12 Surprising Gift Card Statistics
Gift cards are ubiquitous with the holidays, and the season of gift giving is in full swing. At face value offering gift cards seems simple, yet many smaller and independent businesses don’t offer gift cards.
As of 2015, nearly 93% of American consumers surveyed have either given or sent a gift card. With numbers like this, it is important that your business drives revenue through gift cards.
These 12 gift card statistics will motivate you to start selling gift cards:
How popular are gift cards?
- Gift cards are the #1 requested gift over the holidays. (EJ Gift Cards)
- Approximately 60% of surveyed consumers said that they would prefer to receive a gift card instead of items such as electronics, clothing, and DVDs or other entertainment media. (Credit Cards)
- The gift card market grows 10% annually. (Mage Plaza)
Why do shoppers buy gift cards?
- Ability to buy own gifts (50.40%)
- Easier and faster to buy (25.70%)
- No worries about returning (5.60%)
- Easier to email (5.60%)
- Helps stick to holiday budgets (5.20%)
- Incentives to purchase gifts (4.40%)
How can your business make more money?
- Approximately 72% of consumers will spend more than the total value of their gift card when making a purchase. (Gift card granny)
- The average value of gift cards has hovered around $40-50 for quite a few years. (Wallet Hub)
- More than $1 Billion in gift cards go unspent each year. (EJ Gift Cards)
One of the primary benefits of a well-run gift card program is seeing an increase in sales! And because gift card recipients choose their own gifts, businesses with an effective gift card program in place spend less money handling returns. The big seller? The majority of gift card users purchase beyond the original value of the card.
Now, that you’ve read the latest gift card statistics, it’s easy to build your gift card program with Revel POS. Get more sales by giving customers the option to purchase and use gift cards. Be in control of your entire gift card program, from choosing permission sets to accessing performance reporting. Even customize your gift cards according to your overall brand and let a Revel partner handle the production.