Market Size of Australia Gift Card and Incentive Card Industry
| 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 |
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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 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.
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| E-gift card | |
| Physical card |
Australia Gift Card and Incentive Card Market Size Summary
The Australia Gift Card and Incentive Card Market is experiencing significant growth, driven by increased adoption across retail and corporate sectors. The shift towards online purchasing, accelerated by the pandemic, has bolstered the popularity of digital gift cards. Corporate gifting has also gained traction as businesses leverage gift cards to reward employees. Government initiatives, such as the NSW Government's Out & About scheme, have further stimulated the market by encouraging consumer spending through vouchers. The recognition of prepaid gift cards as a valuable tool for businesses is on the rise, with their use extending beyond gifting to include refunds, returns, and promotional activities. The market is also witnessing a shift towards digital payment solutions, with Australians increasingly favoring digital wallets and online banking over traditional methods.
The market landscape is characterized by strategic partnerships and technological advancements, with major players like Wesfarmers, Woolworths, Metcash, and ALDI Group dominating the scene. These companies are expanding their market presence through innovative service offerings and collaborations, such as Heritage Bank's partnership with Blackhawk Network and Commonwealth Bank's collaboration with Karta. These alliances aim to enhance the gift card experience by simplifying purchase, delivery, and usage, thereby enabling broader business participation. The involvement of banking institutions and technology providers is reshaping the market, making gift card solutions more accessible and efficient for consumers and businesses alike.
Australia Gift Card and Incentive Card Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Attractiveness - Porters' Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitutes
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1.4.5 Intensity of Competitive Rivalry
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1.5 Insights on Various Regulatory Landscape
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1.6 Insights on impact of Technology and Innovation in the Market
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Consumer
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2.1.1 Individual
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2.1.2 Corporate
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2.1.2.1 Small scale
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2.1.2.2 Mid-tier
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2.1.2.3 Large enterprise
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2.2 By Distribution Channel
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2.2.1 Online
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2.2.2 Offline
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2.3 By Product
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2.3.1 E-gift card
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2.3.2 Physical card
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Australia Gift Card and Incentive Card Market Size 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.
