Dublin, Oct. 07, 2020 (GLOBE NEWSWIRE) -- The "Mexico 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.

Historically, the gift card market in Mexico has recorded a steady growth with a CAGR of 18.4% during 2015-2019. However, According to the Q2 2020 Global Gift Card Survey, gift card market in Mexico is expected to be impacted across retail and corporate segments due to disruption caused by Covid-19 outbreak.

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 Mexico.

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 Mexico remains strong. The gift card industry in Mexico will continue to grow over the forecast period and is expected to record a CAGR of 11.8% during 2020-2024. The gift card market in the country will increase from US$ 2629.6 million in 2019 to reach US$ 3893.4 million by 2024.

The rise in the Mexican gift card market can be attributed to increasing internet penetration, entry of foreign companies and usage in corporate rewards program.

With over 82 million internet users in the country, the e-commerce market is growing at a rapid rate, which is supporting the overall growth of the gift card industry. The rising number of internet users in the country will ensure a high percentage of gift card adoption to make purchases online.

The rising popularity of gift cards is creating scope for fintech companies to introduce new products in the Mexican market. For instance, InComm - a payment technology company, launched its Vanilla Visa open-loop prepaid and gift card in Mexico. The company announced the launch of its innovative product offering in December 2019. The Vanilla Visa card is a single-load card, which will allow the Mexican consumers to redeem their gift cards anywhere, in-store or online, where a visa is accepted. Such product offerings become an ideal gift to celebrate the holiday season and other occasions. The author expects innovative gift card program launches over the forecast period, which will drive popularity of open-loop gift cards in the country.

Emerging gift card offerings in Mexico are also attracting foreign players to the market. For instance, Tango Card , a US based digital rewards and incentives provider, launched its e-gift card services in Mexico in November 2019. The cards are made available in different brands including Burger King, Best Buy, Domino's, Starbucks, Uber, and Windows .
Apart from this, the corporate adoption of the gift card is also boosting the growth of the market. Companies are increasingly making use of gift cards to offer rewards and incentives to their employees during holidays and other occasions in Mexico. Some of the popular third-party gift card providers in the country include giftly.com and mexico.net.nz.

With 42 million individuals not having a bank account, using gift cards is one of the most convenient ways to buy cryptocurrencies. And due to the rising popularity of bitcoin and other similar cryptocurrencies, the adoption of gift cards has also increased. In addition to this, people in Mexico are also making use of gift cards to take money across borders in a large amount without breaking any laws.

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 Mexico. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics.

Key Retailers Covered Include:

Scope

Total Spend on Gifts in Mexico

Gift Card Market Size by KPIs across Consumer Segments in Mexico

Gift Card Market Size by Consumer Segment in Mexico

Digital Gift Card Market Size in Mexico

Gift Card Market Size by Retail Consumer in Mexico

Gift Card Spend by Consumer Behavior and Demographics in Mexico

Gift Card Market Size by Corporate Consumer in Mexico

Gift Spend by Product Categories (Split by Retail and Corporate Consumers) in Mexico

Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers) in Mexico

Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers) in Mexico

For more information about this report visit https://www.researchandmarkets.com/r/g4sibo

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