Singapore Gift Card & Incentive Card Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Gift Card & Incentive Card Market Analysis
The country has faced a strict lockdown since 2020 due to a coronavirus outbreak. The socio-economic environment was negatively impacted due to COVID-19, which has led to fewer celebrations and gifting. However, the pandemic had a positive impact on e-commerce, a trend that is expected to remain the same over the coming quarters. This has also positively impacted the gift card market.
According to the Q4 2021 Global Gift Card Survey, the gift card industry in the country is expected to grow by 11.7% annually to reach USD 1183.5 million in 2022. Despite near-term challenges in 2022, the 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 2022 and record strong growth in H2 2022. The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 9.5% during 2022-2026. The gift card market in the country will increase from USD 1059.9 million in 2021 to USD 1700.1 million by 2026.
The Singapore gift card market has recorded strong growth across retail and corporate consumer segments in recent years. Participation across various retail sectors and increased adoption have attracted travel companies, OTT and content platforms, and mobile payment providers.
The factor driving the Singapore gift and incentive card market is adopting strategies that gift card providers are pursuing to increase their market share, having an extensive merchant network, and market expansion. For instance, Giftano and Mooments offer gift cards for well-known brands such as Lazada, Grab, and Zalora.
Singapore Gift Card & Incentive Card Market Trends
This section covers the major market trends shaping the Singapore Gift Card & Incentive Card Market according to our research experts:
Increase in Corporate Incentives Boosting Sales of Virtual Gift Cards in Singapore
In times of the global pandemic, businesses across industry verticals in Singapore are looking for ways to improve employee engagement programs. This has led to increased spending on corporate incentives such as gift cards and meal coupons over the last four to eight quarters. The trend also supported the virtual gift cards market's growth in Singapore.
For instance, according to Q3 2021 data from Deliveroo for Work (DfW), the corporate arm of Deliveroo, DfW has experienced an increase of 400% month-on-month in the sales of virtual gift cards, which allows firms to provide one-time-off incentives. According to the company, businesses from the tech and fintech sectors have purchased the most virtual gift cards for their employees in Singapore in Q3 2021. DfW has experienced an increase of 135% for individual meal allowances compared to Q3 2020.
The announcement and extension of the Stabilization Phase in Singapore have further set the tone for the growth of the corporate gift card segment. Consequently, virtual gift cards are projected to stay in demand for corporate firms in the next three to four quarters.
Projected Growth in E-Commerce is Expected to Drive the Adoption of Gift Cards in Singapore
Despite being a small island nation, the e-commerce market in Singapore is one of the largest in Southeast Asia. The e-commerce sector's growth has accelerated ever since the start of the global pandemic.
Notably, e-commerce sales are projected to hit US$8.2 billion in 2021. This growth in the Singaporean e-commerce industry, along with the rising number of online shoppers, is driving the adoption of gift cards in the country.
Singapore Gift Card & Incentive Card Industry Overview
In terms of market share, the Saudi Arabia gas hobs market is moderately consolidated in nature. Some of the major international players operating currently dominate the market. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. Some of the major players in the market include NTUC FairPrice Co-operative Pte Ltd, Dairy Farm International Holdings Ltd, Shen Siong Supermarket Pte Ltd, and Takashimaya Co Ltd.
Singapore Gift Card & Incentive Card Market Leaders
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NTUC FairPrice Co-operative Pte Ltd
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Dairy Farm International Holdings Ltd
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Shen Siong Supermarket Pte Ltd
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Takashimaya Co Ltd
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Mustafa Holdings Pte Ltd
*Disclaimer: Major Players sorted in no particular order
Singapore Gift Card & Incentive Card Market News
- In March 2022, Hallmark launched Hallmark Gold Crown gift cards available at participating Hallmark stores and on Hallmark.com.
- In December 2020, Giftano, the leading online gifting marketplace in Singapore, launched a new 360 online gifting e-shop expanding its offering to include the new Giftano Gifts, an array of great physical gifts.
Singapore 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 INSIGHTS AND DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Insights into Technological Advancements in the Industry
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4.5 Porter's Five Forces Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitutes
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Product
- 5.1.1 E-Gift Card
- 5.1.2 Physical Card
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5.2 By Consumer
- 5.2.1 Individual
- 5.2.2 Corporate
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5.3 By Distribution Channel
- 5.3.1 Online
- 5.3.2 Offline
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 NTUC FairPrice Co-operative Pte Ltd
- 6.2.2 Dairy Farm International Holdings Ltd
- 6.2.3 Shen Siong Supermarket Pte Ltd
- 6.2.4 Takashimaya Co Ltd
- 6.2.5 Mustafa Holdings Pte Ltd
- 6.2.6 Courts Asia Ltd
- 6.2.7 Al Futtaim Group LLC
- 6.2.8 Yamada Denki Co Ltd*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Singapore Gift Card & Incentive Card Industry Segmentation
The study focuses on the industry participants and the players' partnerships, mergers, acquisitions, and collaborations taking place across the Gift Card and Incentive Card market. The study also sheds light on the technological developments around the Gift Card and Incentive Card Market. The study further sheds light on the regional dimensions across the Gift Card and Incentive Card Market landscape. The consistent changes across the Gift Card and Incentive Card Market in Singapore and the repercussions of the changes have been specifically included in the report. The Singapore Gift Card and Incentive Card Market are Segmented By Product (E-Gift Card, Physical Card), By Consumer (Individual, Corporate), By Distribution Channel (Online, Offline).
| By Product | E-Gift Card |
| Physical Card | |
| By Consumer | Individual |
| Corporate | |
| By Distribution Channel | Online |
| Offline |
Singapore Gift Card & Incentive Card Market Research FAQs
What is the current Singapore Gift Card and Incentive Card Market size?
The Singapore Gift Card and Incentive Card Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Singapore Gift Card and Incentive Card Market?
NTUC FairPrice Co-operative Pte Ltd, Dairy Farm International Holdings Ltd, Shen Siong Supermarket Pte Ltd, Takashimaya Co Ltd and Mustafa Holdings Pte Ltd are the major companies operating in the Singapore Gift Card and Incentive Card Market.
What years does this Singapore Gift Card and Incentive Card Market cover?
The report covers the Singapore Gift Card and Incentive Card Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Gift Card and Incentive Card Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Singapore Gift Card & Incentive Card Industry Report
Statistics for the 2024 Singapore Gift Card & Incentive Card market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Gift Card & Incentive Card analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
