Dublin, Oct. 07, 2020 (GLOBE NEWSWIRE) -- The "Philippines Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast (2015-2024) - Covid-19 Update Q2 2020" report has been added to ResearchAndMarkets.com's offering.
Historically, the gift card market in Philippines has recorded a steady growth with a CAGR of 19.2% during 2015-2019. However, According to the Q2 2020 Global Gift Card Survey, gift card market in Philippines is expected to be impacted across retail and corporate segments due to disruption caused by Covid-19 outbreak.
This report details the impact of economic slowdown along with change in business and consumer sentiment due to disruption caused by Covid-19 outbreak on gift card industry in Philippines.
Though growth of gift card industry will be impacted due to pandemic, there are certain segments such as self-use which will gain significant market share. Adoption of e-Gift cards is also expected to increase significantly over the next 4-6 quarters. There are interesting trends emerging across various segments, which are expected to fundamentally reshape gift card industry dynamics.
Despite near-term challenges, medium to long term growth story of gift cards in Philippines remains strong. The gift card industry in Philippines will continue to grow over the forecast period and is expected to record a CAGR of 13.9% during 2020-2024. The gift card market in the country will increase from US$ 467.1 million in 2019 to reach US$ 764.2 million by 2024.
Adoption of gift cards by businesses in the Philippines is one of the reasons that will continue to drive growth momentum for the gift card industry. Organizations are increasingly making use of gift cards to offer their employees and business partners with rewards and sales incentive cards. Gifmo is one such gift card provider in the country, which helps businesses to launch their digital loyalty and gift card programs in the Philippines.
Qwikcilver, end-to-end service provider in the pre-paid, gift card space in India, has announced its plans to expand its market in Philippines. During its Gift Card Conclave of South East Asia in September 2019, the company hailed increase in internet and mobile based commerce to be the principal factor in adoption of its gift platform. Sodexo , a food services and facilities management company, offers customizable gift certificates that can be used within its merchant network and several partner establishments across Philippines such as Abenson, Inasal, Watsons and Yellow Cab Pizza Co.
Bangko Sentral ng Pilipinas (BSP) announced its vision wherein it aims to cash-lite the Philippines by 2023. After the country launched its digital transformation program, BSP has introduced eGov Pay and QR PH as its digital payment solutions. Even though, Philippines will have to wait for its dependency on cash to lower, the efforts by government and banks are expected to encourage cashless transactions. Such efforts will lead the way for more Filipinos to use gift cards as cashless modes.
Another emerging trend that will boost the growth of the gift card market in the Philippines, is the increasing number of freelancers in the country that are accepting payments from international clients through digital gift cards. As the gig economy continues to thrive in the Philippines, acceptance of payment through a gift card will be one of the key factors driving the growth of the gift card industry.
This report provides a detailed data centric analysis of gift cards and corporate incentive cards market along with consumer behaviour and retail spend dynamics in Philippines. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics.
Scope
Total Spend on Gifts in Philippines
- 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 Philippines
- 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 Philippines
- Retail Consumer
- Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size in Philippines
- 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 Philippines
- 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 Philippines
- 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 Philippines
- By Functional Attribute
- By Occasion
- Employee Incentive
- Sales Incentive
- Consumer Incentive
- By Scale of Business
- Budget Allocation Trend for 2020
Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in Philippines
- 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 Philippines
- 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 Philippines
- 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. Key Retailers Covered Include:
- SM Retail Inc
- Mercury Drug Corp
- Puregold Price Club Inc
- Rustan Group of Cos
- Seven & I Holdings Co Ltd
- Hutchison Whampoa Ltd
- Metro AG
- Gaisano Grand Group of Cos
- Gaisano Capital Group
- Abenson Inc
- San Miguel Corp
- Rose Pharmacy Inc
- Goldilocks Bake Shop Inc
- Prince Warehouse Club Inc
For more information about this report visit https://www.researchandmarkets.com/r/3y7ugl
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