Outlook on the Apparel and Footwear Global Market to 2026 - Increasing Disposable Incomes Bringing Brand Consciousness is Driving Growth prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
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The strong growth in the e-commerce sector primarily supported the overall gift card industry during 2020, a trend expected to continue over the forecast period. Increasing smartphone penetration and consumer’s inclination towards online shopping has positively impacted e-commerce sector. In South Africa, for instance, the growth in the e-commerce market is one of the factors driving gift card market growth in the country. With growing online sales the spending on gift cards is also likely to increase in the country.
The gift card market in Kenya recorded substantial growth in the last few years. As one of East Africa’s largest economies, technological advancements in the payment industry widened the scope of the gift card market in Kenya. The market growth has been primarily backed by the rising adoption of gift cards by the millennials and Gen Z consumers, expansion of the retail sector, and growing inclination towards cryptocurrencies.
Research and Markets: Colombia Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics Report 2021-2025 finanznachrichten.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finanznachrichten.de Daily Mail and Mail on Sunday newspapers.
Research and Markets: 2021 Spain Gift Card and Incentive Card Market Intelligence and Future Growth: Spend Analysis by Digital/e-Gift Card, Top Retailers, Distribution Channel, Occasions and Demographics - ResearchAndMarkets.com
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The gift card market in 2020 was driven by 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. Though the gift card market was impacted due to COVID-19, the market is expected to bounce back in the coming quarters, especially in H1 2021.