Dublin, Dec. 23, 2020 (GLOBE NEWSWIRE) -- The "Kenya Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast (2015-2024) - Covid-19 Update Q2 2020" report has been added to ResearchAndMarkets.com's offering.
This report details the impact of economic slowdown along with change in business and consumer sentiment due to disruption caused by Covid-19 outbreak on gift card industry in Kenya.
Historically, the gift card market in Kenya has recorded a steady growth with a CAGR of 21.6% during 2015-2019. However, According to the Q2 2020 Global Gift Card Survey, gift card market in Kenya is expected to be impacted across retail and corporate segments due to disruption caused by Covid-19 outbreak.
Though growth of gift card industry will be impacted due to pandemic, there are certain segments such as self-use which will gain significant market share. Adoption of e-Gift cards is also expected to increase significantly over the next 4-6 quarters. There are interesting trends emerging across various segments, which are expected to fundamentally reshape gift card industry dynamics.
Despite near-term challenges, medium to long term growth story of gift cards in Kenya remains strong. The gift card industry in Kenya will continue to grow over the forecast period and is expected to record a CAGR of 14.9% during 2020-2024. The gift card market in the country will increase from US$ 260.2 million in 2019 to reach US$ 434.8 million by 2024.
The gift card market in Kenya recorded substantial growth in the last few years. As one of East Africa's largest economies, technological advancements in the payment industry widened the scope of gift card market in Kenya. The market growth has been primarily backed by the rising adoption of gift cards by the millennials and Gen Z consumers, expansion of the retail sector, and growing inclination towards cryptocurrencies.
According to the Kenyan Communications Authority (CA), in 2019, internet penetration was at 90% in Kenya. The increasing demand for internet is growing due to rising smartphone penetration. This trend has supported the country's leading mobile money service M-Pesa, which has more than 25 million users in Kenya. It is noteworthy to mention that, the rising mobile money services allowed 83% of the Kenyans to access to formal financial services in 2019. Therefore, the rising adoption of alternative payment services such as mobile wallets is expected to create scope for the digital gift cards.
Kenya's economic expansion during 2019, also supported the country's retail sector, with supermarkets leading the sector. The growing retail sector is also creating demand for gift cards. For instance, multinational retailer such as, Carrefour offers a wide range of gift cards in Kenya. These gift cards can be recharged and available in Carrefour stores. Moreover, leading domestic shopping malls have been launching and investing in gift card programs. These gift cards, which are also available in digital format allows users to redeem at stores within the mall .
In Kenya, demand for cryptocurrencies are increasing. According to the Blockchain Association of Kenya, during 2018-2019, the total number of Bitcoin transactions measured at US$1.5 million. This trend is alternatively widening the growth of the gift cards. This is due to the ease of buying gift cards with cash and trading them for cryptocurrencies, without revealing the user's identity.
This report provides a detailed data centric analysis of gift cards and corporate incentive cards market along with consumer behaviour and retail spend dynamics in Kenya. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics.
Scope
Total Spend on Gifts in Kenya
- 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 Kenya
- 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 Kenya
- Retail Consumer
- Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size in Kenya
- 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 Kenya
- By Functional Attribute
- By Occasion
- Festivals & Special Celebration Days
- Milestone Celebration
- Self-Use
- Other
- Value by Purchase Channel
Gift Card Spend by Consumer Behavior and Demographics in Kenya
- 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 Kenya
- By Functional Attribute
- By Occasion
- Employee Incentive
- Sales Incentive
- Consumer Incentive
- By Scale of Business
- Budget Allocation Trend for 2020
Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in Kenya
- 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 Kenya
- 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 Kenya
- 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/xp2sww
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