Dublin, March 06, 2025 (GLOBE NEWSWIRE) — The “Singapore Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics Databook – Q1 2025” report has been added to ResearchAndMarkets.com’s offering.
This databook provides a data-centric analysis of Singapore’s gift card sector, highlighting market opportunities and risks across various consumer segments, product categories, retail sectors, and store formats.
The gift card market in Singapore has demonstrated robust growth, with a compound annual growth rate (CAGR) of 11.1% from 2020 to 2024. This upward trajectory is expected to continue, with the market projected to grow at a CAGR of 9.3% during the forecast period of 2025 to 2029, reaching approximately USD 2.24 billion by the end of 2029.
Key Insights
The Singapore gift card market is evolving with a strong emphasis on digital transformation, corporate adoption, and retail collaborations. The shift towards e-gift cards is driven by the rapid growth of e-commerce and mobile payments, making digital transactions more convenient for consumers. At the same time, businesses are increasingly utilizing gift cards for employee incentives, recognizing their flexibility and appeal in enhancing workforce engagement.
These trends are expected to further shape the industry over the next few years, with retailers and corporations expanding their gift card offerings to cater to evolving consumer preferences. Retail partnerships will play a crucial role in diversifying available options, ensuring that gift cards remain relevant in the Singaporean market. As competition intensifies, market players must innovate and integrate new technologies to sustain growth and maintain consumer interest.
Accelerate Digital Adoption of Gift Cards
- The digital gift card shift in Singapore is driven by consumer demand for seamless, contactless, and immediate gifting solutions. Major retailers and e-commerce platforms have responded by expanding their digital gift card offerings, allowing customers to easily purchase and redeem them online. This transition is enhancing convenience for consumers and enabling businesses to streamline their operations by reducing reliance on physical inventory and logistics.
- Adopting digital gift cards is closely linked to the broader growth of e-commerce and mobile payments in Singapore. With the widespread use of digital wallets such as GrabPay and PayNow, consumers are increasingly comfortable conducting cashless transactions. The COVID-19 pandemic reinforced this trend by accelerating the adoption of contactless payments, further driving retailers and service providers to integrate digital gift cards into their offerings to meet shifting consumer expectations.
- Over the next 2-4 years, Singapore’s digital gift card market is expected to continue expanding, with businesses exploring new ways to enhance the user experience. Retailers may introduce personalized and multi-brand gift card options to appeal to a broader customer base. Additionally, technological advancements, such as blockchain-based gift cards or enhanced security features, may gain traction to address fraud concerns and improve customer confidence in digital transactions.
Expand Corporate Adoption of Gift Cards for Incentive Programs
- Corporate adoption of gift cards for incentive programs is gaining traction in Singapore as companies seek flexible and cost-effective ways to reward employees. Organizations are moving away from traditional incentive structures, such as cash bonuses, towards gift cards that give employees greater autonomy in choosing rewards. This shift is particularly evident in multinational corporations and technology firms integrating digital gift cards into their employee benefits and engagement strategies.
- The growing preference for gift cards in corporate incentives is largely driven by their ability to cater to diverse employee preferences. Unlike one-size-fits-all rewards, gift cards allow employees to redeem their incentives across various merchants, including popular retailers, food and beverage outlets, and online platforms. This flexibility aligns with Singapore’s evolving workplace culture, where companies focus on improving employee experience and retention amid a competitive job market.
- Over the next 2-4 years, corporate adoption of gift cards is expected to become more widespread, with businesses offering customized and branded gift card options. Companies may integrate digital gift cards into performance management systems, enabling employees to receive real-time rewards based on key performance indicators. Additionally, partnerships between corporations and gift card providers will likely expand, facilitating bulk purchases and tailored solutions for employee engagement programs.
Foster Growth Through Retail Partnerships
- Retailers in Singapore are increasingly leveraging partnerships to enhance their gift card offerings, making them more versatile and appealing to consumers. Collaborations between retail chains, digital payment platforms, and e-commerce marketplaces have expanded the range of gift cards available, allowing consumers to redeem them across multiple brands. This strategy enhances customer convenience and strengthens brand loyalty, as consumers are more likely to engage with retailers that offer flexible and multi-brand gift card options.
- The primary driver of this trend is the growing consumer demand for personalized and adaptable gifting solutions. Retailers can create bundled gift card solutions for specific occasions, such as holidays or corporate gifting programs, by partnering with financial institutions, digital wallet providers, and other merchants. Additionally, these partnerships enable businesses to tap into a wider customer base by offering co-branded or cross-industry gift cards, making them more appealing to individual consumers and businesses.
- Over the next 2-4 years, expanding retail partnerships will diversify the Singaporean gift card market, offering consumers more tailored and customizable options. Companies may introduce digital features such as reloadable or subscription-based gift cards, further enhancing their appeal. As competition increases, retailers will likely invest in loyalty-driven gift card programs, using data insights to offer targeted promotions and personalized gifting experiences, reinforcing customer engagement and long-term retention.
