China Gift Card Market Research Report, 2029

The gift card market in China has seen remarkable growth over the past decade, driven by an increasingly digital consumer base, the proliferation of mobile payment platforms, and the widespread acceptance of cashless transactions. While traditionally gift-giving in China has leaned towards monetary gifts, such as red envelopes for festivals and special occasions, the market for gift cards has steadily gained popularity among younger, urban consumers and tech-savvy professionals. Chinese consumers are particularly drawn to gift cards for their convenience, flexibility, and the ability to be used across a variety of online and offline channels. The gift card market in China includes both open-loop and closed-loop cards. Open-loop gift cards, issued by companies like UnionPay, allow recipients to use them at multiple merchants, providing significant flexibility and making them ideal for broader consumer use and corporate gifting. On the other hand, closed-loop gift cards from popular brands, such as Alibaba, JD.com, and various retail giants, encourage brand loyalty and repeat purchases. China’s shift towards a digital economy has catalyzed the rise of e-gift cards, which have become particularly popular due to their easy distribution via messaging apps, quick purchase process, and suitability for last-minute gifts. As a result, the Chinese gift card market has become a dynamic component of the retail and digital ecosystem, with e-gift cards driving a significant share of sales. According to the research report "China Gift Card Market Research Report, 2029," published by Actual Market Research, the China Gift Card market is anticipated to grow at more than 14.91% CAGR from 2024 to 2029. With over 900 million mobile payment users, China has one of the world’s most digitally connected populations, and the integration of gift cards into mobile wallets like Alipay and WeChat Pay has made it easier for consumers to purchase, store, and redeem gift cards on the go. These platforms allow users to purchase gift cards directly, send them to contacts, and redeem them seamlessly, creating a frictionless experience that is particularly attractive to younger generations. The growth of e-commerce platforms, such as Taobao, JD.com, and Pinduoduo, has further accelerated the demand for digital gift cards. Gift cards from these platforms offer recipients the flexibility to shop across various product categories, making them an appealing gifting option. Additionally, companies are increasingly using gift cards for employee incentives, rewards, and corporate gifting, recognizing the versatility and appeal of digital gift cards in business contexts. The demand for digital gift cards typically spikes during major shopping events, such as Singles’ Day, Chinese New Year, and Double 12, where consumers actively engage in online and offline shopping. These events underscore the growing importance of gift cards as both a tool for consumers and a promotional vehicle for retailers. As China’s e-commerce and mobile payments landscape continues to evolve, the country’s gift card market is expected to grow significantly, with digital gift cards emerging as a major growth driver.

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In China, the gift card market has grown rapidly, with both closed-loop and open-loop cards meeting diverse consumer demands. Closed-loop cards are popular among Chinese consumers, often associated with large retail and digital platforms like Alibaba, JD.com, and Suning. These cards are redeemable only at specific stores or brands, driving customer loyalty and increasing brand engagement. Closed-loop cards are frequently given during popular gifting periods, such as Lunar New Year and Singles’ Day (11.11), when shoppers enjoy promotions and exclusive offers from favorite brands. In China’s digital-first retail environment, these cards are also increasingly offered as e-coupons or QR code-based digital gift cards that can be used in physical stores or online, making them convenient and appealing to tech-savvy consumers. On the other hand, open-loop gift cards, often backed by payment networks like UnionPay, Visa, and Mastercard, allow greater spending flexibility and are widely accepted across a range of merchants. They are particularly popular in urban areas, where they offer recipients freedom to choose from a variety of goods and services, from shopping and dining to travel. The versatility of open-loop cards has made them especially desirable for corporate gifting in China, where companies can reward employees with adaptable and personalized options. Gift card price ranges in China cover high, medium, and low-value options, each with a distinct appeal to different consumer segments. High-value cards, typically over CNY 1,000, are often used for luxury gifting occasions, such as weddings, important festivals, and corporate rewards for executives and top performers. These cards are frequently redeemable for premium products, including luxury brands, high-end dining experiences, or travel packages. Corporations in sectors like finance, technology, and real estate often use high-value cards to recognize key achievements and foster strong employee relationships. Medium-value cards, valued between CNY 200 and CNY 1,000, are highly popular for general gift-giving occasions, such as birthdays, anniversaries, and holidays, making them ideal for personal and corporate use alike. Brands like Xiaomi, Huawei, and Carrefour frequently issue medium-value gift cards to cater to a broad consumer base, allowing recipients to access everyday essentials, electronics, and fashion items. Low-value gift cards, typically below CNY 200, are commonly given as small tokens of appreciation or holiday bonuses, often used by employees, coworkers, and acquaintances. Low-value cards are also widely distributed in loyalty programs and promotional campaigns, as brands leverage them to build customer engagement and reward repeat purchases. Retailers and corporate institutions in China are the primary end users of gift cards, each leveraging them to foster customer loyalty, drive engagement, and reward key stakeholders. Retailers frequently offer gift cards, particularly during peak shopping seasons like Singles’ Day, to encourage spending and attract new customers. Many retailers, including e-commerce giants and smaller brick-and-mortar stores, issue digital gift cards that can be redeemed both online and offline, appealing to China’s tech-savvy consumers. Corporate institutions also find value in gift cards as they shift to digital-first rewards systems, which are particularly relevant as remote work becomes more common. Corporations use gift cards in employee incentive programs, client appreciation events, and seasonal bonuses, with open-loop options being highly preferred for their flexibility. Digital gift cards, often issued through QR codes and integrated with popular Chinese payment apps like WeChat Pay and Alipay, are becoming a staple in corporate gifting for their ease of use and accessibility. As gift cards are easily customizable and adaptable to various employee and client needs, they are an effective tool for businesses aiming to maintain morale, incentivize productivity, and promote brand loyalty in a market that values convenience and digital integration.

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Kripa Shah

Senior Analyst

Considered in this report • Geography: Global • Historic Year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Global Gift Card Market with its value and forecast along with its segments • Region & country wise Gift Card market analysis • Application wise Gift Card distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Card Types • Closed -Loop Card • Open-loop Card

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By Price Range • High • Medium • Low By Sale Channel • Offline • Online By End User • Retail Establishment • Corporate Institution The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.