New York, June 21, 2022 (GLOBE NEWSWIRE) — The Europe gift card market is projected to exhibit a high CAGR of 12.4% over the forecast period of 2022-2032. With rapidly increasing environmental concerns, terms such as sustainability and eco-friendly are gaining popularity, thus allowing sustainable and biodegradable gifting solutions to take center stage in the industry.
Today, consumers, especially corporates, are actively choosing brands whose values are aligned with their own, with the belief that brands also have the same responsibility as governments to drive environment consciousness. In light of this, a few market players are focused on offering cards that are made from recycled plastic and other environment-friendly materials.
Many players are now engaged in producing small-quantity, environment-friendly card offerings. Few of the materials such as PVC plastic cards and paper gift cards are highly trending eco-friendly options. Recycled PVC is considered as a great material option due to its capability of providing a better card aesthetic and feel as per consumer requirements.
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Besides this, few market players such as Wedoogift, in line with their sustainable practices, are educating consumers regarding the environmental impact of plastic gift cards and paper vouchers. The company is encouraging the corporate sector to opt for dematerialized gift cards.
Such sustainability trends are expected to play a key role in driving the growth of the Europe gift card market over the coming years.
Key Takeaways from Market Study
- Partial redemption features and loyalty programs encouraging more consumers to choose gift cards across Europe.
- The U.K. is projected to be one of the fastest-growing markets in Europe, registering a high growth rate of 18.1% over the forecast period (2022-2032).
- Adoption of retail closed loop gift cards is increasing owing to rising number of shopping malls and organized retail in Europe.
- Adoption of e-Gifting is increasing owing to its advantages such as convenience, easy availability, and customization benefits, a trend that has been bolstered by the COVID-19 pandemic.
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“Most companies are penetrating online sales channels for selling gift cards as e-gifting is expected to become a significant trend across Europe over the coming years,” says an analyst at Persistence Market Research.
Key Market Players
The market study highlights important drivers and trends into the competitive market environment of gift cards in Europe, along with the highlights of differential marketing and expansion strategies used by competition stakeholders in the market.
Some of the key players identified across the value chain include Sodexo Group, Amazon.com Inc., Appreciate Group Plc., Epipoli SA, Wishcard Italy, GiftChill Ltd., InComm Payments, Blackhawk Networks Holdings Inc., Groupe Up, Edenred, and Amirol SA.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the gift card market, covering Europe industry analysis of 2017-2021 and forecasts for 2022 to 2032. This research report provides compelling insights on the basis of type, price range, sales channel, end user, type of program, merchant type, and country.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the European market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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