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As Americans wrap up the second week with their much-anticipated Advent calendars, more than half of holiday shoppers are still working to complete their gift buying. Gift cards are an easy and stress-free way to give during the holidays, whether to friends, teachers, coworkers, or as part of the family gift exchange. It’s a hard gift to mess up, which is why 67% of holiday shoppers say they’re spending money on gift cards this year, equaling last year’s percentage. Here’s what else consumer-declared data show about gift card giving this season:
Convenience Is King
Consumers tell CivicScience that convenience is the primary reason for giving gift cards this year, followed closely by the freedom it gives the recipient to buy what they want. Nearly one quarter of buyers admit they are selecting gift cards for those people whom they feel are particularly hard to buy for.
When broken down by age, Millennials and Gen Z are the top gift card buyers this year, over-indexing the Gen Pop by five to six percentage points. Convenience remains the primary driver for these consumers, but they are also much more likely to cite high prices as a reason for purchasing gift cards.
Gift Card Givers Feel the Stress
Compared to last year, 48% of gift buyers report buying the same number of gift cards as they did last year, while a noticeable one-third say they will be buying more. CivicScience data also find a correlation between holiday gift cards and holiday stress. Among the one-third of shoppers buying more gift cards this year, holiday stress skyrockets to 66% suggesting that gift cards are a way to keep the season necessarily simple for some gift givers.
Types of Gift Cards
The most popular gift cards to get this year are for restaurants, particularly among shoppers 45+, followed by those for online retailers and big box stores. Among adults under 45, who are buying the most gift cards this year, the selection differs slightly: Gen Z and Millennial shoppers are primarily buying gift cards for online retailers and big box stores like everyone else, but where the Gen Pop favors restaurants, Gen Z and Millennials favor service provider gift cards – like Uber or DoorDash – and those for sports-related purchases.
Gift cards are a convenient and hassle-free way for people to participate in the season of giving regardless of how much time, money, or creativity required for gift giving someone has. For brands and retailers, it not only means fewer returns, but it also keeps track of future interactions with consumers, whether new or returning. More gift cards this year could push consumer spending past the holiday season as recipients cash in. Online retailers, big box stores, and restaurants should consider upsells and strategies to capitalize on the potential incoming business in the new year.
