DUBLIN, Sept. 16, 2020 /PRNewswire/ -- 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.
The gift card market in the country will increase from US$ 1269.4 million in 2019 to reach US$ 2043.5 million by 2024.
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 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.
Key Topics Covered:
1 United Arab Emirates Total Gift Spend Analyzer
2 United Arab Emirates Retail Consumer Gift Spend Analyzer
3 United Arab Emirates Corporate Consumer Gift Spend Analyzer
4 United Arab Emirates Gift Card Spend Analyzer
5 United Arab Emirates Digital Gift Card Spend Analyzer
6 United Arab Emirates Gift Card Spend Analysis by City Type
7 United Arab Emirates Gift Card Spend Share by Demographics and Purchase Behaviour
8 United Arab Emirates Retail Consumer Gift Card Spend Analyzer
9 United Arab Emirates Retail Consumer Gift Card Spend Analysis by Functional Attribute
10 United Arab Emirates Retail Consumer Gift Card Spend Analysis by Occasion
11 United Arab Emirates Corporate Consumer Gift Card Spend Analyzer
12 United Arab Emirates Corporate Consumer Gift Card Spend Analysis by Functional Attribute
13 United Arab Emirates Corporate Consumer Gift Card Spend Analysis by Occasion
14 United Arab Emirates Corporate Consumer Gift Card Spend Analysis by Company Size
15 United Arab Emirates Corporate Consumer Gift Card Spend Analysis by Company Size X Functional Attribute
16 United Arab Emirates Gift Card Spend Analysis by Distribution Channel
17 United Arab Emirates Gift Card Spend Analysis by Retail Sector
18 United Arab Emirates Retail Consumer Gift Card Spend Analysis by Retail Sector
19 United Arab Emirates Corporate Consumer Gift Card Spend Analysis by Retail Sector
20 United Arab Emirates Closed Loop Gift Card Market Share Analysis by Top Retailers
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
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