Business Research & Analysis
UK gift cards’ transaction value is estimated to be worth USD 8,589.4 million in 2015, and is expected to reach USD 13,127 million by 2020, recording a CAGR 8.6% during the forecast period. Gift cards are increasingly becoming popular as an alternative to giving presents to work colleagues, friends, and family. It has also been observed that in many cases gift cards are replacing cash gifts during the festive season.
In 2013, more than 100 million gift cards were given as presents for Christmas and in the last quarter of the year most of the companies operating in this sector witnessed a double-digit growth. United Kingdom Prepaid Gift Cards are receiving an impetus from a large number of choices at consumers’ disposal and easy availability through leading retail chains, supermarkets, post offices, and online. Many gift card companies also offer personalization services where messages and images of consumers’ choice can be printed on the gift cards. Most popular gift cards during Christmas are closed loop, branded store gift cards, which account for more than 80% of the total gift cards sold in the UK. However, Global Gift Cards Market Size which posted the highest growth rate are open loop cards that can be used in multiple outlets - across high street retailers as well as online retailers such as Amazon. Open loop gift cards are gaining preference because they provide recipients with many choices to purchase from, ranging from fashion, electrical items, household items, toys and more. Read more
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