Market Size of Australia Gift Card and Incentive Card Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 8.00 % |
| Largest Market | Latin America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Gift Card & Incentive Card Market Analysis
Australia Gift Card and Incentive Card Market is poised to grow at a CAGR of greater than 8% during the forecast period. Gift card adoption in Australia has increased significantly in recent years, encompassing retail and corporate industries. Because of the pandemic, consumers have switched to online buying, which has benefited the gift card sector and pushed the expansion of digital gift cards. Corporate gifting has grown in popularity as companies use gift cards to reward and appreciate employees.
COVID-19 pandemic affected all sectors in Australia. To compensate for these losses, the NSW Government offered adults USD 100 vouchers to spend on entertainment and dining during covid in Sydney and other places under the Out & About scheme. The project cost the government USD 500 million this initiative was part of the government's effort to encourage people to buy and spend money.
Businesses have begun to recognize the value of prepaid gift cards. Gift cards can be utilized not only as a gifting option but also as a significant instrument to encourage clients to spend money at their establishment. Gift cards can also be used for refunds, returns, and credit notes, and they are an excellent promotional tool.
Karta is a disruptor, a gift card platform that aims to simplify the gift card experience by making it more accessible for merchants and consumers. It aims to remodel the gift card market to provide access to more merchants for whom it is uneconomic today and change the economic model, so revenue is not dependent on "breakage."
