South Africa Gift Card and Incentive Card Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


South Africa Gift Card and Incentive Card Market:

The South Africa Gift Card and Incentive Card Market is projected to experience a Compound Annual Growth Rate (CAGR) of 6% during the forecast period. Governments worldwide are implementing various incentives, including gift cards, to boost vaccination rates among their citizens. This trend is also evident in South Africa, where the Department of Health introduced a grocery gift card program in November 2021. The primary objective of this program is to encourage elderly individuals to receive their vaccinations. The Department of Health aims to achieve a vaccination coverage of 70% among the older age group by December 2021 through the implementation of this gift card program. The pilot scheme, valued at R26 million, is expected to benefit 260,000 consumers aged 60 and above. Initially, the grocery gift card vouchers were exclusively available to individuals aged 60 and above. However, the Department of Health extended the offer to consumers aged 50 and above, providing them with R100 grocery gift cards. These gift cards can be redeemed at Shoprite, Checkers, and U-Save stores. Despite the challenges faced in 2021, the gift card industry in South Africa is anticipated to exhibit robust growth in the medium to long term. It is expected to experience steady growth in the first half of 2021 and record significant growth in the second half of the year. The gift card market in the country is projected to increase from USD 794.1 million in 2020 to USD 1552.4 million by 2025. Furthermore, the gift card industry is expected to continue its steady growth in the first half of 2022 and achieve strong growth in the second half of the year. The increasing popularity of gift cards has attracted foreign companies to explore the South African market. InComm, a payments technology company, for example, partnered with Flash and Pepkor Group to launch its gift cards in South Africa in March 2020.

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