Gift card market in 2022 was driven a wide range of factors, which supported growth across retail and corporate segments. The primary factors included growth of ecommerce, increased adoption to incentivize employees working remotely, digital gifting, and initiatives undertaken by government, hospitality, and travel industries to revive growth.
In value terms, the gift card market in Saudi Arabia has recorded a CAGR of 10.7% during 2018–2022. According to PayNXT360, gift card industry in the country is expected to grow by 11.1% on annual basis to reach US$ 1549.6 million in 2023.
The gift card industry in Saudi Arabia will continue to grow over the forecast period and is expected to record a CAGR of 9.7% during 2023-2027. Gift card market in the country will increase from US$ 1394.9 million in 2022 to reach US$ 2243.2 million by 2027.
This report provides a detailed data centric analysis of gift card market, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at country level, this report provides a comprehensive understanding of gift card market dynamics, market size and forecast.