According to a report by ResearchAndMarkets.com, the gift card industry in Japan is expected to reach a market value of $29.7 billion by the year 2028. The industry is forecasted to grow steadily, with a compound annual growth rate (CAGR) of 6.5% during the period from 2024 to 2028.
Several factors have contributed to the growth of the gift card market in Japan. The growth of e-commerce, increased adoption of remote work incentives, digital gifting, and initiatives taken by the government, hospitality, and travel industries have all played a significant role in supporting the growth of the industry.
The report provides a detailed analysis of the gift card market in Japan, covering market opportunities and risks across various retail categories. With over 75 key performance indicators (KPIs) at the country level, the report offers a comprehensive understanding of the market dynamics, size, and forecast.
The report also highlights the key players in the Japanese gift card market, including Amazon, Japan Consumers Cooperative Union, 7-Eleven, Daiei, Lawson, Life, Yodobashi, and Maxvalu.
In addition, the report provides insights into consumer behavior and demographics, allowing businesses to develop market-specific strategies and identify growth segments and opportunities.
The distribution channels for gift card sales in Japan, such as online versus offline and 1st party versus 3rd party sales, are also analyzed in the report.
Overall, the outlook for the Japanese gift card market looks promising, with steady growth expected in the coming years, driven by various factors and opportunities in both the retail and corporate sectors.
According to a report by ResearchAndMarkets.com, the gift card industry in Japan is expected to reach a market value of $29.7 billion by the year 2028. This growth in the gift card market can be attributed to several factors.
Firstly, the growth of e-commerce has had a significant impact. With more consumers shopping online, the ease and convenience of purchasing gift cards digitally has contributed to the growth of the industry. Online platforms such as Amazon have emerged as key players in the Japanese gift card market.
Secondly, the increased adoption of remote work incentives has also fueled the growth of the gift card industry. Many companies are now offering gift cards as rewards or incentives for their remote employees. This trend has further boosted the demand for gift cards in the market.
Additionally, digital gifting has become more popular in recent years. With the advancement of technology, consumers can now send digital gift cards to their loved ones instantly. This has expanded the reach and accessibility of the gift card market in Japan.
Furthermore, initiatives taken by the government, hospitality, and travel industries have played a significant role in supporting the growth of the industry. The government has implemented programs to promote domestic tourism, which often include the use of gift cards for various travel and hospitality services.
The report provides a detailed analysis of the gift card market in Japan, covering market opportunities and risks across various retail categories. It offers insights into consumer behavior and demographics, allowing businesses to develop market-specific strategies and identify growth segments and opportunities.
The key players in the Japanese gift card market, including Amazon, Japan Consumers Cooperative Union, 7-Eleven, Daiei, Lawson, Life, Yodobashi, and Maxvalu, are highlighted in the report. These companies have a significant market presence and contribute to the overall growth of the industry.
The distribution channels for gift card sales in Japan, such as online versus offline and 1st party versus 3rd party sales, are also analyzed in the report. This information helps businesses understand the different ways in which consumers purchase gift cards and tailor their marketing and distribution strategies accordingly.
Overall, the Japanese gift card market has a promising outlook, with steady growth expected in the coming years. The industry is poised for growth due to the increasing demand for digital and convenience-based gifting options. Businesses in both the retail and corporate sectors can capitalize on this growth by leveraging market-specific strategies and identifying key growth segments and opportunities.