Asia Pacific Gift Card and Incentive Card Market and Future Growth Dynamics – QR Code-Based Gift Cards Creating Alternatives to Cash Based Gifts – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–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
• Gift card
• 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
• Retail spend
• Market share by retailer
• Distribution channel analysis

Key Retailers Covered:

• Wesfarmers Ltd
• Woolworths Ltd (Australia)
• Metcash Ltd
• Aldi Group
• Harvey Norman Holdings Ltd
• JB Hi-Fi Ltd
• Apple Inc
• SM Retail Inc
• Puregold Price Club Inc
• Rustan Group of Cos
• Seven & I Holdings Co Ltd
• Hutchison Whampoa Ltd
• Metro AG
• San Miguel Corp
• Salim Group
• 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
• Tesco Plc
• Central Retail Corp
• Home Product Center PCL
• The Mall Group Co Ltd
• Charoen Pokphand Group
• Alibaba Group Holding Ltd
• JD.com Inc
• Auchan Group SA
• Wal-Mart Stores Inc
• Bailian Group Co Ltd
• Yonghui Superstores Group
• Flipkart Online Services Pvt Ltd
• Tata Group
• Future Group
• Reliance Group
• Amazon.com Inc
• Aditya Birla Group
• K Raheja Corp
• AEON Group
• Lawson Inc
• FamilyMart Co Ltd
• Rakuten Inc
• Isetan Mitsukoshi Holdings Ltd
• Lotte Group
• 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

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900