DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The gift card market in Saudi Arabia is poised for significant expansion with a forecasted growth rate of 9.6% in 2024, reaching a market value of US$1.7 billion. Projected to continue growing at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2028, this market is expected to achieve a value of US$2.2 billion by the end of the forecast period. This strong growth trajectory is underpinned by the advancements in digital payments infrastructure and the burgeoning e-commerce sector within the Kingdom.
Retail and Corporate Sector Collaboration
Strategic partnerships between retailers and gift card providers have been instrumental in bolstering market growth. These collaborations have paved the way for the launch of innovative gift card programs, thereby enhancing consumer accessibility and convenience. The entry of digital gift card offerings from new players is anticipated to stimulate market competition further and solidify the Kingdom's gift card market's medium-term growth outlook.
Emergence of Online Gifting Platforms
A rising trend in the market is the foray of online gifting platforms into the gift card sector. These platforms are diversifying their offerings and revenue streams, in response to the growing consumer demand for digital gift card options. As these gifting platforms expand their services to include gift cards, the market is expected to witness heightened innovation and competitiveness, thus supporting the industry's growth over the coming years.
Market Drivers
The gift card market has seen a diverse range of growth factors, especially in 2023. These include the expansion of e-commerce, the rise in remote employee incentivization, digital gifting, and various initiatives by the government as well as the hospitality and travel industries. Such factors have facilitated growth across both retail and corporate segments.
Comprehensive Market Insights
The report offers detailed market insights covering opportunities and risks across several retail categories. With a data-centric approach incorporating over 75 key performance indicators at the country level, the report delivers an in-depth understanding of market dynamics, size, and forecast.
The gift card market in Saudi Arabia presents a compelling opportunity for stakeholders in the retail and corporate segments. Supported by consumer behavior, demographics, and strategic alignments between retailers and gift card services, the market is set to witness robust growth in the medium to long term.
Companies Featured
- Jarir
- Panda
- HyperPanda
- Al Nahdi
- Danube
- Abdullah AlOthaim Supermarket
- Al-Dawaa pharmacies
- Max
- Amazon
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