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DUBLIN, Dec. 24, 2021 /PRNewswire/ — The “Latin America Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Market Size and Forecast (2016-2025) – Q2 2021 Update” report has been added to ResearchAndMarkets.com’s offering.
The gift card market in Latin America is expected to record steady growth due to changing customer preference towards gift cards and increased adoption in self-use segment. Increased use of gift cards for self-gifting, supported by discounts offered by retailers is supporting market growth. The growing popularity of gift cards is offering lucrative opportunities for gift card issuers.
The COVID-19 pandemic has changed consumer purchasing behavior pushing consumers to rely on e-commerce. Shoppers prefer shopping online due to the convenience, speed, benefits, and savings it offers. Consequently, digital gift cards are expected to gain market share over the forecast period mainly due to growth in e-commerce and rise in internet penetration in the region.
E-commerce market in Latin America has been recording growth in the recent years and is further expected to grow in the coming quarters. Brazilian e-commerce sales increased significantly in 2020, as consumers shifted to online shopping due to the pandemic. In Mexico, e-commerce is estimated to account for over 25% of total retail sales in 2020. Online retailers are capitalizing on the growing e-commerce trend to offer digital gift cards in order to attract new customers and improve brand awareness.
Moreover, rising demand for online streaming services is likely to create demand for entertainment based gift cards as customers spend more time on indoor entertainment activities. Due to the pandemic as customers are confined to their homes, Netflix saw a rise in subscriber base and began to offer gift cards to attract customers.
Mexico and Brazil have observed entry of international players in the gift card market. For instance, in November 2020, InComm Payments acquired Todo Cartoes, a closed-loop gift card processor in Brazil, to improve its presence in the country. The deal will allow InComm to process and distribute closed-loop gift cards to retailers in Brazil. Consolidation in the gift card market is expected to continue in the coming quarters as players look to strengthen their market position and compete effectively. Also, Tango Card, a digital rewards and incentives provider in the US, offers e-gift cards of various brands including Domino’s, Burger King, Cinepolis, Best Buy, Starbucks, Uber , and others, in Mexico
Corporate gift cards are also likely to see growth as employees look for flexible and discounted gifting options. Companies are offering rewards and incentives via gift cards especially during holiday season. Giftly.com and mexico.net.nz are some of the popular third-party gift card providers in Mexico.
This report details the impact of economic slowdown along with change in business and consumer sentiment due to disruption caused by Covid-19 outbreak on gift card industry.
Though growth of gift card industry has been impacted due to pandemic, there are certain segments which will gain market share. There are interesting trends emerging across various segments, which are expected to fundamentally reshape gift card industry dynamics. Despite near-term challenges, medium to long term growth story of gift cards remains strong.
This offering is a bundled offering, combining 5 country reports (Argentina, Brazil, Chile, Colombia, Mexico).
Country reports included in this bundled offering provide a detailed data centric analysis of gift cards and corporate incentive cards market along with consumer behaviour and retail spend dynamics. With over 200 KPIs at regional and country level, these reports provide comprehensive understanding of gift and incentive card market dynamics.
Scope
This bundled offering provides the following detailed gift card market opportunity at country level
Total Spend on Gifts
Gift Card Market Size by KPIs across Consumer Segments
Gift Card Market Size by Consumer Segment
Digital Gift Card Market Size
Gift Card Market Size by Retail Consumer
Gift Card Spend by Consumer Behavior and Demographics
Gift Card Market Size by Corporate Consumer
Gift Spend by Product Categories (Split by Retail and Corporate Consumers)
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers)
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers)
Closed Loop Gift Card Market Share by Key Retailers. Key Retailers Covered Include:
For more information about this report visit https://www.researchandmarkets.com/r/r4b7vn
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Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
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