Gift cards are a multi billion dollar industry and it's only growing! CardCash took a
consumer survey and compiled the most up to date statistics so you can have a
clear picture of what's really going on.
Top occasions for gift cards are Christmas, Birthdays and Thank yous.
By the year of 2015,
gift cards will account for over 18% of holiday purchases.
of consumers say they spend the same amount when giving a gift card as they would on a traditional gift.
NEARLY HALF of consumers received a gift card on Christmas.
According to Google, when scrambling to get a gift a couple of days before Christmas, you are most likely to buy a gift card. A few close seconds are chocolate, food, clothing and perfume.
62 percent of consumers are looking for discounts when doing their shopping for the holidays.
ACCORDING TO A CONSUMER SURVEY by CardCash.com, more than 70% of women plan on giving a gift card within the next 3 months. In contrast, only 55% of men are planning to buy a gift card within that time frame.
Nearly 85% of 25-34 year olds say they are giving a gift card. A senior is much less likely to buy a gift card; only 40% of customers aged 65 and over are planning to give a gift card in the next couple of months.
Nearly one-quarter (22 percent) of consumers used a gift card to buy something they wouldn't have bought on their own.
72% of customers will spend MORE than the value of their card.
On average the recipient will spend 20% MORE than their gift card value.
55% of gift card recipients require more than one shopping trip to spend the balance of their card.
Gift cards have the ability to get customers in the door; 72% of shoppers also do some shopping for themselves when going to a store or website to purchase a gift card.
Customers are 2.5 times more likely to buy something for full price if they pay with a gift card.
Women are nearly 2 times more likely than men to buy a gift card because of a design.
77% of Americans have given a gift card in the last year and more than two thirds of survey respondents plan to give a gift card in the next quarter of a year.
According to a survey conducted by CardCash, the average American has around $100 in unused gift cards.
Gift card spending has increased year-over-year since 2005 by an average of six percent. Growth is expected to continue at this rate.
Sales from Gift Cards are expected to grow to some $140 billion by 2016, according to research by CEB TowerGroup.
Since the CARD act in 2009 the amount of spillage on gift cards is down from 8 billion to 1 billion.
Digital Gift cards are on the rise! An outstanding 78% of consumers have received a digital (electronic) gift card.
69% of customers are more interested in purchasing electronic/digital gift cards now than 2-3 years ago.
Sales for digital gift cards increase and sales of physical gift card decreases as Christmas draws closer because instant delivery means gifts arrive in time for Christmas.
$25 is the most popular denomination of gift cards to be given over the next three months, with 44% of consumers indicating this is the average amount they will load on each card. 24% will give $50 denominations and 6% will give $100.
According to Forbes, retail purchases made with prepaid cards will top U.S. $200 billion dollars in 2014. Around 25% of this is purchases made with gift cards.
For the eighth year in a row, gift cards are the most requested gift item among those celebrating the holidays.
According to a survey, 62 percent say they'd like to receive a gift card, followed by clothing (52.5%), books, CDs, DVDs or video games (43.1%), and electronics (34.6%). One-quarter (24.8%) say they'd like to receive jewelry, up from 23.3 percent last year.
Gift cards were notorious for the most unthoughtful gift. But now according to First Data, gift card recipients are increasingly viewing gift cards as more valuable than traditional gifts.
Case in point, 93% of consumers would prefer a $25 gift card to a gift valued at $25. The percentage of consumers preferring a $25 gift card to a $25 or $30 gift rose from last year, reinforcing the value that recipients place on being able to pick out their own gift.
Gift cards have such high perceived value that nearly half of consumers would prefer a $25 gift card to a present worth $50!
- Store employees are to blame for 62% of gift card fraud.
- The average loss to retailers from gift card fraud is approximately $72,000.
- 13% of card fraud is the from counterfeit or skimmed cards and another 13% from stolen cards.