Canada Gift Card and Incentive Card Market Size

Canada Gift Card & Incentive Card Market Analysis

The Canada gift card and incentive card market is poised to grow at a CAGR of greater than 8% during the forecast period. The retail and business consumer divisions of the gift card market in Canada have seen significant expansion in recent years. Diverse retail sectors are taking part, and rising popularity has included travel agencies, content portals, and mobile payment providers.

Since March 2020, the nation has been under heavy lockdown owing to a coronavirus outbreak. Due to COVID-19, the socioeconomic climate was significantly damaged, which reduced the number of celebrations and gifts given. However, the pandemic had a favorable effect on e-commerce; this tendency is anticipated to continue in the upcoming quarters. In addition, the market for gift cards has benefited from this.

Gift card and incentive card sales are soaring in Canada as a result of rising millennial gift card usage, the emergence of digital gift cards, and increased e-commerce. According to the poll, Gen Z and millennial consumers are driving the gift card market in Canada. As the spending power of these demographic divisions increases, gift cards for both personal use and giving are becoming increasingly common. Additionally, across these client segments, digital gift cards are more common than physical gift cards.This is largely because more people are using smartphones through which managing digital gift cards via mobile applications and digital wallets is so easy. As a result, top gift card firms are focusing their efforts on giving these clients digital gift cards. Another emerging practise will likely contribute to the growth of the nation's gift card market: freelancers accepting gift cards in exchange for their services.