Market Size of Singapore Gift Card and Incentive Card Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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 and Incentive Card Market Size Summary
The Singapore gift card and incentive card market has shown resilience and growth potential despite the challenges posed by the COVID-19 pandemic. The pandemic initially led to a decline in celebrations and gifting, but it also accelerated the growth of e-commerce, which positively impacted the gift card market. The industry has experienced robust growth across both retail and corporate consumer segments, driven by increased participation from various sectors such as travel, OTT platforms, and mobile payment providers. Strategies employed by gift card providers, including expanding merchant networks and market presence, have further fueled this growth. The demand for corporate gift cards, particularly virtual ones, has surged as businesses seek to enhance employee engagement programs, with significant increases in sales reported by companies like Deliveroo for Work.
The e-commerce sector in Singapore, one of the largest in Southeast Asia, has been a significant driver of gift card adoption, with a growing number of online shoppers contributing to this trend. The market is moderately consolidated, with major players like NTUC FairPrice Co-operative Pte Ltd and Dairy Farm International Holdings Ltd dominating. However, technological advancements and product innovations are enabling mid-size and smaller companies to expand their market presence. The corporate gift card segment is expected to continue its growth trajectory, supported by the ongoing demand for virtual gift cards. Recent developments, such as Hallmark's launch of Gold Crown gift cards and Giftano's expansion of its online gifting offerings, highlight the dynamic nature of the market and its potential for further expansion.
Singapore Gift Card and Incentive Card Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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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 Insights into Technological Advancements in the Industry
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1.5 Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitutes
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1.5.5 Intensity of Competitive Rivalry
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1.6 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Product
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2.1.1 E-Gift Card
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2.1.2 Physical Card
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2.2 By Consumer
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2.2.1 Individual
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2.2.2 Corporate
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2.3 By Distribution Channel
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2.3.1 Online
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2.3.2 Offline
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Singapore Gift Card and Incentive Card Market Size 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.
