Australia Gift Card & Incentive Card Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 8.00 % |
| Largest Market | Latin America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Australia Gift Card & Incentive Card Market Analysis
Australia Gift Card and Incentive Card Market is poised to grow at a CAGR of greater than 8% during the forecast period. Gift card adoption in Australia has increased significantly in recent years, encompassing retail and corporate industries. Because of the pandemic, consumers have switched to online buying, which has benefited the gift card sector and pushed the expansion of digital gift cards. Corporate gifting has grown in popularity as companies use gift cards to reward and appreciate employees.
COVID-19 pandemic affected all sectors in Australia. To compensate for these losses, the NSW Government offered adults USD 100 vouchers to spend on entertainment and dining during covid in Sydney and other places under the Out & About scheme. The project cost the government USD 500 million this initiative was part of the government's effort to encourage people to buy and spend money.
Businesses have begun to recognize the value of prepaid gift cards. Gift cards can be utilized not only as a gifting option but also as a significant instrument to encourage clients to spend money at their establishment. Gift cards can also be used for refunds, returns, and credit notes, and they are an excellent promotional tool.
Karta is a disruptor, a gift card platform that aims to simplify the gift card experience by making it more accessible for merchants and consumers. It aims to remodel the gift card market to provide access to more merchants for whom it is uneconomic today and change the economic model, so revenue is not dependent on "breakage."
Australia Gift Card & Incentive Card Market Trends
This section covers the major market trends shaping the Australia Gift Card & Incentive Card Market according to our research experts:
Rising Digital Wallet Adoption in Australia is Driving the Market
Australians are increasingly abandoning traditional banking and payment methods in favor of digital alternatives, working from home will always be more prevalent in the workforce, and they have shifted away from using cash, increasing card and technology payments and the existing trend of doing banking online rather than in a branch continuous.
Overall, one by third of Australians with a smartphone now use digital wallets like Apple Pay, Google Pay, and Samsung Pay to make payments, a rate that has more than doubled since the previous year. This increase has likely been helped in recent years by the rising number of Australian banks that provide digital wallet integration, with nearly ninety percent of the transaction accounts being tracked in the Mozo database now offering at least one digital wallet option.
Increasing Partnerships Between Banks and Gift Card Providers Boost the Market
With the rise in customer demand for efficient and innovative gift card solutions in Australia, banking players are trying to enter the space through strategic investment and partnerships. Recently Heritage bank partnered with Blackhawk Network to support its extensive gift card portfolio in Australia, while the Commonwealth Bank partnered with Industry disruptor Karta to issue simplified gift cards. Apple pay is collaborated with major banks in Australia to offer services.
These partnerships can reimagine the shopping experiences for Australians, simplifying the purchase, delivery, and use of gift cards and enabling more businesses to participate in this market will enable customers to better support businesses.
Australia Gift Card & Incentive Card Industry Overview
The report covers major players operating in Australia's Gift Card and Incentive Card Market. In terms of market share, few major players currently dominate the market. However, with technological advancement and service innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players, including Wesfarmers, Woolworths, Metcash, ALDI Group, Gift pay, etc.
Australia Gift Card & Incentive Card Market Leaders
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Wesfarmers
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Woolworths
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Metcash
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ALDI Group
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Harvey norman holdings
*Disclaimer: Major Players sorted in no particular order
Australia Gift Card & Incentive Card Market News
- December 2022: Wesfarmers OneDigital and The Walt Disney Company announced an exclusive new subscription bundle combining Disney+ and OnePass for $14.99 a month.OnePass provides benefits across Wesfarmers retail brands, including free delivery on eligible purchases from Kmart, Target, Catch, and Bunnings Warehouse, as well as exclusive deals and in-store savings.
- June 2022: Metcash Limited has announced that it has signed a long-term lease agreement with the Goodman Group for the construction and leasing of a new 'best in class' wholesale Distribution Centre (DC) at Truganina, Victoria
Australia Gift Card & Incentive Card Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Industry Attractiveness - Porters' Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitutes
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Insights on Various Regulatory Landscape
- 4.6 Insights on impact of Technology and Innovation in the Market
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Consumer
- 5.1.1 Individual
- 5.1.2 Corporate
- 5.1.2.1 Small scale
- 5.1.2.2 Mid-tier
- 5.1.2.3 Large enterprise
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5.2 By Distribution Channel
- 5.2.1 Online
- 5.2.2 Offline
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5.3 By Product
- 5.3.1 E-gift card
- 5.3.2 Physical card
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concetration Overview
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6.2 Company Profiles
- 6.2.1 Wesfarmers
- 6.2.2 Woolworths
- 6.2.3 Metcash
- 6.2.4 ALDI Group
- 6.2.5 Harvey norman holdings
- 6.2.6 Jb Hi-Fi
- 6.2.7 Apple
- 6.2.8 Gift pay
- 6.2.9 The good guys
- 6.2.10 Coles
- 6.2.11 Australia post
- 6.2.12 Blackhawk network
- 6.2.13 ichoose
- 6.2.14 Karta*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Australia Gift Card & Incentive Card Industry Segmentation
A gift card is a prepaid debit card loaded with funds for future use, which can be used to make purchases and other financial transactions. A complete background analysis of the market, which includes a market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles are covered in the report. Australia Gift Card and Incentive Card Market is segmented by Consumer (Individual and Corporate (Small scale, Mid-tier, and Large enterprise)), by distribution channel (Online and offline), and by product (e-gift card and physical card). The report offers market size and forecasts for Australia Gift Card and Incentive Card Market in value (USD Million) for all the above segments.
| By Consumer | Individual | |
| Corporate | Small scale | |
| Mid-tier | ||
| Large enterprise | ||
| By Distribution Channel | Online | |
| Offline | ||
| By Product | E-gift card | |
| Physical card |
Australia Gift Card & Incentive Card Market Research FAQs
What is the current Australia Gift Card and Incentive Card Market size?
The Australia Gift Card and Incentive Card Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Australia Gift Card and Incentive Card Market?
Wesfarmers, Woolworths, Metcash, ALDI Group and Harvey norman holdings are the major companies operating in the Australia Gift Card and Incentive Card Market.
Which region has the biggest share in Australia Gift Card and Incentive Card Market?
In 2024, the Latin America accounts for the largest market share in Australia Gift Card and Incentive Card Market.
What years does this Australia Gift Card and Incentive Card Market cover?
The report covers the Australia Gift Card and Incentive Card Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Australia Gift Card and Incentive Card Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Australia Gift Card & Incentive Card Industry Report
Statistics for the 2024 Australia Gift Card & Incentive Card market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Australia Gift Card & Incentive Card analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
