DUBLIN–(BUSINESS WIRE)–The “China Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
China’s gift card industry is expected to grow by 10.6% on annual basis to reach US$153659.7 million in 2022. Despite near-term challenges in 2022, medium to long term growth story of gift cards in China remains strong. The gift card industry in China is expected to grow steadily in H1 2022 and record a strong growth in H2 2022.
The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 9.5% during 2022-2026. The gift card market in the country will increase from US$138939.7 million in 2021 to reach US$220515.0 million by 2026.
The surge in online shopping expanded the digital gift cards market in China
The Chinese e-commerce market recorded significant growth in the last four to six quarters. The market growth was further accelerated by the global pandemic. It is noteworthy to mention that in the recently concluded November 2021 Singles Day sales, Alibaba and JD.com sold products worth US$139 billion across their platform. This shows the growing popularity of online shopping among consumers.
The increasing number of online shoppers and the growing trend of e-commerce shopping have supported to drive the growth of digital gift cards in China and are projected to remain the key growth driver over the next four to eight quarters.
Global gift card players are launching their services in China to expand consumer base
As the demand for gift cards continues to grow in China, global gift cards players are also considering to launch their services in the country and gaining market share for themselves in the largest internet economy. For instance,
In October 2021, Prezzee, an Australia-based gift card firm, announced its expansion plan outside of Australia, the United States, and Europe, where it currently operates. The company is also planning a public issue in Australia and considering broadening its growth plan. According to the company, it intends to launch the company’s services in China and other Asian countries. In Australia, the firm is projected to process more than AUD$1 billion in corporate and retail cards in its 2022 fiscal year.
The publisher expects the entry of global players such as Prezzee to further intensify competition and growth of the gift card market in China over the next four to eight quarters.
Gift card providers are expanding their physical presence in China
While shopping for gift cards online is the most preferred way by consumers in China, gift card providers are also expanding their physical presence to further increase gift card penetration in the country. For instance,
Kargo Card, one of the leading prepaid gift card distribution and processing platforms in China, has also expanded its physical presence in the country. Notably, the firm has more than 10,000 sales outlets across China, supporting its physical gift cards sales.
Retailers with a strong e-commerce presence and innovative gift card programs in the country are expected to gain more market share because of the growing preference among consumers. Consequently, the publisher believes a mix of both online and offline distribution strategies will remain a crucial growth factor for gift card providers in the country over the next four to eight quarters.
Scope
Closed Loop Gift Card Market Share by Key Retailers
Total Spend on Gifts in China
Gift Card Market Size by KPIs across Consumer Segments in China
Gift Card Market Size by Consumer Segment in China
Digital Gift Card Market Size in China
Gift Card Market Size by Retail Consumer in China
Gift Card Spend by Consumer Behavior and Demographics in China
Gift Card Market Size by Corporate Consumer in China
Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in China
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers) in China
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers) in China
For more information about this report visit https://www.researchandmarkets.com/r/1ljogp
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
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
HONG KONG SAR - Media OutReach Newswire - 8 November 2024 - ZJLD Group Inc.…
REACH, Singapore and Reggio Children, Italy present Mosaic of Marks, Words, Material SINGAPORE - Media…
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 8 November 2024 - Trading offers a…
SINGAPORE - Media OutReach Newswire - 8 November 2024 - Home Action Party (HAP) is…
SINGAPORE - Media OutReach Newswire - 8 November 2024 - The Asia Pacific Enterprise Awards…
An iterative process is highly effective in increasing the value of large items HONG KONG…
