DUBLIN–(BUSINESS WIRE)–The “Singapore Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
Singapore’s gift card industry is expected to grow by 11.7% on annual basis to reach US$1183.5 million in 2022
Despite near-term challenges in 2022, medium to long term growth story of gift cards in Singapore remains strong. The gift card industry in Singapore is expected to grow steadily in H1 2022 and record a strong growth in H2 2022. The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 9.5% during 2022-2026. The gift card market in the country will increase from US$1059.9 million in 2021 to reach US$1700.1 million by 2026.
Increase in corporate incentives boosting sales of virtual gift cards in Singapore
In times of the global pandemic, businesses across industry verticals in Singapore are looking for ways to improve their employee engagement programs. This has led to increased spending on corporate incentives such as gift cards and meal coupons over the last four to eight quarters. The trend also supported the virtual gift cards market’s growth in Singapore.
Gift card providers are focusing on launching digital platforms and merchant acquisition to gain market share in Singapore
With more and more consumers are adopting digital channels in the country, the majority of the gift card players are launching a fully digital platform to gain market share in Singapore.
Projected growth in e-commerce is expected to drive the adoption of gift cards in Singapore
Despite being a small island nation, the e-commerce market in Singapore is one of the largest in Southeast Asia. The growth in the e-commerce sector has been accelerated ever since the start of the global pandemic.
Notably, e-commerce sales are projected to hit US$8.2 billion in 2021. This growth in the Singaporean e-commerce industry, along with the rising number of online shoppers, is driving the adoption of gift cards in the country.
Scope
Closed Loop Gift Card Market Share by Key Retailers
Total Spend on Gifts in Singapore
Gift Card Market Size by KPIs across Consumer Segments in Singapore
Gift Card Market Size by Consumer Segment in Singapore
Digital Gift Card Market Size in Singapore
Gift Card Market Size by Retail Consumer in Singapore
Gift Card Spend by Consumer Behavior and Demographics in Singapore
Gift Card Market Size by Corporate Consumer in Singapore
Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in Singapore
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers) in Singapore
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers) in Singapore
For more information about this report visit https://www.researchandmarkets.com/r/2umj11
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