Singapore Gift Card and Incentive Card Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Singapore Gift Card and Incentive Card Market is Segmented By Product (E-Gift Card, Physical Card), By Consumer (Individual, Corporate), and By Distribution Channel (Online, Offline).

Market Snapshot

Singapore Gift and Incentive card market
Study Period: 2018-2027
Base Year: 2021
CAGR: >3 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The country has faced a strict lockdown since 2020 due to a 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 that is expected to remain the same over the coming quarters. This has also positively impacted the gift card market.

According to the Q4 2021 Global Gift Card Survey, the gift card industry in the country is expected to grow by 11.7% annually to reach USD 1183.5 million in 2022. Despite near-term challenges in 2022, the medium to long-term growth story of gift cards in Singapore remains strong. The gift card industry in Singapore is expected to grow steadily in H1 2022 and record strong growth in H2 2022. The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 9.5% during 2022-2026. The gift card market in the country will increase from USD 1059.9 million in 2021 to USD 1700.1 million by 2026.

The Singapore gift card market has recorded strong growth across retail and corporate consumer segments in recent years. Participation across various retail sectors and increased adoption have attracted travel companies, OTT and content platforms, and mobile payment providers.

The factor driving the Singapore gift and incentive card market is adopting strategies that gift card providers are pursuing to increase their market share, having an extensive merchant network, and market expansion. For instance, Giftano and Mooments offer gift cards for well-known brands such as Lazada, Grab, and Zalora.

Scope of the Report

The study focuses on the industry participants and the players' partnerships, mergers, acquisitions, and collaborations taking place across the Gift Card and Incentive Card market. The study also sheds light on the technological developments around the Gift Card and Incentive Card Market. The study further sheds light on the regional dimensions across the Gift Card and Incentive Card Market landscape. The consistent changes across the Gift Card and Incentive Card Market in Singapore and the repercussions of the changes have been specifically included in the report. The Singapore Gift Card and Incentive Card Market are Segmented By Product (E-Gift Card, Physical Card), By Consumer (Individual, Corporate), By Distribution Channel (Online, Offline).

By Product
E-Gift Card
Physical Card
By Consumer
By Distribution Channel

Report scope can be customized per your requirements. Click here.

Key Market Trends

Increase in Corporate Incentives Boosting Sales of Virtual Gift Cards in Singapore

In times of the global pandemic, businesses across industry verticals in Singapore are looking for ways to improve employee engagement programs. This has led to increased spending on corporate incentives such as gift cards and meal coupons over the last four to eight quarters. The trend also supported the virtual gift cards market’s growth in Singapore.

For instance, according to Q3 2021 data from Deliveroo for Work (DfW), the corporate arm of Deliveroo, DfW has experienced an increase of 400% month-on-month in the sales of virtual gift cards, which allows firms to provide one-time-off incentives. According to the company, businesses from the tech and fintech sectors have purchased the most virtual gift cards for their employees in Singapore in Q3 2021. DfW has experienced an increase of 135% for individual meal allowances compared to Q3 2020.

The announcement and extension of the Stabilization Phase in Singapore have further set the tone for the growth of the corporate gift card segment. Consequently, virtual gift cards are projected to stay in demand for corporate firms in the next three to four quarters.

Singapore Gift card and Incentive card market

Projected Growth in E-Commerce is Expected to Drive the Adoption of Gift Cards in Singapore

Despite being a small island nation, the e-commerce market in Singapore is one of the largest in Southeast Asia. The e-commerce sector's growth has accelerated ever since the start of the global pandemic.

Notably, e-commerce sales are projected to hit US$8.2 billion in 2021. This growth in the Singaporean e-commerce industry, along with the rising number of online shoppers, is driving the adoption of gift cards in the country.

Singapore Gift and Incentive card  market

Competitive Landscape

In terms of market share, the Saudi Arabia gas hobs market is moderately consolidated in nature. Some of the major international players operating currently dominate the market. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. Some of the major players in the market include NTUC FairPrice Co-operative Pte Ltd, Dairy Farm International Holdings Ltd, Shen Siong Supermarket Pte Ltd, and Takashimaya Co Ltd.

Recent Developments

  • In March 2022, Hallmark launched Hallmark Gold Crown gift cards available at participating Hallmark stores and on
  • In December 2020, Giftano, the leading online gifting marketplace in Singapore, launched a new 360 online gifting e-shop expanding its offering to include the new Giftano Gifts, an array of great physical gifts.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Insights into Technological Advancements in the Industry

    5. 4.5 Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitutes

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Impact of COVID-19 on the Market


    1. 5.1 By Product

      1. 5.1.1 E-Gift Card

      2. 5.1.2 Physical Card

    2. 5.2 By Consumer

      1. 5.2.1 Individual

      2. 5.2.2 Corporate

    3. 5.3 By Distribution Channel

      1. 5.3.1 Online

      2. 5.3.2 Offline


    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 NTUC FairPrice Co-operative Pte Ltd

      2. 6.2.2 Dairy Farm International Holdings Ltd

      3. 6.2.3 Shen Siong Supermarket Pte Ltd

      4. 6.2.4 Takashimaya Co Ltd

      5. 6.2.5 Mustafa Holdings Pte Ltd

      6. 6.2.6 Courts Asia Ltd

      7. 6.2.7 Al Futtaim Group LLC

      8. 6.2.8 Yamada Denki Co Ltd*

    3. *List Not Exhaustive


You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Singapore Gift Card and Incentive Card Market market is studied from 2018 - 2027.

The Singapore Gift Card and Incentive Card Market is growing at a CAGR of >3% over the next 5 years.

NTUC FairPrice Co-operative Pte Ltd, Dairy Farm International Holdings Ltd, Shen Siong Supermarket Pte Ltd, Takashimaya Co Ltd, Mustafa Holdings Pte Ltd are the major companies operating in Singapore Gift Card and Incentive Card Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!