Market Size of Middle East 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.webp)
*Disclaimer: Major Players sorted in no particular order |
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Middle East Gift Card & Incentive Card Market Analysis
Middle East Gift Card and Incentive Card Market has generated a revenue of USD 27 billion in the current year and is poised to achieve a CAGR of 7% for the forecast period.
The Middle East Gift Card and Incentive Card Market were moderately affected by COVID-19 as it accelerated the cashless system that was propelled during the Pandemic. The COVID crisis accelerated digitalization by forcing merchants, programs, and customers to adapt to lockdown restrictions. Adoption of e-Gift cards increased by over 250% in the first quarters of 2020, compared to the same period in 2019.
The gift card market in the Middle East region has witnessed strong growth over the last few years. Adoption of the gift card has increased across retail and corporate segments with a range of use cases that go beyond 'gifting'. One of the factors driving growth is the e-commerce market. Merchants are incentivizing customers for shopping online and offering gift cards to increase sales and drive customer loyalty. The vast majority of the population is working class, with smartphones and a high internet penetration rate. The retail landscape is well diversified from high-end to mass retail brands, with a large representation of international brands, together with locally-developed concepts. In 2020, the growth of digital gift cards was further expanded, with a shift to digital standing now at over 90% of the customers' redemption in the B2B programmes. The COVID crisis accelerated further digitalisation by forcing merchants, programmes and customers to adapt to lockdown restrictions. Adoption of e-Gift cards have increased by over 250% in the first quarters of 2020, compared to the same period in 2019.
