US Gift Card & Incentive Card Market Insights Forecasts to 2033

• The Market is Growing at a CAGR of 7.8% from 2023 to 2033
• The US Gift Card & Incentive Card Market Size is Expected to Hold a Significant Share by 2033.

The US Gift Card & Incentive Card Market is Anticipated to Hold a Significant Share by 2033, growing at a CAGR of 7.8% from 2023 to 2033. As e-commerce expands, digital gift cards are a useful and flexible gifting alternative that significantly boosts market expansion.

Market Overview

A gift card and an incentive card are both sorts of prepaid cards, with different purposes. It has a set monetary value that the recipient can use to make purchases at a specific retailer or within a network of linked stores. Gift cards are a popular choice among gift-givers since they allow the receiver to choose their chosen things while maintaining a predetermined spending limit. Businesses or organizations regularly use incentive cards to motivate or reward employees. It can be loaded with money or points, which can then be redeemed for a variety of prizes, items, or even cash bonuses. An incentive card serves as a tangible reward to encourage specific behaviors or achievements, such as hitting sales targets, doing surveys, or completing assigned chores. A gift card is a prepaid card that is preloaded with a specific amount of money. It can be used to pay at certain retailers, websites, or restaurants that accept that card. Gift cards can be purchased by retail establishments or corporations as gifts for others, as well as by the recipient for personal use. They are frequently given as gifts for birthdays, holidays, and other special events.  

Report Coverage

This research report categorizes the market for the US gift card & incentive card market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the US gift card & incentive card market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the US gift card & incentive card market.

Driving Factors

The U.S. Digital Gift Card market is driven by businesses implementing gift card incentive programs. The rising popularity of these systems which are frequently linked to employee rewards programs or loyalty schemes is fueled by consumers' appreciation of the flexibility and added value that digital gift cards provide. The growing e-commerce industry drives the U.S. market for digital gift cards. Digital gift cards are a practical and adaptable gifting option that greatly contributes to the market expansion as e-commerce grows.

Restraining Factors

One of the biggest obstacles facing companies in the gift card industry is the impersonal character of gift cards. Giving gift cards conveys that the presenters are not as excited and eager as they should be. As a result, customers are looking for personalized gifting options more and more, which is affecting sales of the products.

Market Segmentation

The US gift card & incentive card market share is classified into card type and distribution channel.

• The e-gift card segment is expected to hold a significant market share through the forecast period.    

The US gift card & incentive card market is segmented by card type into e-gift card and physical card. Among these, the e-gift card segment is expected to hold a significant market share through the forecast period. Due to the growing trend of consumers looking for virtual or digital cards. The fact that more and more customers are taking environmental responsibility is driving this change. The ease and convenience of tracking and redeeming e-gift cards is another factor driving up sales of these cards.

• The online segment is expected to hold a significant share of the US gift card & incentive card market during the forecast period.       

Based on the distribution channel, the US gift card & incentive card market is divided into online and offline. Among these, the online segment is expected to hold a significant share of the US gift card & incentive card market during the forecast period. Millennial customers prefer digital gift cards due to increased smartphone penetration and simplicity of maintenance via digital wallets and mobile apps.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the US gift card & incentive card market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Factor4
• Nift Network
• Prepaid2Cash
• Tango Card
• Blackhawk Network
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In May 2022, New Seasons Market and New Leaf Community Markets on the West Coast have expanded their collaboration with globally recognized payments provider Blackhawk Network to boost their community grocery's online gift card offerings.

Market Segment

This study forecasts revenue at the United States, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the US Gift Card & Incentive Card Market based on the below-mentioned segments:

US Gift Card & Incentive Card Market, By Card Type

• E-Gift Card
• Physical Card

US Gift Card & Incentive Card Market, By Distribution Channel

• Online
• Offline