Market Size of Singapore 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 | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Gift Card & Incentive Card Market Analysis
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.
