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Survey: Gift card giving, spending on the rise
Don't look for gift card giving - or subsequent spending - to slow down any time soon. New data out this week shows a growing number of consumers rely on gift cards for a number of occasions, but perhaps more importantly that most recipients are spending those gift cards within six months.
According to new data out from the Retail Gift Card Association most Americans are going to offer up at least one gift card in the next three months, and those who are on the receiving end are likely to spend the loot on something needed or a 'large purchase'.
"The mission of the RGCA is to promote best practices in the industry that benefit both members and consumers and this survey shows that our member companies are rising to the challenge of increasing consumer confidence in retail gift cards," said RGCA executive director Rebekka Rea. "This survey shows that gift card continue to evolve in terms of their utility for many gifting occasions and they continue to be coveted by recipients."
Other interesting findings include:
• 30% of those surveyed say they'll buy something 'they wouldn't usually purchase' with a gift card
• 69% say they'll buy 'something needed'
• 71% say they feel 'very satisfied' when they receive a gift card
• 50% like giving gift cards because of the convenience factor
Over the Father's Day weekend, nearly one-third of kids (29.4%) offered Dad a gift card, about 10% were restaurant cards. And, in time for the summer wedding season, about 28% say they'll give newlyweds gift cards. Of those who are purchasing larger, joint gifts, gift cards are top of the list for 73%.
Meanwhile, most gift card recipients don't hold on to the cards. More than 88% say they'll spend the gift cards within 6 months; 87% say they'll spend 'the same amount or more' as the gift card denomination.
Image via Shutterstock
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