Competitive Landscape of the Singapore Gift Card Market
The Singapore gift card market is evolving rapidly, with strong growth driven by increased digital adoption and corporate utilization. Established players continue to dominate the market, while new entrants are leveraging digital platforms to introduce innovative gifting solutions. The rise of e-commerce and mobile payments reinforces the shift toward digital gift cards, and businesses are increasingly incorporating them into incentive programs and customer engagement strategies.
The competitive landscape is expected to become more dynamic, with further innovation in digital gift card offerings and strategic partnerships shaping the market. Regulatory changes focusing on transparency and consumer protection will influence market practices, requiring companies to ensure compliance. As competition intensifies, businesses will likely invest in personalized and multi-brand gift card solutions, positioning the market for sustained expansion in the coming years.
Current Market Dynamics
- The Singapore gift card market expansion is largely driven by the increased adoption of digital gift cards, which have become a preferred choice for consumers and businesses. The corporate sector has also contributed to this growth by integrating gift cards into employee incentive programs, recognizing their flexibility and ease of distribution.
- The rapid development of e-commerce and mobile payment solutions further reinforces the shift towards digital and e-gift cards. Consumers increasingly opt for digital transactions, particularly after the COVID-19 pandemic accelerated the demand for contactless and instant gifting options. As a result, retailers and service providers have expanded their digital gift card offerings, aligning with the changing preferences of Singaporean consumers.
Key Players and Market Share
- Established retail chains such as NTUC FairPrice Co-operative Pte Ltd, Dairy Farm International Holdings Ltd, and Sheng Siong Supermarket Pte Ltd dominate the Singapore gift card market. These companies offer a range of gift card options, catering to consumer preferences across grocery, lifestyle, and retail segments. Their extensive distribution networks and strong brand presence have allowed them to maintain a significant market share.
- At the same time, new entrants such as Giftano and Mooments are reshaping the market by offering fully digital gifting platforms. These companies focus on providing seamless online gift card solutions for individual consumers and corporate clients, capitalizing on the growing demand for digital transactions. Their presence is increasing competition in the market, driving innovation and expanding the range of available gift card solutions.
Recent Launches and Partnerships
- Retailers in Singapore have increasingly formed partnerships with digital payment providers to expand their gift card offerings. Collaborations between retail chains and fintech companies have introduced co-branded gift cards, allowing consumers greater flexibility in payment and redemption options. These partnerships align with the broader shift towards digital transactions, enhancing convenience for customers while driving sales for businesses.
- While specific recent mergers and acquisitions in the Singapore gift card market are not widely reported, global trends indicate a movement toward consolidation. Companies seek synergies through acquisitions and strategic alliances to expand their reach and integrate new technologies. As competition intensifies, more partnerships and potential mergers may emerge, helping businesses strengthen their market position and enhance their gift card services.
Anticipated Market Evolution (Next 2-4 Years)
- The Singapore gift card market is expected to see increased competition and innovation over the next 2-4 years. As e-commerce and digital payments expand, established players and emerging companies will likely introduce new gift card solutions that cater to evolving consumer preferences. The shift towards digital and multi-brand gift cards will be a key focus, driven by consumer demand for flexibility and convenience.
- To stay competitive, companies may invest in personalized and adaptable gift card offerings, incorporating reloadable balances and loyalty integration features. Additionally, strategic partnerships and potential mergers could reshape the market, allowing businesses to leverage new technologies and distribution networks. These developments will contribute to the continued growth of the Singapore gift card sector, positioning it as an essential component of the digital economy.
Regulatory Changes
- The Singapore government has implemented new regulations in the past year to enhance consumer protection within the financial services sector, including gift cards. These regulations emphasize transparency in terms and conditions, ensuring consumers are fully informed about expiration dates, redemption policies, and usage limitations. Additionally, measures have been introduced to prevent fraud and misuse, reinforcing consumer confidence in gift card transactions.
- Compliance with these regulatory changes is crucial for businesses operating in the gift card market to maintain consumer trust and avoid legal challenges. Companies must stay updated on evolving regulatory requirements and adapt their policies to ensure adherence. Proactively addressing compliance measures will help mitigate risks and strengthen brand reputation and customer loyalty in the long term.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 325 |
| Forecast Period | 2025 – 2029 |
| Estimated Market Value (USD) in 2025 | $1.57 Billion |
| Forecasted Market Value (USD) by 2029 | $2.24 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Singapore |
Report Scope
This report provides in-depth, data-centric analysis of gift card industry in Singapore through 100+ tables and 280+ charts. Below is a summary of key market segments.
- Singapore Total Spend on Gifts
- Singapore Gift Card Market Size by KPIs across Consumer Segments
- Singapore Gift Card Market Size by Consumer Segment
- Singapore Digital Gift Card Market Size
- Singapore Gift Card Market Size by Retail Consumer
- Singapore Gift Card Spend by Consumer Behavior and Demographics
- Singapore Gift Card Market Size by Corporate Consumer
- Singapore Gift Spend by Product Categories (Split by Retail and Corporate Consumers)
- Singapore Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers)
- Singapore Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers)
- Singapore Gift Card Purchase by Payment Method
For more information about this report visit https://www.researchandmarkets.com/r/f4k6ch
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- Singaporean Gift Card and Incentive Card Market
