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DUBLIN, Oct. 10, 2022 /PRNewswire/ — The “Kenya Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
Kenya’s gift card industry is expected to grow by 15.6% on annual basis to reach US$338.8 million in 2022.
Historically, the gift card market in Kenya has recorded a steady growth with a CAGR of 13.1% during 2017-2021.
The growth momentum is expected to continue to grow over the forecast period, recording a CAGR of 12.1% during 2022-2026. The gift card market in the country will increase from US$293.2 million in 2021 to reach US$534.7 million by 2026.
Despite near-term challenges in 2022, medium to long term growth story of gift cards in Kenya remains strong. The gift card industry in Kenya is expected to grow steadily in H1 2022 and record a strong growth in H2 2022.
Gift card market in 2021 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.
Though the gift card market was impacted due to COVID-19, the market is expected to bounce back in the coming quarters, especially in H1 …
Full story available on Benzinga.com
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