US Gift Cards Market
ID: MRFR/CR/19403-US | 100 Pages | Author: Garvit Vyas| December 2023
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US Gift Cards Market Overview
In 2022, the gift card market in North America held a 45.80% market share. This is a result of policies implemented by the government to promote the use of digital payments in place of cash in a number of industries, including business organizations, retail, banking, and hospitality. Technology advancements in product offerings, an increase in the use of digital gift cards in the US and Canada, and heightened omnichannel marketing for gift card programs are all contributing to the growth of the gift card market in the area. In addition, the gift card market in the United States had the most market share, while the gift card market in Canada had the highest rate of growth on the North American continent. The US gift cards market has experienced a significant surge in demand, reflecting a shift in consumer preferences towards versatile and convenient gifting options. Gift cards have become a popular choice for both gift givers and recipients, offering flexibility and personalization in the gifting process. This growth in demand can be attributed to various factors, including the convenience of gift cards, the desire for personalized and meaningful presents, the rise of e-commerce, and the increasing focus on experiential rather than material gifts. One key driver of the demand for gift cards is the convenience they provide to both gift givers and recipients. Gift cards offer a hassle-free solution for those seeking a present, eliminating the need to navigate through numerous options and ensuring that the recipient can choose a gift that aligns with their preferences. With busy lifestyles and varying tastes, consumers appreciate the simplicity and flexibility that gift cards bring to the gift-giving experience. The desire for personalized and meaningful gifts has contributed to the popularity of gift cards. While traditional gifts may sometimes miss the mark in terms of the recipient's preferences, gift cards empower individuals to select items or experiences that truly resonate with them. This personalization aspect enhances the emotional value of the gift, making it more memorable and appreciated. Many gift cards also offer customization options, allowing gift givers to add a personal touch to the card with messages or themed designs. The rise of e-commerce has played a pivotal role in driving the demand for digital gift cards. Online shopping has become the norm for many consumers, and digital gift cards provide a seamless and instant gifting experience. The convenience of purchasing and sending gift cards electronically, often via email or mobile apps, has made them a preferred choice, especially for last-minute gifts. Digital gift cards also align with the broader trend of reducing physical clutter and embracing a more digital-centric lifestyle. The shift towards experiential gifts over material possessions has influenced the demand for gift cards that offer experiences such as dining, travel, or entertainment. Consumers are increasingly valuing memorable moments and unique experiences, and gift cards provide an avenue for them to access a wide range of experiences tailored to their interests. This shift in consumer preferences has led to the expansion of gift card options beyond traditional retail brands, encompassing a diverse array of services and experiences. The corporate sector has also contributed to the growth of the gift cards market, with businesses often using gift cards as incentives, rewards, or employee recognition tools. Gift cards provide a flexible and universally appreciated way to acknowledge and motivate employees or express gratitude to clients. This corporate demand has further fueled the overall expansion of the gift cards market.
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