According to the report, the Italy gift cards Market was pegged at $6.55 billion in 2020, and is expected to reach $18.26 billion by 2028, growing at a CAGR of 13.9% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Rise in demand for innovative products, high adoption of smartphones, and increase in need for cash alternatives fuel the growth of the Italy gift cards market. On the other hand, security issues and privacy concerns restrain the growth to some extent. However, growing opportunities in the country have proven to be beneficial for the market.
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COVID-19 scenario-
The outbreak of the pandemic led to reduced demand for gift cards in retail, corporate, and any other sector, thereby impacting the Italy gift cards market.
However, to overcome these challenges, businesses are adopting the e-commerce tools and offering discounts on vouchers. Also, the situation is being ameliorated gradually and the market is expected to recoup soon.
The Italy gift cards market is analyzed across functional attribute, distribution channel, product type, and end-user. Based on functional attribute, the closed-loop card segment accounted for more than two-thirds of the total market revenue in 2020, and is expected to rule the roost by 2028. The open-loop card segment, on the other hand, would register the fastest CAGR of 16.1% from 2021 to 2028.
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Based on distribution channel, the offline segment held nearly three-fifths of the total market share in 2020, is projected to dominate by 2028. Simultaneously, the online segment would cite the fastest CAGR of 15.5% during the forecast period.
Based on product type, the physical gift cards segment held the major share in 2020, generating more than two-thirds of the Italy gift cards market. At the same time, the digital gift cards segment would manifest the fastest CAGR of 15.2% from 2021 to 2028.
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The leading market players analyzed in the Italy gift cards market include Auchan Holding, Apple Inc., Conad, Square, Inc., Amazon.com, Inc., EUROSPAR, Carrefour Group, Esselunga S.p.A., EPIPOLI S.P.A., and PANORAMA. These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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