Gift cards market seen reaching $7.3T by 2035

The global gift cards market is projected to grow from $1.16 trillion in 2024 to $7.30 trillion by 2035, driven by digital gifting, mobile wallets and e-commerce. Asia-Pacific is expected to be the fastest-growing region as consumers and businesses shift toward cashless, instant-use payment options.

Why it matters: - Gift cards are becoming a mainstream digital payment and gifting tool across retail, hospitality, entertainment, food service and online commerce. - The market’s projected expansion signals more demand for cashless payments, mobile commerce and loyalty-driven customer engagement. - Businesses are using gift cards more often for acquisition, retention, rewards and promotions.

What happened: - Market Research Future projects the global Gift Cards Market will rise from USD 1,159.21 billion in 2024 to USD 1,370.21 billion in 2025 and USD 7,295.16 billion by 2035. - The forecast implies an 18.2% CAGR from 2025 through 2035. - The report says growth is being fueled by digital gifting trends, mobile payments, e-commerce expansion, smartphone adoption and consumer demand for convenient gifting. - The release was issued June 18, 2026, from New York. - A free sample copy of the report is available.

The details: - Digital gift cards are replacing physical cards because they can be purchased, delivered and redeemed instantly. - Digital gift cards also offer personalization and work with mobile apps and digital wallets. - Open-loop gift cards can be used across multiple merchants and payment networks. - Closed-loop gift cards are limited to specific brands or retailers and remain common in corporate gifting and loyalty programs. - Online distribution is the fastest-growing channel because consumers want immediate delivery through websites, mobile apps and digital marketplaces. - Offline channels still hold a substantial share through supermarkets, retail stores, convenience stores and specialty outlets. - Individual consumers generate demand through birthdays, holidays, weddings, anniversaries and festive occasions. - Corporate users are expanding use for employee rewards, customer incentives, promotional campaigns, sales recognition and partner engagement. - Single-currency cards remain common in domestic markets. - Multi-currency cards are gaining traction with globalization and cross-border e-commerce. - North America leads the market because of high consumer spending, strong digital payment infrastructure and widespread use of electronic gifting. - Europe is a mature market with growing use of digital gift cards and contactless payments. - Asia-Pacific is expected to grow fastest because of urbanization, a rising middle class, higher smartphone use and expanding e-commerce. - South America is growing steadily as digital payments and retail activity expand. - The Middle East and Africa are seeing more adoption as e-commerce, mobile banking and digital payment systems spread.

Between the lines: - The market is shifting from simple gifting toward a broader customer engagement and payments ecosystem. - The emphasis on omnichannel distribution suggests gift cards are now part of retailers’ digital infrastructure, not just seasonal merchandise. - Interest in personalization, AI-driven recommendations, blockchain and stronger security points to a push for better conversion, lower fraud and higher trust. - The competitive set includes Amazon, Walmart, Target, Starbucks, Apple, Google, eBay, Best Buy and Macy's, which shows how deeply gift cards are embedded in major consumer brands.

What's next: - Retailers are expected to keep investing in mobile integration, loyalty rewards, personalization and broader redemption options. - The report says subscription-based gift cards, experiential gifting and integrated loyalty programs could create additional growth opportunities. - Market participants are likely to focus on strategic partnerships and improved user experiences as consumer behavior moves further toward digital-first payments. - The report also highlights further uptake in APAC as smartphone penetration and e-commerce continue to rise.

The bottom line: - Gift cards are evolving from a convenient present into a fast-growing digital commerce product, with the strongest momentum coming from mobile wallets, e-commerce and corporate use.