Dublin, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The "Singapore Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The gift card industry in Singapore is expected to record a CAGR of 7.3% during 2024-2028. Singapore's gift card market is set to increase from US$1.3 billion in 2023 to reach US$1.9 billion by 2028.
The gift card sector in Singapore is thriving through digital innovation, strategic corporate partnerships, and evolving regulatory measures. With the rise of digital platforms and e-commerce integration, alongside strong growth in virtual gift cards driven by corporate demand, the sector is adapting well to contemporary consumer needs. Regulatory changes ensure consumer protection and adherence to anti-corruption standards, supporting a robust and dynamic market.
Key Developments in the Gift Card Sector in the Singapore
Several key product launches and developments in the gift card sector have been observed in Singapore, reflecting the market's growth and adaptation to changing consumer behaviors.
Product Launches and Innovations
- Digital Gift Card Platforms: Companies like Giftano and Mooments have launched fully digital gifting platforms, allowing both individuals and corporations to purchase gift cards seamlessly. These platforms cater to a wide range of brands, including popular retailers like Lazada and Grab, enhancing accessibility and convenience for consumers.
- E-commerce Integration: The growth of e-commerce has significantly influenced the gift card market. As online shopping continues to rise, gift cards are increasingly being integrated into e-commerce platforms, facilitating easier purchasing options for consumers. This trend is expected to drive further adoption of gift cards in the coming months.
Regulatory Changes
- Expiration and Cash Exchange Policies: Gift card providers can set expiration dates, which may be as short as 90 days from purchase. However, gift cards cannot be exchanged for cash, ensuring that they retain their intended purpose as a gifting mechanism rather than a cash substitute.
- Prohibition of Corruption: Offering gift cards to government officials is strictly prohibited, aligning with anti-corruption measures in Singapore.
- Consumer Protection Initiatives: The Monetary Authority of Singapore (MAS) has been proactive in ensuring that gift card regulations evolve with market trends. This includes ongoing consultations and potential amendments to the Payment Services Regulations to address emerging payment methods and consumer need.
The gift card market in 2023 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.
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.
Key Retailers Covered Include:
- NTUC FairPrice Co-operative Pte Ltd
- Dairy Farm International Holdings Ltd
- Shen Siong Supermarket Pte Ltd
- Takashimaya Co Ltd
- Mustafa Holdings Pte Ltd
- Courts Asia Ltd
- Al Futtaim Group LLC
- Yamada Denki Co Ltd
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 268 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $1.4 Billion |
| Forecasted Market Value (USD) by 2028 | $1.9 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Singapore |
Report Scope
Total Spend on Gifts in Singapore
- 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 Singapore
- 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 Singapore
- Retail Consumer
- Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size in Singapore
- 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 Singapore
- 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 Singapore
- 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 Singapore
- 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 Singapore
- 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 Singapore
- 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 Singapore
- Gift Card Online Sales
- Gift Card Offline Sales
- 1st Party Sales
- 3rd Party Sales
- Sales Uplift
Closed Loop Gift Card Market Share by Key Retailers
For more information about this report visit https://www.researchandmarkets.com/r/9kd5y3
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