DUBLIN–(BUSINESS WIRE)–The “South Korea Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2024 Update” report has been added to ResearchAndMarkets.com’s offering.
The South Korean gift card industry is poised for sustained growth with a notable 8.0% annual increase projected, reaching a market value of US$6.9 billion in 2024. This trend is forecasted to maintain a steady pace, with an expected compound annual growth rate (CAGR) of 7.0% from 2024 to 2028, culminating in an anticipated market size of US$9.1 billion by 2028.
Factors Influencing Market Expansion
The South Korean gift card sector witnessed substantial growth in 2023, fostered by a multitude of factors bolstering both retail and corporate spheres. The burgeoning of e-commerce, the rising trend of remote work employee incentives, the penetration of digital gifting, and targeted efforts by various industries, including government, hospitality, and travel, to stimulate recovery, have all contributed significantly to the market’s expansion.
Comprehensive Market Insights
The latest intelligence on the gift card market encompasses exhaustive analytical insights across various retail categories, offering an overview of market opportunities and potential risks. With detailed information on over 75 key performance indicators (KPIs) at the country level, stakeholders can gain a thorough understanding of the market’s dynamics, size, and growth projections.
Consumer and Corporate Engagement
Investigations into the South Korean gift card market reveal intricate details of consumer behaviors and corporate engagement strategies. This includes segmentation by consumer (retail and corporate) and product categories, with a deep dive into digital gift card adoption rates, functionalities preferred, and the occasions driving purchases. Additionally, gift card expenditures are profiled by demographics, offering insights into buyer age groups, income levels, and gender.
Market Segmentation Analysis
Detailed segmentation of the gift card market sheds light on spending patterns across a range of product categories including but not limited to food & beverages, health & beauty, apparel, electronics, and travel. Sector-specific dissections outline expenditures across diverse retail sectors such as e-commerce, supermarkets, entertainment, specialty stores, and more.
Distribution Channel Overview
Understanding the nuances of distribution is essential to grasp the full scope of the gift card market. Analysis of market dynamics juxtaposes online sales against offline, while evaluating the impact of first-party versus third-party sales on the overall sales uplift.
Strategic Market Analysis for Stakeholders
Key stakeholders can leverage these insights to tailor market-specific strategies, identifying lucrative growth segments and optimizing gift card programs. This comprehensive examination of South Korea’s gift card market provides a pivotal reference for stakeholders to navigate and capitalize on the evolving market landscape.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 268 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $6.9 Billion |
| Forecasted Market Value (USD) by 2028 | $9.1 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | South Korea |
Companies Featured
For more information about this report visit https://www.researchandmarkets.com/r/8ke0zh
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