Dublin, May 27, 2021 (GLOBE NEWSWIRE) -- The "Singapore Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Spend Analysis by Digital / e-Gift Card, Retail and Corporate Consumers, Top Retailers, Distribution Channel, Occasions, and Demographics - Jan 2021 Update" report has been added to ResearchAndMarkets.com's offering.
Gift card industry in Singapore is expected to grow by 12.2% on annual basis to reach US$ 1053.8 million in 2021. Despite near-term challenges in 2021, medium to long term growth story of gift cards in Singapore remains strong. The gift card industry in Singapore is expected to grow steadily in H1 2021 and record a strong growth in H2 2021. 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 market in the country will increase from US$ 938.9 million in 2020 to reach US$ 1562.6 million by 2025.
The gift card market in Singapore grew despite impact on socio-economic environment by the COVID-19 outbreak. 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. Supported by broader industry trends, and shift in consumer behavior, overall gifting and gift card industry has witnessed fundamental changes. Consequently, sale of digital gift card has witnessed sharp increase.
According to the publisher's Global Gift Card Survey Q4 2020, around 68% of surveyed individuals revealed that they purchased more gift cards for festive season 2020, as compared to 2019, indicating rising interest. Fine dining, diversified retail, and wellness experiences were the most popular gift card categories. 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.
Singapore's e-commerce industry is one of the fastest growing in the South East Asia and is expected to US$10 billion (S$10 billion) in 2020 as there has been an increase in online purchases due to COVID-19. Change in consumer buying behavior is expected to support e-commerce growth going forward.
Also, in April 2020, Singapore's government and its Enterprise Singapore (ESG) launched e-commerce booster package which will provide 90% of the total cost of setting up online presence for SME retailers. E-commerce growth in the medium to long term is expected to support e-gift card growth in the country, as retailers use it as a marketing and customer acquisition mechanism.
Scope
Total Spend on Gifts in Singapore
- 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 Singapore
- 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 Singapore
- Retail Consumer
- Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size in Singapore
- 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 Singapore
- 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 Singapore
- 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 Singapore
- By Functional Attribute
- By Occasion
- Employee Incentive
- Sales Incentive
- Consumer Incentive
- By Scale of Business
- Budget Allocation Trend for 2021
Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in Singapore
- 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 Singapore
- 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 Singapore
- 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:
- NTUC FairPrice Co-operative Pte Ltd
- Dairy Farm International Holdings Ltd
- Shen Siong Supermarket Pte Ltd
- Takashimaya Co Ltd
- Mustafa Holdings Pte Ltd
- Courts Asia Ltd
- Al Futtaim Group LLC
- Yamada Denki Co Ltd
For more information about this report visit https://www.researchandmarkets.com/r/8ithh2