Along with the economic growth of consumers and the increased awareness of social trends among the population, the situation for the gift card market has been changing. Online gifting has gained popularity due to its convenience and accessibility. With just a few clicks, customers can purchase and send digital gifts to recipients anywhere in the world. This makes gift cards an attractive option for last-minute gifting purposes. The growing trend of online shopping and digital transactions continues to grow the preference for gift cards.
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Data Bridge Market Research analyzes that the Europe Gift Card Market is expected to reach USD 896,605.19 million by 2030 from USD 256,857.19 million in 2022, growing with a steady CAGR of 17.2% in the forecast period of 2023 to 2030.
Key Findings of the Study
Extensive Social Trend of Giving Online Gifts among Millennials
The gift card industry and the digital world are interconnected. Companies are engaging their customers virtually using digital marketing strategies and digital platforms since the gift cards have become prevalent. In recent years, the gift card industry has experienced an improvement in relationships with existing consumers through marketing and digital promotion rather than expansion through geographic channels and store network expansion.
The generation of millennials is shifting towards e-gift cards rapidly. With this shift, the adoption of e-gift cards among the older generation will be increasing as well. In addition, online platforms and channels for shopping are expected to create opportunities for market growth.
One more trend that is adding positively to the development of gift cards in e-commerce—is, the use of online shopping platforms. Therefore, the market is going to encounter enhanced growth in the forecast period.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Product (E-Gift Cards and Physical Cards), Functional Attribute (Closed Loop, Universal Accepted Open Loop and E- Gifting), Industry Vertical (Retail and Corporate Institutions), Merchant (Restaurants, Discount Stores, Coffee Shops, Departmental Store, Grocery Store/Food Supermarkets, Entertainment and Others)
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Countries Covered
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Germany, France, Italy, Spain, U.K., Russia, Switzerland, Turkey, Belgium, Netherlands, Poland, Sweden, and Rest of Europe
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Market Players Covered
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Walmart Inc. (U.S), Under Armour, Inc. (U.S.), Givex Corporation (Canada), American Express (U.S.), Starbucks Coffee Company (U.S.), PayPal Holdings, Inc. (U.S.), Apple Inc., (U.S.), Sephora USA (Paris, France), Inc., AMILON S.R.L. (U.S.), Jigsaw Business Solutions (U.K), Diggecard (Norway), Blackhawk Network (U.S.), and Huuray A/S (Denmark) among others
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.
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Segment Analysis
The Europe gift card market is segmented into four notable segments based on product, functional attribute, industry vertical, and merchant.
- On the basis of product, the market is segmented into e-gift cards and physical cards
In 2023, the physical cards segment is expected to dominate the Europe gift card market
In 2023, the physical cards segment is expected to dominate the market with a market share of 62.94% due to the growth in the popularity of gift cards among millennials.
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On the basis of functional attribute, the market is segmented into closed loop, universal accepted open loop, and e- gifting
In 2023, the closed loop segment is expected to dominate the Europe gift card market
In 2023, the closed loop segment is expected to dominate the market with a market share of 38.26% due to the growing social trend of giving online gifts.
- On the basis of industry vertical, the market is segmented into retail and corporate institutions. In 2023, the retail segment is expected to dominate the market with a market share of 53.69%
- On the basis of merchant, the market is segmented into restaurants, discount stores, coffee shops, departmental store, grocery store/food supermarkets, entertainment, and others. In 2023, the restaurants segment is expected to dominate the market with a market share of 29.36%
Major Players
Data Bridge Market Research analyzes American Express (U.S.), Starbucks Coffee Company (U.S.), PayPal (U.S.), Apple Inc. (U.S.), and Blackhawk Network (U.S.) as the major players in Europe gift card market.
Market Development
- In October 2022, Givex Corporation announced to open a gift card marketplace inside Cittamobi’s digital wallet. This initiative for the new partnership is for sales of gift cards for iFood, which is the leasing Latin American online food delivery service. This partnership between the Europe fintech company helps the company to expand their business and scale up their revenues
- In July 2022, Apple Inc. has extended the availability of its universal Gift Card to the UK, France, and select European countries, following its introduction in the U.S. in 2020 and subsequent release in Australia and Canada. The new card replaces previous App Store and Apple Store cards, streamlining the purchasing process. Recipients can use the universal Gift Card for any item across Apple's online or physical stores. This will help the company in strengthening their presence in the European countries
- In April 2022, CNBC published an article stating that the technology developed by the giant retailer, Walmart helped in identifying 4 USD Million scam and freezing the gift cards bought by thousands of elderly victims
- In December 2021, Starbuck Coffee Company anticipated that nearly 3 USD billion will be loaded onto Starbucks cards during holiday season from October to December as Starbucks cards have made the perfect gift. This will help the company to expand and grow its business which add to their revenues
- In January 2020, PayPal announced the complete acquisition of Honey Science Corporation for USD 4 billion. This was transforming step in the customer’s shopping experience and increased sales
Regional Analysis
Geographically, the countries covered in the Europe gift card market report are Germany, France, Italy, Spain, U.K., Russia, Switzerland, Turkey, Belgium, Netherlands, Poland, Sweden, and Rest of Europe.
As per Data Bridge Market Research analysis:
Germany is estimated to be the dominant and fastest-growing country in the Europe gift card market
Germany is expected to dominate the Europe gift card market because gift cards are gaining rapid popularity among consumers. Germany is expected to grow during the forecast period due to increasing awareness and rising trends among gift cards.
For more detailed information about the Europe gift card market report, click here – https://www.databridgemarketresearch.com/reports/europe-gift-card-market
