Key Market Trends for Gift Cards to 2023

The gift cards market is growing in value as it acts as a popular gift for various occasions. Acting as a proof of payment, a gift card allows the recipient to spend a specific amount to make purchases by a specified expiration date. Currently, the gift card market is worth more than $2.1 trillion, and based on growth rate forecasts, the market will be worth more than $3 trillion by 2024. Behind these data, let’s take a look at the main trends of gift cards in 2023.

Consumers are more inclined to buy gift cards through display stands: Gift cards are one of the most popular options for holiday and birthday gifts. Consumers are more likely to buy gift cards from display stands than other purchase channels.

Gift cards growing in popularity: Shoppers turned to online wallets instead of shopping in person due to concerns over COVID-19 in the previous three years. The growth of the e-commerce industry has seen a dramatic increase in gift card purchases. In September 2023 alone, gift card purchases are up 163% compared to the same period in 2022.

More and more people are buying gift cards from banks: Banks are a popular place to buy gift cards. In 2023, 36% of consumers have purchased a gift card from a bank, up from 19% in 2022. This trend is expected to continue.

Social Media Sites Become a Popular Channel for Buying Gift Cards: In 2023, 46% of gift card buyers made their purchase through social media sites, up from 17% in 2022. It is foreseeable that this trend will continue in 2024.

Gift cards remain the most popular gift: Gift cards were considered the most popular gift in 2023 and will continue to do so in 2024.

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