Gift card industry in Belgium has recorded subdued growth in 2020. PayNXT360 expects a bounce back towards end of Q1 2021. Impact on gift card sector due to socio-economic environment driven by COVID-19 outbreak has been much less than overall gifting industry. This also means that gift card penetration in Belgium will increase more than previous forecast.
The broader growth in the gift card industry has been supported by growing popularity of digital gift cards. Another factor that is driving the growth of the gift card market in Belgium includes the corporate acceptance of the gift card. In particular, players are focusing on offering value added solutions to increase market share in corporate segment. In Belgium, Monizze is one of the leading third party players in the gift card industry that provides gift vouchers to employers and individuals. Monizze offers 3-in-1 card that contains 3 extra-legal benefits (meal, eco and gift vouchers).
Apart from this, the ability to buy bitcoins using Amazon and other gift cards are also likely to boost the growth of the gift card market in the country. There is growing usage of gift cards as a way to trade in bitcoins. Some of the key players that offer gift cards for buying cryptocurrencies include paxful.com and bit4coin.net.
According to PayNXT360’s Q4 2020 Global Gift Card Survey, gift card industry in Belgium is expected to grow by 10.5% on annual basis to reach US$ 1448.2 million in 2021. Despite near-term challenges in 2021, medium to long term growth story of gift cards in Belgium remains strong. The gift card industry in Belgium is expected to grow steadily in H1 2021 and record a strong growth in H2 2021. The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 7.8% during 2021-2025. The gift card market in the country will increase from US$ 1310.6 million in 2020 to reach US$ 1958.9 million by 2025.
This report from PayNXT360 provides a detailed data centric analysis of gift cards and corporate incentive cards market along with consumer behaviour and retail spend dynamics in Belgium. 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.
Below is a summary of country level trend analyses covered across gift card segments:
• Total gift market: This report provides detailed view of overall spend on gifts, broken down by retail and consumer segments. For both retail and consumer segments, this report provides a breakdown of spend on gifts by product categories (13 segments) and retail sectors (7 segments).
• Gift cards: Drawing from proprietary survey results, this report provides in-depth analysis of opportunities in both open loop and closed loop prepaid gift card categories. Assesses consumer behaviour by type of consumer (retail and corporate – SMB, Mid-Tier, Large Enterprise), gifting occasion, digital gift card (e-gift card), and market share by retail sectors.
• Details six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and value of transactions.
• Corporate incentive & loyalty cards: This report provides detailed market dynamics of corporate incentive cards, broadly segmented in three categories – consumer incentive card, employee incentive card, and sales / partner incentive card. It details market size and forecast at category level, by functional attribute (open loop and closed loop), and by corporate consumer segments (small scale business, mid-size business, and enterprise business).
• Digital gift card (e-gift card) analysis: Provides market size and forecast for digital gift cards, broken down by retail and corporate buyers. It also includes gift card spend by occasion (retail – festivals & special celebration days, milestone celebration, self-use, other; Corporate incentive cards –consumer incentive card, employee incentive card, and sales / partner incentive card). The report also includes digital gift card adoption by company size
• Open loop and closed loop: Provides market estimates and forecasts to assess opportunities in open loop and closed loop gift and incentive card segments across consumer segments.
• Consumer attitude and behaviour: Drawing from proprietary survey results, this report identifies and interprets key KPIs related to gift card dynamics including spend by age, gender, and income level.
• Retail spend: Breaks down retail spend across retail sectors (7 segments) to provide detailed insights on consumer behaviour and changing dynamics of gift card spend.
• Market share by retailer: Provides market share of closed loop gift cards by key retailers in Belgium
• Distribution channel analysis: Provides market share by distribution channel – online vs offline sales and 1st party vs 3rd party sales (sales through outlet of other retailers).
