A Market Entering a Phase of Strategic Maturity
For several years, brands primarily focused on developing their gift card programs:
- launching the gift card
• expanding distribution channels
• improving the purchase experience
• deploying omnichannel capabilities
Today, the focus is shifting.
Brands are no longer asking only how many gift cards they sell.
They are increasingly seeking to understand the real value generated by their programs.
This requires tracking far more precise indicators:
- top-up (additional payment beyond the card value)
• the share of newly acquired customers
• the reactivation of existing customers
• repeat purchase behavior
• the impact on average basket size
• the actual value generated at redemption
Gift cards are gradually becoming a value infrastructure for brands.
An Economic Context That Is Transforming Usage
The current economic environment is also influencing consumer behavior.
Even though inflation is slowing, consumers remain highly attentive to their budgets.
This is reflected in the evolution of the B2C market.
Average face values are declining.
The most common amount remains €50, while values above €100 are decreasing in several sectors.
At the same time, another phenomenon is emerging: top-up rates are increasing.
Consumers are using gift cards to:
- complement an existing budget
• trigger a purchase
• access a higher product range
• finance a specific project
Gift cards are therefore becoming a basket trigger rather than a spending cap.
Economic value is no longer created at the moment of issuance, but at the moment of redemption.
B2B Remains the Engine of the Market
While B2C remains essential in terms of volume and visibility, market growth is largely driven by B2B, and more specifically by B2B2C (distribution through third-party partners).
Today, a significant share of the flows (69%) goes through:
- employee benefit platforms
• perks and advantages programs
• reward and incentive schemes
In France, these platforms account for the majority of B2B flows and play a major role in the market’s expansion.
This model relies on a particularly structured ecosystem:
- employee representative bodies (CSE)
• motivation and incentive programs
• employee benefits platforms
URSSAF tax exemptions, which can reach up to €200 per employee in 2025, also continue to support demand.
B2B2C Is Becoming a Strategic Channel… Under ROI Pressure
Distribution through third-party partners remains a major volume channel.
For some brands, these channels represent more than two-thirds of total gift card sales.
However, as the market matures, brands are becoming more demanding.
They are no longer looking only at volumes.
They want to understand the actual value generated, including:
- new customer acquisition
• average basket size
• repeat purchases
• top-up rates
In this context, the economic model is gradually evolving.
Average commissions have declined:
- from around 11%
• to approximately 9% today
This shift reflects a growing demand for transparency and data-driven performance management.
In the coming years, the ability to measure the real usage of gift cards will become a key factor in balancing relationships between brands and distributors.
Distribution Is Also Becoming a Marketing Lever
Another major development is that distribution platforms are increasingly acting as media channels.
Partners now offer:
- featured placements within their catalogs
• sponsored banners
• visibility campaigns
• promotional or seasonal operations
Brands are increasingly using these mechanisms as targeted marketing levers.
The results can be significant.
When a campaign is activated, some brands observe +40% to +150% additional sales compared with a year without activation.
Gift card distribution is therefore gradually converging toward a retail media model
