Belgium Gift Card & Incentive Card Market Size (2024 - 2029)

The Belgian gift card market is experiencing a transformation, with a notable shift towards digital cards due to changes brought about by the COVID-19 pandemic. The closure of physical stores impacted the sales of traditional gift cards, prompting a faster adoption of e-cards. Despite challenges, such as reduced e-commerce turnover during the pandemic, the market's potential for growth remains robust. Businesses are increasingly leveraging gift cards as a strategic tool for revenue generation and customer engagement, particularly in sectors like hospitality. The market's expansion is expected to continue, with a significant growth trajectory anticipated over the coming years.

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Market Size of Belgium Gift Card & Incentive Card Industry

market cagr
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 9.00 %
Market Concentration Medium

Major Players

Belgium Gift Card & Incentive Card Market Major Players

*Disclaimer: Major Players sorted in no particular order

Belgium Gift Card & Incentive Card Market Analysis

Gift cards, also known as gift certificates, vouchers, or tokens, are often provided by a store or bank. Furthermore, gift cards are a development strategy for marketing enterprises, attracting new clients, increasing brand recognition, reducing fraud, and improving company sales. Furthermore, a gift card can be used as an alternate source of funds at a specific store or company store for purchases of products or services.

The COVID-19 outbreak has altered the Belgian gift card business. The gap between physical gift card penetration and virtual gift card sales is closing. As a result, innovation is increasingly focusing on digital cards, often called e-cards. Store closures in Belgium hindered physical gift card sales during the COVID-19 epidemic. This affects the industry's growth, as physical gift cards account for a sizable portion of the market.

On the other hand, as economic pressure mounts, several company sectors are getting more inventive in their approaches to growing their operations. This will almost certainly include using gift cards as a promotional tool. Gift cards are highly valued by businesses such as restaurants and cafeterias as a lucrative source of instant revenue flow. During the COVID-19 epidemic, the significance of gift cards has fundamentally changed for such industries in Belgium.

In 2020, the entire turnover of the Belgian e-commerce market will have decreased dramatically. Because of the worldwide epidemic, people ordered fewer services but more merchandise online. While people spent more online than before the epidemic, the average order quantity fell.

Despite near-term headwinds in 2022, Belgium's medium to long-term growth narrative for gift cards remains solid. The Belgian gift card business is predicted to develop slowly in H1 2022 and rapidly in H2 2022. The growth pace will likely continue during the projection period, with a considerable CAGR between 2022 and 2027.

Belgium Gift Card & Incentive Card Industry Segmentation

The Belgium Gift Card and Incentive Card Market is segmented based on the card type (Closed-loop card, open-loop card), by Consumer type (Retail Consumer, Corporate Consumer), by spend category (E-commerce & departmental stores, restaurants & bars, supermarkets, hypermarket and convenience store, entertainment & gaming, specialty store, Health & wellness, travel, others) and by distribution channel (online, offline)

By Card Type
Closed-loop Card
Open-loop Card
By Consumer Type
Retail Consumer
Corporate Consumer
By Spend Category
E-commerce & Department Stores
Resturants & Bars
Supermarket, Hypermarket and Convenience Store
Enteratinment & Gaming
Specialty Stores
Health & Wellness
Travel
Others
By Distribution channel
Online
Offline
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Belgium Gift Card & Incentive Card Market Size Summary

The Belgian gift card and incentive card market is experiencing a transformative phase, driven by the shift from physical to digital solutions, particularly in the wake of the COVID-19 pandemic. The pandemic prompted a significant change in consumer behavior, with a notable increase in the adoption of digital gift cards, or e-cards, as physical store closures limited traditional sales. This shift has encouraged businesses, especially in sectors like hospitality, to leverage gift cards as a strategic tool for revenue generation and customer engagement. Despite initial challenges, the market is poised for steady growth, supported by the increasing integration of smartphones and digital payment solutions, which offer consumers greater convenience and flexibility in using gift cards.

The market landscape in Belgium is characterized by a fragmented structure with numerous players vying for market share. Companies are focusing on innovative promotional strategies and value-added services to enhance their competitive edge. Corporate gift card services are gaining traction, with providers like Monizze offering tailored solutions to businesses. The entry of new players and collaborations, such as those between Blackhawk Network and Carrefour Group, are further expanding the market's reach and efficiency. These developments indicate a robust growth trajectory for the gift card industry in Belgium, with both personal and business segments expected to benefit from increased brand penetration and strategic partnerships.

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Belgium Gift Card & Incentive Card Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Insights on Key Forces Shaping the Market

    5. 1.5 Insights on Rise in Demand for Advanced Payment Solutions in Belgium

    6. 1.6 Insights on Consumer Trends and Preferences in Gift Card Market

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Threat of New Entrants

      2. 1.7.2 Bargaining Power of Buyers/Consumers

      3. 1.7.3 Bargaining Power of Suppliers

      4. 1.7.4 Threat of Substitute Products

      5. 1.7.5 Intensity of Competitive Rivalry

    8. 1.8 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Card Type

      1. 2.1.1 Closed-loop Card

      2. 2.1.2 Open-loop Card

    2. 2.2 By Consumer Type

      1. 2.2.1 Retail Consumer

      2. 2.2.2 Corporate Consumer

    3. 2.3 By Spend Category

      1. 2.3.1 E-commerce & Department Stores

      2. 2.3.2 Resturants & Bars

      3. 2.3.3 Supermarket, Hypermarket and Convenience Store

      4. 2.3.4 Enteratinment & Gaming

      5. 2.3.5 Specialty Stores

      6. 2.3.6 Health & Wellness

      7. 2.3.7 Travel

      8. 2.3.8 Others

    4. 2.4 By Distribution channel

      1. 2.4.1 Online

      2. 2.4.2 Offline

Belgium Gift Card & Incentive Card Market Size FAQs

The Belgium Gift Card & Incentive Card Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)

Etn Franz Colruyt NV, Amazon, Delhaize Group Sa, Aldi Group and Inter Ikea Systems BV are the major companies operating in the Belgium Gift Card & Incentive Card Market.

Belgium Gift Card & Incentive Card Report Snapshots

Belgium Gift Card & Incentive Card Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)