DUBLIN--(BUSINESS WIRE)--The "Ireland Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast (2015-2024) - Covid-19 Update Q2 2020" report has been added to ResearchAndMarkets.com's offering.
This report details the impact of economic slowdown along with change in business and consumer sentiment due to disruption caused by Covid-19 outbreak on gift card industry in Ireland.
Historically, the gift card market in Ireland has recorded a steady growth with a CAGR of 13.3% during 2015-2019. However, According to the Q2 2020 Global Gift Card Survey, gift card market in Ireland is expected to be impacted across retail and corporate segments due to disruption caused by Covid-19 outbreak.
Though growth of gift card industry will be impacted due to pandemic, there are certain segments such as self-use which will gain significant market share. Adoption of e-Gift cards is also expected to increase significantly over the next 4-6 quarters. There are interesting trends emerging across various segments, which are expected to fundamentally reshape gift card industry dynamics.
Despite near-term challenges, medium to long term growth story of gift cards in Ireland remains strong. The gift card industry in Ireland will continue to grow over the forecast period and is expected to record a CAGR of 8.6% during 2020-2024. The gift card market in the country will increase from US$ 604.0 million in 2019 to reach US$ 840.7 million by 2024.
Growth of the gift card market can be attributed to the surge in the e-commerce market, government regulations and an increase in the usage for corporate bonuses to employees.
One4All and FromMe2You, are the key players driving the growth of the gift card industry in the country. One4All has been one of the biggest contributors to the gift card industry in Ireland. At present, the company works with 3500 companies, of all sizes and offers gift cards under the Staff Incentives, Bikes4Work, Christmas club, and Trade Promotion Programme. In November 2019, One4All launched a virtual multi-store gift card, One4all Digital Gift Card, which is acceptable in more than 8,500 shops and outlets across Ireland. The digital gift card can be used through Apple Pay and One4All mobile app on the Android platform. FromMe2You enabled its consumers to order the gift cards easily by partnering with Felxi-Fi.
The corporate houses in Ireland are increasingly utilizing the Benefit in Kind allowance (BIK ) available for them and using gift cards to offer bonuses to their employees, to save thousands. Under the Small Benefit Exemption Scheme/BIK corporates can pay non-cash bonuses to their staff up to EUR 500, completely free of Income Tax, PRSI or USC. This helps businesses save hundreds and thousands of euros as they don't have to bear the tax portion of the bonus. Using gift cards annually and on an ongoing basis, helps save the businesses an amount up to approximately EUR 650 per employee.
The Irish government introduced the Consumer Protection (Gift Vouchers) Act 2019 in November 2019, which aims to regulate gift cards and vouchers. According to the new Act, gift cards will remain valid for five years. In addition to increasing the validity of the cards, the Act forbids any limit on the number of gift vouchers/cards that can be used by a consumer in one transaction. This move will further increase the sales of gift cards, as consumers will get more time to redeem their gift cards and utilize the card amount effectively. The Act also enables the consumers to receive change or a credit note of the difference value when they buy something of a lesser amount than the gift card/voucher. All of these factors along with the emerging trend of buying altcoins with gift cards will continue to support the growth of the gift card market in Ireland.
This report provides a detailed data centric analysis of gift cards and corporate incentive cards market along with consumer behaviour and retail spend dynamics in Ireland. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics.
The report includes raw data along with structured dashboards, charts, and tables in an interactive Excel format.
Companies Mentioned
- Musgrave Group Plc
- Dunnes Stores Ltd
- Tesco Plc
- Coca-Cola Co, The
- Schwarz Beteiligungs GmbH
- Associated British Foods Plc
- BWG Ltd
- Walgreens Boots Alliance Inc
- Marks & Spencer Plc
- Grafton Group Plc
- Home Retail Group
- Halfords Group Plc
- Topaz Energy Ltd
- Costcutter Supermarkets Group
For more information about this report visit https://www.researchandmarkets.com/r/82t5er
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
