Dublin, Aug. 26, 2022 (GLOBE NEWSWIRE) -- The "Sweden Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.
Sweden's gift card industry is expected to grow by 7.6% on annual basis to reach US$1509.8 million in 2022.
Despite near-term challenges in 2022, medium to long term growth story of gift cards in Sweden remains strong. The gift card industry in Sweden is expected to grow steadily in H1 2022 and record a strong growth in H2 2022.
The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 6.4% during 2022-2026. The gift card market in the country will increase from US$1403.7 million in 2021 to reach US$1937.1 million by 2026.
The growing trend of online shopping expected to support the adoption of gift cards in Sweden
The e-commerce market has been on a constant rise over the last few years in Sweden. While the trend has been in the upward direction in general, the global pandemic has further accelerated online shopping in the country.
Apart from the boost in online shopping, the global pandemic has also led to the growing adoption of gift cards among consumers, who were forced to sit at their homes because of the movement restrictions imposed by the government in the wake of the global pandemic. Consequently, making gift cards the most viable gifting option over the last four to eight quarters in Sweden.
Moreover, the change in consumer shopping habits has also assisted the adoption of gift cards. With the consumer online shopping habits expected to remain persistent even in the post-pandemic era, the publisher expects that the growing trend of online shopping will further support the growth of the gift card market in Sweden over the next four to eight quarters.
Strategic partnerships are rising to offer digital gift card solutions to merchants in Sweden
The demand for innovative gift card solutions has increased significantly over the last few quarters globally, and Sweden is no different. Consequently, to offer consumers a frictionless user experience, gift card providers are entering into strategic partnerships with payment services providers.
- In April 2021, Gifted, one of the leading gift card providers in Sweden, entered into a strategic partnership with Nets, a leading payment service provider in Europe.
- Under the collaboration with Nets, Gifted will offer merchants an innovative digital solution in Sweden and other Nordic countries. Notably, the digital solution will enable merchants to issue single-use gift cards instantly, where the consumers will receive the gift card within seconds.
The publisher expects that the ability to issue gift cards instantaneously will further boost the adoption of gift cards among consumers in Sweden over the next four to eight quarters.
The ability to buy gift cards using cryptocurrencies is expected to boost gift card market growth in Sweden
The popularity of cryptocurrencies has grown among consumers in Sweden over the last four to eight quarters and is expected to rise further in the short term. This popularity has resulted in further growth for the gift card market in the country. Notably, consumers are converting their cryptocurrency into gift cards to make purchases at their favorite brands in Sweden.
- Bitrefill is one of the platforms in the country that allows consumers to convert Bitcoin and other altcoins into gift cards, which can then be used for completing both online as well as in-store purchases. the publisher expects the trend to continue from the short to medium-term perspective, which will subsequently assist the growth of the overall gift card market in Sweden.
Reasons to buy
- In-depth understanding of gift card and incentive card market dynamics: Understand market opportunity, key trends and drivers along with five-year forecast (2017-2026) for gift cards and incentive cards in Sweden.
- Develop market specific strategies: Identify growth segments and target specific opportunities across consumer segments and occasions to formulate your gift cards strategy; assess market specific key trends and risks.
- Get insights into consumer attitude and behaviour in Sweden: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through gift cards for both retail and corporate consumers.
- Get complete perspective through six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and value of transactions.
- Distribution channel insights: Understand gift cards sales dynamics by channels - online vs offline and by 1st party vs 3rd party sales.
Scope
Closed Loop Gift Card Market Share by Key Retailers. Key Retailers Covered Include:
- ICA Gruppen AB
- Axel Johnson Group
- Kooperative Forbundet (KF Group)
- Inter Ikea Systems BV
- Amazon
- H&M
- Elgiganten
- Systembolaget
Total Spend on Gifts in Sweden
- By Consumer Segment (Retail and Corporate)
- By Product Categories (13 Segments)
- By Retail Sectors (7 Segments)
Gift Card Market Size by KPIs across Consumer Segments in Sweden
- Gross Load Value
- Transaction Value
- Unused Value
- Average Value Per Transaction
- Transaction Volume
- Average Value of Card Purchased
- Number of Cards
Gift Card Market Size by Consumer Segment in Sweden
- Retail Consumer
- Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size in Sweden
- By Retail Consumer
- By Retail Purchase Occasion
- By Corporate Consumer
- By Corporate Purchase Occasion
- By Company Size
Gift Card Market Size by Retail Consumer in Sweden
- By Functional Attribute
- By Occasion1. Festivals & Special Celebration Days
2. Milestone Celebration
3. Self-Use
4. Other - Value by Purchase Channel
Gift Card Spend by Consumer Behavior and Demographics in Sweden
- Consumer Purchase Behaviour
- Gift Card Buyer by Age Group
- Gift Card Buyer by Income Level
- Gift Card Buyer by Gender
Gift Card Market Size by Corporate Consumer in Sweden
- By Functional Attribute
- By Occasion1. Employee Incentive
2. Sales Incentive
3. Consumer Incentive - By Scale of Business
Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in Sweden
- Food & Beverage
- Health, Wellness & Beauty
- Apparel, Footwear & Accessories
- Books & Media Products
- Consumer Electronics
- Restaurants & Bars
- Toys, Kids, and Babies
- Jewelry
- Sporting Goods
- Home & Kitchen Accessories & Appliances
- Travel
- Entertainment & Gaming
- Other
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers) in Sweden
- Ecommerce & Department Stores
- Restaurants & Bars
- Supermarket, Hypermarket, Convenience Store
- Entertainment & Gaming
- Specialty Stores
- Health & Wellness
- Travel
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers) in Sweden
- Gift Card Online Sales
- Gift Card Offline Sales
- 1st Party Sales
- 3rd Party Sales
- Sales Uplift
For more information about this report visit https://www.researchandmarkets.com/r/60p182
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