India Gift Card and Incentive Card Market Outlook - Growth Momentum is Forecast to Continue to Grow, Recording a CAGR of 18.4% During 2021-2025

Dublin, March 08, 2021 (GLOBE NEWSWIRE) -- The "India Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook): Spend Analysis by Digital/e-Gift Card, Retail & Corporate Consumers, Top Retailers, Distribution Channel, Occasions, and Demographics - Jan 2021 Update" report has been added to ResearchAndMarkets.com's offering.

The Indian gift card market has recorded a strong growth in the recent years across retail and corporate consumer segments. There is participation across various retail sectors and increased adoption has attracted travel companies, OTT and content platforms, as well as mobile payment providers.

The country has faced strict lockdown since March 2020 due to coronavirus outbreak. The socio-economic environment was negatively impacted due to COVID-19, which has led to fewer celebrations and gifting. However, the pandemic had a positive impact on e-commerce, a trend which is expected to remain the same over the coming quarters. This has also positively impacted the gift card market.

Moreover, amidst the pandemic, digital gift cards are gaining popularity in India as consumers are looking for safe and convenient gifting options. The sales of digital gift cards improved significantly in 2020, as compared to 2019 with gift cards from e-commerce ventures recording strong growth. As per Qwikcilver, an end-to-end gift card service provider, e-gift cards have seen massive adoption in India in the recent times, with corporates choosing e-gifting to engage with partners and employees in the COVID times. E-gift cards accounted for nearly half the market share in 2020, indicating consumer preference towards digital gift cards. Moreover, in terms of segment-wise average load value of gift cards, jewellery gift cards held the most amount of value.

Also, OTT and content platforms such as SonyLiv and Zee5 have been offering discount of about 50% & 25%, respectively, on gift cards. The trend is visible across OTT and content platforms. Moreover, travel companies such as Makemytrip, and Yatra are also strongly focusing on sale digital gift cards. Apart from gift cards, Cleartrip, Thomas Cook, and Ola are offering discounts of upto 10% for staycations, short trips, and workations. In the food and beverage space, to attract customers, Pizza Hut, Starbucks, Dominos, Chaayos, and KFC in metro cities are offering gift cards with attractive discounts.

The gift card industry in India is expected to grow by 22.1% on annual basis to reach US$ 5533.7 million in 2021. Despite near-term challenges in 2021, the medium to long term growth story of gift cards in India remains strong. The gift card industry in India is expected to grow steadily in H1 2021 and record a strong growth in H2 2021. The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 18.4% during 2021-2025. The gift card market in the country will increase from US$ 4533.7 million in 2020 to reach US$ 10869.3 million by 2025.

This report provides a detailed data centric analysis of gift cards and corporate incentive cards market along with consumer behaviour and retail spend dynamics in India. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics.

The report includes raw data along with structured dashboards, charts, and tables in an interactive Excel format.

Key Retailers Covered Include:

• Flipkart Online Services Pvt Ltd

• Tata Group

• Future Group

• Reliance Group

• Amazon.com Inc

• Aditya Birla Group

• K Raheja Corp

Key Topics Covered:

• India Total Gift Spend Analyzer

• India Retail Consumer Gift Spend Analyzer

• India Corporate Consumer Gift Spend Analyzer

• India Gift Card Spend Analyzer

• India Digital Gift Card Spend Analyzer

• India Gift Card Spend Analysis by City Type

• India Gift Card Spend Share by Demographics and Purchase Behaviour

• India Retail Consumer Gift Card Spend Analyzer

• India Retail Consumer Gift Card Spend Analysis by Functional Attribute

• India Retail Consumer Gift Card Spend Analysis by Occasion

• India Corporate Consumer Gift Card Spend Analyzer

• India Corporate Consumer Gift Card Spend Analysis by Functional Attribute

• India Corporate Consumer Gift Card Spend Analysis by Occasion

• India Corporate Consumer Gift Card Spend Analysis by Company Size

• India Corporate Consumer Gift Card Spend Analysis by Company Size X Functional Attribute

• India Gift Card Spend Analysis by Distribution Channel

• India Gift Card Spend Analysis by Retail Sector

• India Retail Consumer Gift Card Spend Analysis by Retail Sector

• India Corporate Consumer Gift Card Spend Analysis by Retail Sector

• India Closed Loop Gift Card Market Share Analysis by Top Retailers

For more information about this report visit https://www.researchandmarkets.com/r/4fuhab

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