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The Ultimate Guide to the B2B Gift Card Market in Singapore

Discover the latest trends, top brands, and insights into the B2B gift card industry in Singapore







English / Malay / Mandarin / Tamil

Official language

Singapore Dollar


National holidays

1st January (New Years Day) 22nd – 25th January* (Lunar New Year) 7th April* (Good Friday) 22nd April* (Hari Raya Puasa) 1st May (Labour Day) 2nd June* (Vesak Day) 29th June* (Hari Raya Hajj) 9th August (Singapore’s National Day) 12th -13th November* (Deepavali) 25th December (Christmas) *subject to varying calendars, mobile holidays

Singapore gift card market size

In value terms, the gift card market in Singapore has recorded a CAGR of 10.0% during 2018-2022. The gift card industry in Singapore will continue to grow over the forecast period and is expected to record a CAGR of 8.8% during 2023-2027. The gift card market in the country will increase from US$ 1,165.0 million in 2022 to reach US$ 1,790.4 million by 2027.

Singapore, the pulsing heart of Southeast Asia, is known for being the epicentre of many innovations and advancements, including in the area of retail. In a place full of luxury malls and high-end retail concepts, global brands test out concepts and market acceptance, boosting the domestic gifting market. With almost 30% of the population being expats, multinational corporations make use of corporate gifting for welcome packages, celebrating cultural festivals and community building events.

Economic conditions, technological advancements, and shifts in corporate culture are among the most important influencing factors driving the gift card market. As Corporate Social Responsibility and sustainability shift into focus, the popularity of e-gift cards and digital vouchers is likely to rise. An increased focus on employee well-being and work-life balance could result in increased investments in the holistic health and happiness of employees.

Country gift card market size

Singapore gifting traditions

Singapore, as a melting pot of nationalities, ethnicities, and cultures, boasts a nuanced gift-giving practice intricately woven into its cultural fabric, a tapestry enriched by the country’s diverse population. This diversity, composed of Chinese, Malay, Indian, and various other communities, shapes a mosaic of unique gift-giving traditions. 

Navigating this landscape can be challenging. However, no matter the culture, etiquette emerges as a guiding force in gift-giving, drawing a sharp distinction between formal and informal settings. Considering the corporate as well as cultural context becomes vital, influencing the choice of gifts and their presentation in adherence to established social norms. 

Within the Chinese community, gifts are usually given during Chinese New Year. The tradition of offering red envelopes (红包, hong bao) may extend even to close corporate contacts. However, the recipient may politely refuse a gift two or three times before accepting it, in order to not appear greedy. 

In contrast, among the predominantly Muslim Malay community, the acceptance of gifts is met with pleasure, often leading to reciprocal gestures. During Hari Raya Puasa, green envelopes containing money become tokens of celebration exchanged among friends and family. 

The corresponding Indian or Hindu gift-giving occasion are Diwali celebrations, where it is customary to bring gifts as a symbol of goodwill and shared celebration – although the belief in the auspicious nature of odd numbers extends to these presents. 

Beyond the mentioned cultural practices, Singapore upholds strict anti-bribery laws, particularly emphasizing that government employees cannot accept gifts of any kind. 

In the context of social gatherings, the act of giving small gifts is communal, extending the gesture to everyone present. While gifts are offered as welcome or thank-you gestures, there is a cultural inclination not to make them overly extravagant.

Gift card regulations in Singapore

Gift card regulation in Singapore is subject to various laws and regulations to protect consumers and ensure transparency in the gifting industry.

Expiration: Expiry dates of gift cards are set by the provider, and may be set as shorts as 90 days after purchase. 

Cash Exchange: Gift cards are not exchangeable for cash. 

Multi-Use: Whether multiple redemptions per gift card are possible is up to the provider. 

Corruption/Bribery: It is absolutely prohibited to offer gift cards to government officials.

It's important to note that regulations may change, so always check the latest guidelines with Singapore's government or appropriate regulatory bodies. Moreover, the specifics and prerequisites might differ based on the gift card type, its provider, and other considerations.

If you're considering buying or utilizing gift cards in Singapore, ensure you read the issuer's terms and conditions and consult with legal experts if necessary.

Popular gift cards in Singapore

Popular gift card brands

In the bustling world of gift cards in Singapore, it's a pleasure to introduce some of the brands that have made a mark in their respective industries.

Miniso: Attractive for its affordable yet trendy products, Miniso appeals to consumers seeking a balance between quality and affordability.

Qoo10: Asia’s leading online marketplace with over 10 million products to choose from, providing convenience and variety in the shopping experience.

iStudio: Appealing for its premium selection of Apple products and accessories, drawing in consumers who value cutting-edge technology and sleek design.

Adidas: Renowned for its sports-inspired fashion and high-quality athletic wear, Adidas appeals to Singaporeans who prioritize style, comfort, and performance in their activewear choices.

Guardian: A leading health and beauty retailer, Guardian is known for its extensive range of wellness products, skincare, and pharmaceuticals, meeting the diverse health needs of Singaporean shoppers.

Sephora: The premium shopping experience and access to a variety of international beauty brands that Sephora offers is greatly appreciated by Singapore’s high-end consumers.

Ikea: Popular for its affordable and stylish furniture options, creating a one-stop shopping destination for those looking to enhance their homes.

GrabFood: Sought-after for its convenience and wide range of food options, GrabFood appeals to busy Singaporean customers seeking quick and diverse meal choices delivered to their doorstep.

Razer Gold: Elevate your gaming experience – the Razer Gold Gift Card is your access to a world of exclusive games and in-game content.

Lazada: Shop, surprise, and delight – the Lazada Gift Card is your passport to a vast marketplace of gadgets, fashion, and more.

Benefits of B2B gifting in Singapore

In Singapore, B2B Gifting holds several benefits, leveraging cultural traditions, the presence of a diverse expat community, and broader trends in corporate gifting.

Through corporate gifting, companies are able to demonstrate cultural sensitivity by aligning their gifts with local traditions, which can help building stronger relationships with local businesses and clients. Given the significant expat community in Singapore, B2B gifting provides an opportunity for companies to connect with and appreciate the diverse backgrounds of their international clients and partners.

Customizing gifts based on cultural preferences fosters a sense of inclusion and respect. Aligning gifts with such partialities as well as adhering to local etiquette contributes positively to the corporate image and can set a company apart from its competitors.

The Global Gift Card 

Choosing a specific gift might unintentionally convey a message that could be misinterpreted in a diverse cultural setting. How can you respect individual choices, respect etiquette differences, avoid misinterpretation and offer flexibility and inclusivity? GoGift has the solution for you: With The Global Gift Card, recipients are able to make the choice of present themselves.

Physical and digital versions of The Global Gift Card
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