Global Gift Card Market Set to Reach $2.22 Trillion by 2033
Research indicates that the global gift card market is rapidly expanding, projected to reach $2.22 trillion by 2033. The proliferation of mobile payments and the deep integration of gift cards with e-commerce platforms are the primary drivers of market growth, especially with the increasing preference for digital gift cards among Gen Z and Millennials.
What are the key facts?
- 1Market projected to reach $2.22 trillion by 2033
- 2CAGR of 15.2%
- 3Significant growth in mobile gift card usage
What happened?
According to a report by Persistence Market Research, the gift card market is expected to have a compound annual growth rate (CAGR) of 15.2%. The rise of mobile wallets simplifies the storage and redemption of gift cards, allowing retailers to enhance customer retention and generate additional revenue through overspending (61% of consumers tend to spend more than the card's value).
What does this mean for cross-border sellers?
Cross-border sellers should consider using gift cards as a marketing tool to enhance customer loyalty and encourage repeat purchases, especially in mobile shopping scenarios where gift cards are effective for customer acquisition and conversion.