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The global hotel gift card market is bound to witness a CAGR of 14.3?tween 2021 and 2031.
How is the Hotel Gift Card market divided?
The global hotel gift card market, by type of product, spans universal accepted open loop, hotel closed loop, miscellaneous closed loop, and e-gifting. Application-wise, it’s stays, holiday packages, bar & spa services, meeting & events, sports activities, travel & transportation, and likewise. By price range, it’s low (0-1,000 US$), medium (1,000-3,000 US$), and high (Above 3,000 US$). By end-user, it’s individuals and business (large enterprises and small and medium enterprises). By sales channel, it’s offline and online. Out of these, online mode is expected to rule in the upcoming period, especially after the Covid-19 era. Closed loop hotel gift cards are expected to come through as the most lucrative segment in the forecast period. This could be credited to the certainty that card receiver would re-visit the hotel, thereby adding to the revenue. Customer retention could also be ensured due to the fact that closed-loop gift card could be used merely at one location. Merchant banks are also likely to make these gift cards available at minimal or almost no cost.
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Accommodation type hotel gift cards are holding a substantial market share. Plus, as the designing of gift card happens considering the brand and logo, it certainly serves as an effective marketing tool, that too, in the pocket of the customers. The customers, by default, turn out to be the brand ambassadors of the hotel, which benefits the hotel in the long run. Thus, with negligible marketing efforts, things move in the hotels’ stride. The hotel gift cards, in actual sense, play on the pulse of customers, with positives on the other side.
What’s with the Regions?
Though the trend of “hotel gift card” came from the West, it has penetrated all across. The festivities like Christmas and the Asian ones like the festival of lights, and birthdays all across can’t be imagined without gifts. The youth prefers leisure activities after celebrating the festivals. This is where hotel gift card serves the purpose. The hotel gift card could be in the form of gift certificate, gift token, gift voucher, coupon for goods, exchange coupon, and likewise. In Ireland, hotel gift card has been customary since long.
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What’s with Competitive Hotel Gift Cards?
The key participants in hotel gift card market include Amazon.com, Blackhawk Network Holdings, Inc., MakeMyTrip Ltd., Avani Hotels & Resorts Ltd., Anantara Hotels, Resorts & Spas, Travelgift.cards, Toga Far East Hotels, Accor, Expedia Group, Arp-Hansen Hotel Group, Valencia Hotel Group, Taj Hotels, Qwikcilver Solutions Pvt. Ltd., and other players. Coming to developments, gift cards from Swissotel Hotels & Resorts are used for accommodation and much more, inclusive of dining, spa services, and various other leisure activities at any of the facilities managed by “Swissotel Hotels & Resorts”. The same company, in 2018, did buy Mantraa (Australia-based mid-scale hotel and resort company), Atton Hoteles (operator in Florida, Columbia, Peru, and Chile), and Movenpick Hotels (high-end hotel operator based out of Switzerland).
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