India Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2023 Update: Rapid Adoption of E-Commerce and Technology Presents Opportunities Among New Demographics –

DUBLIN–(BUSINESS WIRE)–The “India Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2023 Update” report has been added to’s offering.


Gift card market in 2022 was driven a wide range of factors, which supported growth across retail and corporate segments. The primary factors included growth of ecommerce, increased adoption to incentivize employees working remotely, digital gifting, and initiatives undertaken by government, hospitality, and travel industries to revive growth.

  • There has been a substantial shift in the Indian gift card industry over the last three to four years. Previously, gift cards were largely an urban phenomenon. However, the rapid adoption of e-commerce and technology has driven the consumer’s shift towards gift cards, and as a result, the payment instrument has reached a wider demographics in the country. With a greater focus on practicality, convenience, and power of choice, gift cards are projected to further experience an increase in demand.
  • The share of gift card buyers is rapidly increasing in Tier II and III cities. Brands and businesses are also taking note of changing consumer behavior, and as a result, many have launched innovative gift card programs in the country. Along with brands, corporates have also increased their usage of gift cards in India to boost employee engagement and incentivize good work. All of these trends, along with the growing e-commerce market, are projected to keep driving the growth of the Indian gift card industry over the next three to four years.
  • Gift cards have emerged as a strong festive gift-giving options among Indians in 2022
  • India is one of the largest gifts giving industries. Festivals are celebrated across the year and billions of dollars are spent on buying gifts in the country. Over the last few years, people have turned to gift cards as a gift giving option. Now, gift cards have emerged as the most preferred gifting option.
  • From online retail to clothing and accessories, personal care, grocery, and dining, gift cards are getting increasingly adopted across different industry verticals. These trends are projected to further increase from the short to medium-term perspective, thereby supporting industry growth in India.
  • Digital gaming gift card marketplaces are raising funding rounds to accelerate their global expansion
  • The online gaming market has recorded strong growth since the global pandemic outbreak. In India, online gamers are projected to grow at a steady rate, meaning a lucrative growth opportunity for firms operating in the segment. The trend is similar in the global market, and consequently, digital gaming gift card marketplaces are raising capital to build their presence in more countries.
  • In November 2022, Driffle, an India-based gaming, and digital gift card marketplace, announced that the firm had raised US$3.4 million in a seed funding round, which was led by Beenext. The firm provides a marketplace that allows gamers to buy games and digital gift cards in their local currencies. Currently, the firm has a presence in over 100 markets globally and is planning to further expand its reach to capitalize on the growing online gaming industry.
  • Along with the global expansion, the firm is also planning to invest in tech infrastructure and product development. The publisher expects the firm to raise more such capital rounds from the short to medium-term perspective.
  • Cryptocurrency exchanges are launching gift card features to capitalize on the Indian gift-giving market
  • The popularity of cryptocurrencies has been on the rise in India. An increasing number of millennials and Gen Z Indians have invested in the digital asset class. To capitalize on the growing popularity, cryptocurrency exchanges are launching gift card features during the festive and holiday gift-giving season in India.
  • In October 2022, WazirX, one of the leading cryptocurrency exchanges in the country, announced the launch of a gift card feature, which allows users to gift cryptocurrencies to their loved ones during the festive season.
  • In September 2022, Flitpay, another cryptocurrency exchange, announced that the firm had launched a physical gift card option under its new Diwali campaign. The firm targeted the crypto gift cards towards Indians who are craving financial stability.
  • From the short to medium-term perspective, the publisher expects more such innovative gift card launches that cater to the growing cryptocurrency community in India. This will further assist the gift card industry’s growth over the next three to four years.

In value terms, the gift card market in India has recorded a CAGR of 15.0% during 2018-2022. According to the publisher, gift card industry in the country is expected to grow by 16.5% on annual basis to reach US$ 7,556.2 million in 2023.

The gift card industry in India will continue to grow over the forecast period and is expected to record a CAGR of 15.0% during 2023-2027. Gift card market in the country will increase from US$ 6,486.9 million in 2022 to reach US$ 13,237.3 million by 2027.

This report provides a detailed data centric analysis of gift card market, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at country level, this report provides a comprehensive understanding of gift card market dynamics, market size and forecast.


Total Spend on Gifts in India

  • By Consumer Segment (Retail and Corporate)
  • By Product Categories (13 Segments)
  • By Retail Sectors (7 Segments)

Gift Card Market Size by KPIs across Consumer Segments in India

  • Gross Load Value
  • Transaction Value
  • Unused Value
  • Average Value Per Transaction
  • Transaction Volume
  • Average Value of Card Purchased
  • Number of Cards

Gift Card Market Size by Consumer Segment in India

  • Retail Consumer
  • Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)

Digital Gift Card Market Size in India

  • By Retail Consumer
  • By Retail Purchase Occasion
  • By Corporate Consumer
  • By Corporate Purchase Occasion
  • By Company Size

Gift Card Market Size by Retail Consumer in India

  • By Functional Attribute
  • By Occasion
  • Festivals & Special Celebration Days
  • Milestone Celebration
  • Self-Use
  • Other
  • Value by Purchase Channel

Gift Card Spend by Consumer Behavior and Demographics in India

  • Consumer Purchase Behaviour
  • Gift Card Buyer by Age Group
  • Gift Card Buyer by Income Level
  • Gift Card Buyer by Gender

Gift Card Market Size by Corporate Consumer in India

  • By Functional Attribute
  • By Occasion
  • Employee Incentive
  • Sales Incentive
  • Consumer Incentive
  • By Scale of Business

Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in India

  • Food & Beverage
  • Health, Wellness & Beauty
  • Apparel, Footwear & Accessories
  • Books & Media Products
  • Consumer Electronics
  • Restaurants & Bars
  • Toys, Kids, and Babies
  • Jewelry
  • Sporting Goods
  • Home & Kitchen Accessories & Appliances
  • Travel
  • Entertainment & Gaming
  • Other

Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers) in India

  • Ecommerce & Department Stores
  • Restaurants & Bars
  • Supermarket, Hypermarket, Convenience Store
  • Entertainment & Gaming
  • Specialty Stores
  • Health & Wellness
  • Travel

Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers) in India

  • Gift Card Online Sales
  • Gift Card Offline Sales
  • 1st Party Sales
  • 3rd Party Sales
  • Sales Uplift

Reasons to buy

  • In-depth understanding of gift card and incentive card market dynamics: Understand market opportunity, key trends and drivers along with five-year forecast (2018-2027) for gift cards and incentive cards in India.
  • Develop market specific strategies: Identify growth segments and target specific opportunities across consumer segments and occasions to formulate your gift cards strategy; assess market specific key trends and risks.
  • Get insights into consumer attitude and behaviour in India: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through gift cards for both retail and corporate consumers.
  • Get complete perspective through six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and value of transactions.
  • Distribution channel insights: Understand gift cards sales dynamics by channels – online vs offline and by 1st party vs 3rd party sales.

Companies Mentioned

  • Flipkart Online Services Pvt Ltd
  • Tata Group
  • Future Group
  • Reliance Group
  • Inc
  • Aditya Birla Group
  • K Raheja Corp

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