Dublin, Sept. 11, 2020 (GLOBE NEWSWIRE) -- The "United Arab Emirates Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast (2015-2024) - Covid-19 Update Q2 2020" report has been added to ResearchAndMarkets.com's offering.
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 in United Arab Emirates.
Historically, the gift card market in United Arab Emirates has recorded a steady growth with a CAGR of 19.2% during 2015-2019. However, According to the Q2 2020 Global Gift Card Survey, gift card market in United Arab Emirates is expected to be impacted across retail and corporate segments due to disruption caused by Covid-19 outbreak.
Though growth of gift card industry will be impacted due to pandemic, there are certain segments such as self-use which will gain significant market share. Adoption of e-Gift cards is also expected to increase significantly over the next 4-6 quarters. There are interesting trends emerging across various segments, which are expected to fundamentally reshape gift card industry dynamics.
Despite near-term challenges, medium to long term growth story of gift cards in United Arab Emirates remains strong. The gift card industry in United Arab Emirates will continue to grow over the forecast period and is expected to record a CAGR of 13.3% during 2020-2024. The gift card market in the country will increase from US$ 1269.4 million in 2019 to reach US$ 2043.5 million by 2024.
The market is expected to continue its growth, as several new players with innovative product offerings are entering into the market. The e-commerce market in the country is also one of the factors that are driving the growth of the gift card market in the UAE. In 2019, the UAE e-commerce market accounted for over 30% of the retail trade in the Gulf Cooperation Council (GCC) countries. With the value of the e-commerce market expected to reach US$ 30.6 billion by 2020, it will keep supporting the growth of the gift card market in the country.
Growing demand for gift cards is encouraging the card issuers to focus on new product development and product launches. For instance, in July 2019, Google Play launched its gift card in the UAE. These gift cards can be used to purchase apps, movies, books and can be also used in the leading retailers based in the UAE. Similarly, Netflix launched a new gift card for the UAE subscribers in November 2019. The new card works as a prepaid voucher which allows consumers to become a Netflix member and pay for their subscriptions. Consumers can buy these gift cards in both digital and physical versions across retailers such as Lulu Hypermarket, Etisalat, Virgin Megastore, Sharaf DG and Carrefour among others in the UAE market.
An increase in adoption by corporates is also giving an impetus to the already growing gift card market in the UAE. Businesses find it affordable to use e-gift cards option for their employees especially during difficult economic conditions when raise in salary or bonus disbursal are not viable.
In April 2019, YouGotaGift, a digital gift card company, introduced an employee rewards solution, Rewards '. Corporates can use Rewards' to recognize their employees for several achievements such as outstanding projects, excellent performance, innovation, safety rewards, and stellar track record. The company has seen a 225% increase in the number of businesses signing up for its loyalty and recognition digital programs during 2019.
This report provides a detailed data centric analysis of gift cards and corporate incentive cards market along with consumer behaviour and retail spend dynamics in United Arab Emirates. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics.
Total Spend on Gifts in United Arab Emirates
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 United Arab Emirates
Gross Load Value
Average Value Per Transaction
Average Value of Card Purchased
Number of Cards
Gift Card Market Size by Consumer Segment in United Arab Emirates
Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size in United Arab Emirates
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 United Arab Emirates
By Functional Attribute
Festivals & Special Celebration Days
Value by Purchase Channel
Gift Card Spend by Consumer Behavior and Demographics in United Arab Emirates
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 United Arab Emirates
By Functional Attribute
By Scale of Business
Budget Allocation Trend for 2020
Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in United Arab Emirates
Food & Beverage
Health, Wellness & Beauty
Apparel, Footwear & Accessories
Books & Media Products
Restaurants & Bars
Toys, Kids, and Babies
Home & Kitchen Accessories & Appliances
Entertainment & Gaming
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers) in United Arab Emirates
Ecommerce & Department Stores
Restaurants & Bars
Supermarket, Hypermarket, Convenience Store
Entertainment & Gaming
Health & Wellness
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers) in United Arab Emirates
Gift Card Online Sales
Gift Card Offline Sales
1st Party Sales
3rd Party Sales
Closed Loop Gift Card Market Share by Key Retailers. Key Retailers Covered Include:
Consumer Co-operative Union (CCU)
Life Healthcare Group
Damas International Ltd
T Choithram & Sons
Sharaf DG LLC
Inter Ikea Systems BV
Spinney's Group Ltd
Jumbo Electronics Co LLC
Souq Group Pvt Ltd
For more information about this report visit https://www.researchandmarkets.com/r/bkswkl
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