Also, due to the pandemic, retailers and merchants are extending validity of gift cards to enable customers use their unused gift cards, which could further boost gift card adoption. Fine dining, diversified retail, and wellness experiences were the most popular gift card categories. Consequently, sale of digital gift card has witnessed sharp increase.Īccording to the Global Gift Card Survey Q2 2021, around 68% of surveyed individuals revealed that they purchased more gift cards for festive season 2020, as compared to 2019, indicating rising interest. Supported by broader industry trends, and shift in consumer behavior, overall gifting and gift card industry has witnessed fundamental changes. While the pandemic has negatively impacted growth across key industries, there has been a large-scale adoption of digital payment both by retail and business consumers. Gift card market in Singapore grew despite impact on socio-economic environment by the COVID-19 outbreak. The gift card market in the country will increase from US$ 938.9 million in 2020 to reach US$ 1562.6 million by 2025. The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 10.4% during 2021-2025. The gift card industry in Singapore is expected to grow steadily in H1 2021 and record a strong growth in H2 2021. DUBLIN-( BUSINESS WIRE)-The "Singapore Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast (2016-2025) - Q2 2021 Update" report has been added to 's offering.Īccording to the Q2 2021 Global Gift Card Survey, gift card industry in Singapore is expected to grow by 12.2% on annual basis to reach US$ 1053.8 million in 2021.ĭespite near-term challenges in 2021, medium to long term growth story of gift cards in Singapore remains strong.
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