U.S. Gift Card Market Size with Healthy CAGR of 12.6% by 2028, Size, Share, Demand, Rising Trends and Competitive Outlook
Market Analysis and Insights of U.S.
Gift Card Market
The U.S. gift card market is expected to gain
significant growth from period of 2023 to 2030. Data Bridge Market Research
analyses that the market is growing with a CAGR of 12.6% in the forecast period
of 2023 to 2030 and is expected to reach USD 699,015.16 million by 2030. The
major factor driving the growth of the U.S. gift card market is rising demand
of gift cards from millennials and growing trends of online gifts giving.
Gift card is an artificial prepaid debit card, which is loaded of a specific amount. Gift card is used in various purposes such as gifting someone and purchasing things. Most of the consumers including millennials and elder generation having rising demand for Gift cards due to its ease of use and increasing adoption of smartphone payment technologies. The driving factors growth of the market includes growing social trends of online gifts giving, rising demand from millennials.
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Market Scope and U.S.
Gift Card Market
Some of the prominent participants operating in
the U.S. gift card market are Tele-Pak Inc., Alltimeprint.com, Plastek Card
Solutions, Inc., Card USA, Inc, Duracard, eCard Systems, Blackhawk Network,
Card Isle, Tango Card. Inc, InComm Payments, Under Armour, Inc., TransGate
Solutions., Walgreen Co., Sephora USA, Inc., Gyft, Inc., Givex Corporation.
U.S. Gift
Card Market Scope
The
U.S. gift card market is categorized based on products, functional attribute,
industry vertical and merchant. The growth amongst these segments will help you
analyze major growth segments in the industries and provide the users with a
valuable market overview and market insights to make strategic decisions to
identify core market applications.
Products
- E- Gift Cards
- Physical Cards
Based
on product, the U.S. gift card market is classified into e- gift cards and
physical cards.
Functional attribute
- Closed Loop
- Universal Accepted Open Loop
- E-Gifting
Based
on functional attribute, the U.S. gift card market is classified into closed
loop, universal accepted open loop, and e-gifting.
Industry vertical
- Retail
- Corporate Institutions
Based
on the industry vertical, the U.S. gift card market is classified into retail
and corporate institutions.
Merchant
- Restaurants
- Discount Stores
- Coffee Shops
- Departmental Store
- Grocery Store/Food Supermarkets
- Entertainment
- Others
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U.S. Gift
Card Market Dynamics
This section deals with understanding the market drivers,
advantages, opportunities, restraints, and challenges. All of this is discussed
in detail below:
Drivers
- Rise
in the popularity of gift cards
Younger consumers such as teenagers are having increasing popularity with gift cards. This is because gift card can go hand in hand and digitally as well. Due to this ease of use for the product is making it popular. Nowadays giving and receive of gifts is getting incredibly important Young generation, Organizations, overall consumers are having a rising preference of gift cards as these gift cards having different benefits such as the recipient can have the freedom to utilize the card and purchase whatever he or she wants, Gift cards are convenient to use, various and markets and store owners use gift cards as a marketing strategy. Most consumers use magazines and media to evaluate what the upcoming trends and so that they may know exactly what to buy and what not to buy. Gift cards play a huge role in affecting a consumer’s choice to buy according to the consumer. These suitability of gift cards are creating a rising of popularity of gift cards each year. Moreover, the adolescents & matured consumers are preoccupied with social acceptance and coolness associated with the gift cards. For this reason, consumers will exhibit a more freedom oriented decision when they go shopping. Therefore, owing to freedom of purchasing, ease of use, increasing consumer preferences is giving a rise of popularity of the gift card. This rising popularity is expected to drive the demand and sales in the U.S. gift card market.
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