DUBLIN–(BUSINESS WIRE)–The “Philippines Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2024 Update” report has been added to ResearchAndMarkets.com’s offering.
Gift card industry in Philippines is expected to grow by 10.8% on annual basis to reach US$0.7 billion in 2024. The market will continue to grow over the forecast period and is expected to record a CAGR of 9.0% during 2024-2028. The market will increase from US$0.7 billion in 2023 to reach US$1.0 billion by 2028.
The gift card industry is poised to record strong growth over the medium term in the Philippines. The thriving e-commerce market, coupled with enhanced digital payment infrastructure and smartphone penetration, are among the factors aiding the adoption of digital gift cards. This trend is projected to continue further in the Philippines in 2024, thereby supporting market growth over the medium term.
Several new businesses, across industry verticals, are expected to launch innovative gift card programs amid rising adoption of the payment tool. This will aid the competitive landscape in 2024. The industry will also receive growth support from government disbursement programs in 2024. Overall, the publisher maintains a positive growth outlook for the gift card market in the Philippines over the next three to four years.
Indian gift card providers are forging strategic partnerships to widen the distribution of their products in the Philippines
The Philippines gift card market is poised to grow at a steady rate over the medium term. India-based gift card providers are targeting this growth through strategic partnerships and new product launches in 2024.
Qwikcilver, owned by Pine Labs, entered into a strategic partnership with foodpanda in December 2023. The two firms have collaborated to launch foodpanda Gift Cards. Initially, the gift cards will be made available for corporate customers of foodpanda in Singapore and Thailand. Going forward, however, the gift cards will be made available across all 11 markets where foodpanda operates, including in the Philippines. With a presence in over 400 cities, foodpanda is a leading player in the online food delivery and grocery delivery segment. This partnership is, therefore, expected to further strengthen the position of Qwikcilver as a leading gift card provider in the region over the medium term.
The publisher expects more such gift card providers to enter into similar strategic collaborations in 2024. This will further aid the competitive landscape, while also supporting the market growth over the next three to four years.
Government disbursement programs to aid the growth of Filipino gift card industry in 2024
To disburse monetary support to the underserved and underprivileged community in an efficient manner, government institutions make use of gift cards globally, and similar trends are emerging in the Philippines.
Paranaque City Government, in December 2023, disbursed Christmas gift cards to a total of 15,000 individuals with disabilities. Each of the beneficiaries, notably, received P2,000 worth of gift certificates. These gift cards are available to be redeemed at grocery stores, restaurants, and other food establishments.
The publisher expects more regional governments to undertake gift card disbursement programs in 2024. This will support the growth of the broader gift card industry in the Philippines from a short to medium-term perspective.
Online marketplaces are introducing gift card solutions to expand portfolios and diversify revenue stream
With gift cards gaining strong popularity among Filipino nationals, online marketplaces are seeking to tap into the growing demand as part of their strategy to expand their portfolio and diversify their revenue stream.
PLDT Inc., the owner of an online marketplace catering to overseas Filipino workers (OFWs), has expanded its range of digital services to offer more options for customers to stay connected with their families back in the Philippines. Tindahan ni Bossing (TINBO), managed by PLDT Global Corp., launched gift vouchers and online shopping features on its platform in December 2023. This is part of the firm’s strategy to better address the needs of OFWs, while also targeting higher sales and growth of the platform. The gift vouchers are also available to be bought on e-commerce platforms like Lazada and Shopee through TINBO for their families in the Philippines.
Going forward, the publisher expects more such marketplaces to launch gift card products, thereby aiding the competitive landscape. This will also support the growth of the gift card market from the short to medium-term perspective in the Philippines.
Reasons to buy
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 268 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $0.7 Billion |
| Forecasted Market Value (USD) by 2028 | $1 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Philippines |
Scope
Gift Card Sales Estimates by Key Retailers
Total Spend on Gifts in Philippines
Gift Card Market Size by KPIs across Consumer Segments in Philippines
Gift Card Market Size by Consumer Segment in Philippines
Digital Gift Card Market Size in Philippines
Gift Card Market Size by Retail Consumer in Philippines
Gift Card Spend by Consumer Behavior and Demographics in Philippines
Gift Card Market Size by Corporate Consumer in Philippines
Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in Philippines
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers) in Philippines
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers) in Philippines
For more information about this report visit https://www.researchandmarkets.com/r/m2j7dh
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