UAE Gift & Incentive Card Report 2024 Market Growth to $2B by 2024 – Future Trends to 2028

The latest update on the “United Arab Emirates Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2024” report is now available through ResearchAndMarkets.com. The gift card industry in the UAE is anticipated to expand by 10.8% annually, reaching US$2.0 billion by 2024. Projections suggest a continued growth trajectory, with a forecasted Compound Annual Growth Rate (CAGR) of 9.3% from 2024 to 2028, elevating the market to US$2.8 billion by 2028.

The surge in demand for gift cards in the UAE has been consistent over recent years and is expected to persist in the medium term. This growth is bolstered by advancements in digital payment infrastructure and the tech-savvy nature of the population, particularly driving the digital gift card sector. To meet this escalating demand, various gifting platforms are venturing into the gift card market.

Simultaneously, gift card marketplaces are expanding their reach within the Emirates by forging strategic collaborations. This trend is anticipated to gain momentum in 2024, fostering a more competitive landscape in the Emirati gift card market. Overall, a positive growth outlook is maintained for the UAE gift card market in the next three to four years.

Online gifting platforms are strategically diversifying into the gift card sector to capitalize on the growing demand, especially for digital gift cards. For instance, FNP.ae partnered with Merit Incentives in October 2023, introducing FNP gift cards to the UAE, Qatar, and Saudi Arabia. Anticipated expansions and similar ventures are expected to follow suit.

Furthermore, gift card marketplaces are broadening their product distribution through retail partnerships, adapting to the evolving competitive environment. Notably, YouGotaGift collaborated with Carrefour in January 2024, making multi-brand gift cards available at all Carrefour outlets in the UAE. Such collaborations aim to leverage retail networks for increased market penetration.

Moreover, gift card giveaway campaigns are contributing to market growth initiatives. The Galleria Al Maryah Island in Abu Dhabi, for instance, celebrated its 10th anniversary with a gift card giveaway campaign, enhancing footfall and consumer engagement. These innovative campaigns are anticipated to proliferate in the Emirates throughout 2024, further stimulating the gift card industry’s growth.

The report offers comprehensive insights into the dynamics of the UAE gift card and incentive card market, aiding in strategic decision-making. It provides an analysis of market opportunities, key trends, and drivers, along with a five-year forecast (2019-2028). Additionally, it helps in developing targeted strategies across consumer segments and occasions, understanding consumer behavior, and optimizing distribution channels for enhanced market performance.

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