According to CEB’s annual report, total gift card volume (gift card market including physical cards and e-gift cards) will reach $160 B by 2018.
Gift Card Market Steadily Grows
This projection is in line with sales growth in 2015. The year saw a 6% growth over 2014, which meets CEB’s projection of 5-6% industry growth annually.
The greatest growth comes in the market of e-gift cards. Between 2014 and 2015 sales volume increased to $7.1 billion from $5.5 billion. CEB predicts that by 2018 e-gifting will reach $18 billion, an increase of more than 250%.
Gift Cards are the Go-To Incentive
For the incentive and rewards market, the ever increasing popularity of gift cards, especially in e-gift cards, helps solidify their go-to status for promotional incentives.