition deals to strengthen their position in the Australian market
- Amid the surging gift card industry landscape and growing competitiveness in the market, global gift card providers are buying out domestic firms to further strengthen their position in Australia. For instance,
- In October 2022, InComm Payments, a leading global payments technology firm, announced that the firm had acquired The Card Network, a domestic gift card provider. This acquisition will assist InComm Payments to offer a customizable and personable gift card solution to consumers in the country. With a proven record in the multi-brand gift card category, The Card Network has a strong network of retailers offering in-store gift card shopping capabilities. Furthermore, consumers can also purchase gift cards online.
- With the industry becoming increasingly competitive amid the presence of several domestic and global players, the publisher expects more such acquisition deals from the short to medium-term perspective.
- Providers are launching multi-brand gift card solutions to drive popularity among Australian shoppers
- To capture more share in the growing Australian gift card industry, firms are launching innovative solutions, including gift card payment tools that can be used at a variety of different retailers.
- In October 2022, Blackhawk Network, one of the leading global players in the segment, announced the launch of its multi-brand gift card program for Australian shoppers. Dubbed the Ultimate Gift Card for Everyone, the gift card solution can be used at 64 brands across different categories, including sports, travel, food, gaming, and wellness. The firm has made the multi-brand gift card available both online and offline. Retailers such as Woolworths, Coles, and Big W, are offering gift cards at their stores in Australia.
- With more and more Australian shoppers planning to buy multi-brand gift cards, the publisher expects more providers to launch such solutions in the country from the short to medium-term perspective. This will keep assisting the overall industry growth over the next three to four years, while also driving the competitive landscape in Australia.
In value terms, the gift card market in Australia has recorded a CAGR of 11.1% during 2018-2022. According to the publisher, gift card industry in the country is expected to grow by 10.0% on annual basis to reach US$ 6,606.8 million in 2023.
The gift card industry in Australia will continue to grow over the forecast period and is expected to record a CAGR of 9.1% during 2023-2027. Gift card market in the country will increase from US$ 6,007.8 million in 2022 to reach US$ 9,372.9 million by 2027.
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.
Scope
Total Spend on Gifts in Australia
- 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 Australia
- 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 Australia
- Retail Consumer
- Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size in Australia
- 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 Australia
- 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 Australia
- 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 Australia
- 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 Australia
- 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 Australia
- 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 Australia
- 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. Key Retailers Covered Include:
- Wesfarmers Ltd
- Woolworths Ltd (Australia)
- Metcash Ltd
- Aldi Group
- Harvey Norman Holdings Ltd
- JB Hi-Fi Ltd
- Apple Inc
Reasons to buy
- In-depth understanding of gift card and incentive card market dynamics: Understand market opportunity, key trends and drivers along with five-year forecast (2018-2027) for gift cards and incentive cards in Australia.
- Develop market specific strategies: Identify growth segments and target specific opportunities across consumer segments and occasions to formulate your gift cards strategy; assess market specific key trends and risks.
- Get insights into consumer attitude and behaviour in Australia: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through gift cards for both retail and corporate consumers.
- Get complete perspective through six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and value of transactions.
- Distribution channel insights: Understand gift cards sales dynamics by channels – online vs offline and by 1st party vs 3rd party sales.
Companies Mentioned
- Wesfarmers Ltd
- Woolworths Ltd (Australia)
- Metcash Ltd
- Aldi Group
- Harvey Norman Holdings Ltd
- JB Hi-Fi Ltd
- Apple Inc
For more information about this report visit https://www.researchandmarkets.com/r/stkynd
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