Prepaid cards that have been loaded with predetermined amounts are called gift and incentive cards. They can be used to make purchases at particular retailers or for particular uses, including employee rewards or promotional incentives. These cards provide their recipients the freedom to select the items or experiences they desire.
It has become more customary to provide and express gratitude using these cards to coworkers, clients, and business associates. This report examines some of the most important market insights, such as drivers, constraints, opportunities, dynamics, geographical analysis, the competitive environment, segmentation, and much more, in order to give a complete picture of this dynamic and always evolving market.
According to SPER market research, ‘US Gift Card and Incentive Card Market Size – By Card Type, By Consumer Type, By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the US Gift Card and Incentive Card Market is predicted to reach USD XX million by 2033 with a CAGR of 9.25%.
Drivers:
The surge in demand for digital giving alternatives among users is a major driving force for the gift card business since they are a simple and convenient way for consumers to buy gifts for friends, family members, and colleagues, and they may be purchased online or in-store. Furthermore, the increasing use of gift cards as rewards and incentives, as well as customer preference for experiences over tangible gifts, are key drivers of the gift card market.
Gift cards are becoming an increasingly popular way for Americans to shop in physical locations, online, and on mobile devices. As consumers seek multichannel gift cards, more strategic cooperation emerge in the gift card market.
Challenges:
A number of significant challenges exist for the functioning and advancement of the US gift card and incentive card sector. One of the most significant impediments is greater regulatory scrutiny of gift cards, which includes a variety of state laws governing fees, disclosure standards, and expiration dates. Businesses operating on a nationwide scale must closely adhere to these guidelines in order to prevent legal concerns that hinder operations. Fraud and theft are key concerns for the industry, with thieves and hackers targeting both digital and physical gift cards with strategies such as hacking, card cloning, and fraudulent activation.
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Impact of COVID-19 on US Gift Card and Incentive Card Market
The COVID-19 outbreak has significantly impacted the US gift card and incentive card sector. This has impacted consumer behaviour, presenting both possibilities and problems for enterprises in this area. Lockdowns and social distancing measures that resulted in the closure of many brick-and-mortar businesses triggered a significant shift in customer preferences toward e-commerce and contactless purchases, resulting in the quick adoption of digital gift cards. As a result of this change, companies boosted their investments in digital gift card platforms and distribution channels, demonstrating to consumers the importance of providing simple and flexible purchasing options.
US Gift Card and Incentive Card Market Key Players:
Additionally, Some of the market key players are American Express, Blackhawk Network, Factor4, Givingli, Nift Network, PopWallet, Prepaid2Cash.
United States Gift Card and Incentive Card Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Card Type: Based on the Card Type, US Gift Card and Incentive Card Market is segmented as; E-Gift Card, Physical Gift Card.
By Consumer Type: Based on the Consumer Type, US Gift Card and Incentive Card Market is segmented as; Retail Consumer, Corporate Consume.
By Distribution Channel: Based on the Distribution Channel, US Gift Card and Incentive Card Market is segmented as; Online, Offline.
By Region: This research also includes data for Eastern Region, Western Region, Northern Region, Southern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
US Gift Card and Incentive Card Market Revenue
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