Market Size of US 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 | 8.00 % |
| 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?
US Gift Card & Incentive Card Market Analysis
The rise of the US Gift and Incentive Card market, which has been steadily increasing, has accelerated in the aftermath of the pandemic. The digital gift card segment had a significant gain in 2021 as a result of the Covid-19-induced lockout and movement limitations and is likely to continue on its upward trajectory in 2022. Despite the short-term hurdles posed by the epidemic, the medium- to the long-term growth story of gift and incentive cards in the United States continues to be positive.
Due to rising millennial use of gift cards, the development of digital gift cards, and increased e-commerce activity, the Gift Card and Incentive Card Market in the United States is seeing tremendous growth. According to the survey, the gift card market in the United States is being driven by millennials and Gen Z customers. Gift cards for self-use and gifting are becoming more popular as these demographic segments' purchasing power grows. Furthermore, digital gift cards are more popular among these customer demographics than physical gift cards. This is largely due to rising smartphone adoption and the simplicity with which digital gift cards can be managed via digital wallets and mobile apps. As a result, top gift card companies are concentrating their efforts on providing digital gift cards to these customers. Another new trend is for freelancers to take gift cards as payment for their services, which is predicted to help the country's gift card market flourish.
Consumers in the United States are increasingly interested in using gift cards in stores, on websites, and on mobile devices. Consumers' increasing preference for omnichannel gift cards is leading to more strategic alliances in the gift card industry. Several new and imaginative uses for gift cards have emerged in recent years. Innovative program launches, ranging from regional governments providing gift cards for immunization to offering gift cards to assist local businesses, have aided the expansion of the gift card market in the United States and are predicted to continue to do so.
