Market Size of Italy Gift Card and Incentive Card Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Italy Gift Card & Incentive Card Market Analysis
The worldwide coronavirus pandemic has also spurred the rise in the use of digital gift cards. The demand for cash alternatives has unexpectedly increased in Italy due to the fear of contracting the coronavirus. In Italy, this has helped the market for digital gift cards grow in some measure during the past several years. As a result, the market for gift cards has had a muted increase in 2020.
Despite the pandemic, e-commerce in Italy kept expanding. In March 2020, there was a 60% rise in internet traffic. Rising smartphone adoption has fueled the country's increase in online commerce. The Italian Trade Agency wants to enable 300 regional SMEs to digitize on Alibaba.com in order to promote online growth even more. In the medium to long term, gift card growth in Italy is anticipated to be supported by the shifting consumer preferences toward online purchasing.
In a Survey taken in Italy where, over 44% of the shoppers preferred gift cards, indicating a significant change in consumer behavior. Interestingly, despite younger millennials and Gen Z still making up the majority of gift card sales, gift card adoption has increased significantly in the 35-47 age group.Regardless of the fact that online gift card sales now make up over 40% of the market, Italians still prefer to purchase goods in-person. In the upcoming years, as more people purchase online and seek out practical gifting options, it is anticipated that the penetration of gift cards will rise.
