Nigeria Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast; Spend Analysis by Digital / e-Gift Card, Retail and Corporate Consumers, Distribution Channel, Occasions, Retail Sectors, Function (Open Loop, Closed Loop), City Type, and Demographics – Q2 2024 Update

According to PayNXT360, gift card industry in the country is expected to grow by 12.0% on annual basis to reach US$2.1 billion in 2024.

The gift card industry in Nigeria will continue to grow over the forecast period and is expected to record a CAGR of 10.2% during 2024-2028. Gift card market in the country will increase from US$1.8 billion in 2023 to reach US$3.0 billion by 2028.

The Nigerian gift card market is experiencing growth, driven by the expansion of retailer offerings, the rise of reselling platforms, and increasing corporate adoption. Strategic partnerships, such as Jumia's collaborations with local brands, are further enhancing consumer engagement.

Key Developments in the Gift Card Sector in Nigeria

Product Launches and Innovations: Expansion of Retail Gift Card Offerings: Major retailers in Nigeria, such as Jumia and Konga, have been expanding their gift card offerings to cater to the growing demand. Customers can now purchase gift cards for various popular brands and use them for online shopping or in-store purchases.

Emergence of Gift Card Reselling Platforms: Platforms like Cardtonic have emerged, allowing users to resell their unused or unwanted gift cards for cash. This provides consumers with an alternative option to redeem their gift cards if they don't want to use them at the designated stores.

Increasing Use of Gift Cards for Corporate Gifting: Nigerian companies are increasingly adopting gift cards as a means of rewarding employees, incentivizing sales teams, and building customer loyalty. This trend is expected to continue driving the growth of the corporate gift card segment.

Strategic Partnerships

Jumia and Local Brands: Jumia, a leading e-commerce platform in Nigeria, has partnered with various local brands to offer gift cards that can be used for purchases on its platform. This partnership aims to enhance customer engagement and provide consumers with more options for gifting.

Gift card market in 2023 was driven a wide range of factors, which supported growth across retail and corporate segments. The primary factors included growth of ecommerce, increased adoption to incentivize employees working remotely, digital gifting, and initiatives undertaken by government, hospitality, and travel industries to revive growth.

This report provides a detailed data centric analysis of gift card market, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at country level, this report provides a comprehensive understanding of gift card market dynamics, market size and forecast. • Comprehensive comprehension of the dynamics of the gift card and incentive card markets: Recognise the opportunities in the market, the main drivers and trends, and the five-year projection for gift and incentive cards in Nigeria.

• Create strategies tailored to the market: To create your gift card strategy, identify growth categories and target particular opportunities across consumer segments and occasions; evaluate important trends and risks unique to your market.

• Learn about the attitudes and behaviours of consumers in Nigeria: Increase ROI by understanding how consumer attitudes and behaviours are evolving. With gift cards, you may obtain comprehensive information about retail spending for both corporate and retail customers.

• Six key performance indicators (KPIs) provide a comprehensive view: the quantity of cards in circulation, load value, unused value, average purchase value, average value per transaction, and transaction value.

• Distribution channel insights: Recognise the differences in gift card sales across online and offline channels as well as between first-party and third-party sales. Total Spend on Gifts in Nigeria

• 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 Nigeria

• 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 Nigeria

• Retail Consumer

• Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)

Digital Gift Card Market Size in Nigeria

• 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 Nigeria

• By Functional Attribute

• By Occasion

1. Festivals & Special Celebration Days

2. Milestone Celebration

3. Self-Use

4. Other

• Value by Purchase Channel

Gift Card Spend by Consumer Behavior and Demographics in Nigeria

• 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 Nigeria

• By Functional Attribute

• By Occasion

1. Employee Incentive

2. Sales Incentive

3. Consumer Incentive

• By Scale of Business

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

• 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 Nigeria

• 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 Nigeria

• Gift Card Online Sales

• Gift Card Offline Sales

• 1st Party Sales

• 3rd Party Sales

• Sales Uplift