Singapore Gift Card Market Projected to Reach $1.9 Billion by 2028: Strategic Implications, Consumer Insights and Distribution Channels - ResearchAndMarkets.com

The "Singapore Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.

The gift card sector in Singapore is anticipated to experience consistent growth, underpinned by several key market dynamics. With an expected compound annual growth rate (CAGR) of 7.3% from 2024 to 2028, the market is set to expand from US$1.3 billion in 2023 to an estimated US$1.9 billion by 2028.

This growth trajectory is supported by a combination of factors including the proliferation of e-commerce, digital gifting trends, the rising inclination of companies to offer incentives to remote workers, and concerted efforts by the government and industries such as hospitality and travel to stimulate recovery post-pandemic.

Scope and Scale

The market's expansion encompasses various consumer segments and retail sectors, offering insights into total spend on gifts and the breakdown of expenditures across different categories and channels. As the market matures, it displays considerable variations in consumer behavior and demographics, with detailed analyses available for corporate and retail consumer segments. Digital gift cards are gaining prominence, displaying robust growth figures that suggest a shift in consumer preference towards more convenient and flexible gifting options. This aligns with broader digital transformation trends observed across the retail sector.

Consumer Insights and Distribution Channels

Consumer behavior studies indicate that the demographics of gift card buyers are diverse, spanning various age groups, income levels, and genders. This diversity is essential for understanding the market's potential and directing targeted strategies to different consumer subsets. Distribution channel insights reveal that while online sales are enjoying a surge, there remains a significant market for offline transactions. The balance between first-party sales and third-party sales offers a nuanced view of the market, providing valuable information for stakeholders looking to optimize their distribution strategies.

Strategic Implications

The data underscores the importance of developing market-specific strategies to tap into the growing demand for gift cards. This necessitates a deep dive into consumer attitudes and purchasing behaviours to refine marketing approaches and product offerings, thereby maximizing return on investment and boosting market share. With detailed KPIs and insights into the dynamics of gift card sales across different retailers and sectors, stakeholders are equipped with the intelligence necessary to make informed decisions and foster growth in this promising market.

The continued evolution of Singapore's gift card market signifies emerging opportunities for retailers, corporations, and entrepreneurs. The market's growth momentum is set to deliver a range of prospects that, if harnessed effectively, promise to render strong dividends for those invested in the industry's future.

Key Attributes:

Companies Featured

• FairPrice
• Sheng Siong
• FairPrice Finest
• qoo10
• Giant
• FairPrice Xtra
• Courts
• Apple
• FairPrice Shop

For more information about this report visit https://www.researchandmarkets.com/r/nwtknf

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