Globalization has boosted the disposable income of individuals in developing nations by a significant margin. This is the driving force behind the worldwide consumer goods industry. Developed countries such as the United States, Europe, and Japan are already mature and have a sizable market. Consumer goods, often known as fast moving consumer goods (FMCG), are products that may be purchased for a cheap price. These items are often eaten on a small scale and may be found in a number of locations such as grocery stores, supermarkets, and warehouses. Because of the adoption of experience retailing and customers' desire to augment their physical shopping experience with a social or leisure experience, the Consumer Goods market has grown steadily over the previous decade.
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Market Dynamics and Factors:
During the pandemic, government assistance for consumer businesses has largely taken the form of loans, tax relief, and rent relief in 2020, as well as more general support for consumer earnings. While income support will diminish, we anticipate that many governments will prolong some of the more focused programmes until 2021. The enhanced experience given by these retail formats makes them more appealing to customers.Tax breaks for the food service, hotel, and cultural industries are expected to remain in tourism-dependent countries, particularly in Europe and Latin America.Department shops, which were already suffering prior to the outbreak, will be especially vulnerable.Consumers are cutting back on non-essential spending, and several businesses that emerged from bankruptcy in 2020 are now at risk of becoming zombie corporations. It will also be important to consider the location.
Market Segmentation:
Based on the card type, the global prepaid card market is bifurcated into single-purpose and multi-purpose. Depending on usage, the market is categorised as general-purpose reloadable (GPR) card, gift card, government benefits card, incentive card, and others. On the basis of industry vertical, the global market is segmented into retail establishments, corporate institutions, government, financial institutions others. Based on distribution channel, the market is classified into online retail stores, bricks mortar stores, fintech companies, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Competitive Analysis:
Top players profiled in Prepaid Card Market research report are:
- The American Express Company.
- Visa Inc.
- Green Dot Corporation
- MasterCard Incorporated
- The Western Union Company
- PayPal Holdings, Inc.
- Kaiku Finance, LLC
- NetSpend Holding Inc.
- JP Morgan Chase Co.
- AccountNow Inc.
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Geographic Analysis:
Following a postponement from 2020, the EU will adopt e-commerce VAT changes in July 2021. The new regulations eliminate low-value order exclusions and make online marketplaces liable for collecting and reporting VAT on cross-border transactions involving third-party vendors. This will be excellent news for the government's finances, given the rise in internet shopping.
Firms will be required to register as taxpayers with only one member state under a single-window system, making it easier for non-EU companies to develop in the area. In the Consumer Goods market, North America is projected to stay dominant and develop at a stable rate. However, due to changes in lifestyles brought about by globalisation and a rise in the working population, Asia-Pacific is anticipated to expand at the fastest rate of 8.0 percent. Tencent and JD are also experimenting with checkout-free shops in China.
Meanwhile, Amazon is making progress: their Amazon One biometric system allows customers to scan their palms to pay for their purchases or get entry to office buildings.The expansion of the wealthy population, as well as increasing internet and social media usage, has increased the consumption of processed and packaged foods, paving the path for the region's Consumer Goods industry to flourish. Furthermore, future development possibilities for the Consumer Goods industry are projected to come from product innovations and the launch of new goods with appealing pricing.
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