The "Asia Pacific Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Spend Analysis by Digital/e-Gift Card, Retail and Corporate Consumers, Top Retailers, Distribution Channel, Occasions, and Demographics - Jan 2021 Update" report has been added to ResearchAndMarkets.com's offering.
The gift card market in Asia Pacific has witnessed significant growth in the past few years. The gift card industry has performed well, taking away market share from traditional gifting sector. The overall gift industry has been impacted by the COVID-19 pandemic.
The gift card market is expected to grow backed by increase in digitization as well as surge in online shopping. The E-commerce market in the region has recorded significant growth in the recent years due to better Internet connectivity and penetration across the region. The surge in internet penetration has led to digitization. This trend has accelerated due to COVID-19 as more and more retailers and merchants look to have a digital presence to cater to the surge in online shopping.
Gift card issuers are targeting almost all major festivals across the world, be it Easter, Eid, Diwali, or Hanukkah. The trend has become more prominent in the Asia-Pacific region in the recent years, primarily due to rising internet and smartphone penetration and a large young population. The growing demand from the millennial and Gen Z population for online gifting options such as e-gift cards are changing the entire dynamics of the gifting industry.
People are moving away from the traditional gifting options such as greeting cards or edibles to digital gift cards. For instance, there has been a rising demand for digital red envelope/packet, a monetary gift, and a symbol of good luck in China. Since 2014, Tencent, a Chinese technology company offers digital red envelop in the country, which has recorded strong growth over the years.
The trend is quite similar in Singapore, India, and Indonesia where QR code-based gift cards are creating an alternative to the traditional cash based gift. The gift card is reloadable and can be accessed through mobile wallet app. Mobile wallet players are increasingly eyeing this high growth, high margin sector to drive profitability and acquire customers.
Rising mobile commerce and proximity payment is making it essential for retailers and fintech companies to introduce gift cards that can be integrated into mobile apps for making payment. This becomes more relevant as more consumers adopt contactless mobile payment due to COVID-19.
The pandemic has also been affecting wellness studios, fitness centers, and gyms. Reduced footfall and limited new enrollments due to the pandemic is affecting these businesses in most of the countries. For instance, in May 2020, Curefit, an India based fitness startup downsized its operations in India and the UAE. To sustain in the present situation these players are now targeting corporates for bulk membership and offering gift cards, to gain market share.
This report details the impact of economic slowdown along with change in business and consumer sentiment due to disruption caused by COVID-19 outbreak on gift card industry.
This report includes country level trend analyses across the following gift card segments:
Total gift market
Six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and value of transactions.
Corporate incentive & loyalty cards
Digital gift card (e-gift card) analysis
Open loop and closed loop
Consumer attitude and behaviour
Market share by retailer
Distribution channel analysis
Key Retailers Covered:
Woolworths Ltd (Australia)
Harvey Norman Holdings Ltd
JB Hi-Fi Ltd
SM Retail Inc
Puregold Price Club Inc
Rustan Group of Cos
Seven & I Holdings Co Ltd
Hutchison Whampoa Ltd
San Miguel Corp
Trans Retail Indonesia PT
Matahari Putra Prima Tbk PT
Sumber Alfaria Trijaya Tbk PT
Delhaize Group Sa
Kompas Gramedia Group
Ace Hardware Corp
NTUC FairPrice Co-operative Pte Ltd
Dairy Farm International Holdings Ltd
Shen Siong Supermarket Pte Ltd
Takashimaya Co Ltd
Mustafa Holdings Pte Ltd
Courts Asia Ltd
Al Futtaim Group LLC
Yamada Denki Co Ltd
Central Retail Corp
Home Product Center PCL
The Mall Group Co Ltd
Charoen Pokphand Group
Alibaba Group Holding Ltd
Auchan Group SA
Wal-Mart Stores Inc
Bailian Group Co Ltd
Yonghui Superstores Group
Flipkart Online Services Pvt Ltd
Aditya Birla Group
K Raheja Corp
FamilyMart Co Ltd
Isetan Mitsukoshi Holdings Ltd
Shinsegae Co Ltd
Hyundai Department Store Co Ltd
GS Holdings Corp
SK Planet Co Ltd
BGF Retail Co Ltd
Costco Wholesale Corp
For more information about this report visit https://www.researchandmarkets.com/r/tnnbov
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