India Gift Card market to witness a strong demand in 2021 & beyond-Market Report
In the last few years, Indian gift card market has recorded a strong growth across retail and corporate consumer segments. There is participation across various retail sectors and increased adoption has attracted OTT and content platforms, travel companies and mobile payment providers, according to market reports.
The gift card industry in India is projected to grow at a CAGR of 22.1% to reach US$ 5533.7 million in 2021, according to a market research report. The medium to long term growth story of gift cards in India remains strong. The gift card industry in India is expected to grow steadily in H1 2021 and record a strong growth in H2 2021. The gift card market will continue to grow in 2021 and beyond during the forecast period, at a CAGR of 18.4% during 2021-2025 and is expected to reach US$ 10869.3 million by 2025.
In addition, Gift cards have become popular within the corporate and big organisations to mark important events like festivals, birthdays as well as engage with partners and employees.