Gift Card Statistics (23 Fun Facts, Trends + Statistics)
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Gift cards are a popular purchase, whether it’s a birthday party, a Christmas present, or just because, but are you looking for some fun gift card stats?
Well, I’ve been researching gift card statistics and found 23 interesting facts and trends that I thought I’d share with you, so read on to find out what I’ve found!
Key Gift Card Statistics for 2022
- 51% of shoppers forget to redeem gift cards
- 37% of people who buy gift cards are millennials
- Restaurant gift card sales drop 31.8% in 2021
- Only 17% of Americans want to receive a gift card over Christmas
- Social media accounts for 46% of gift card purchases in 2021
- 73% buy gift cards for next of kin
- 59% spend more than the value of a gift card
- More than $3 billion is wasted on unused gift cards every year
- Amazon gift cards are the most popular at any retail store
- The global gift card market is expected to reach $584 billion by 2026
Are you looking for a complete list of the 23 most interesting gift card stats and have other questions? If so, keep reading below for all sorts of cool facts!
1. 51% forget to redeem a gift card
An interesting fact about gift cards is that over 51% of people forget to redeem gift cards, and the three main reasons for forgetting to redeem gift cards include:
This person rarely visits the store where the gift card is located
Lost or forgotten gift cards, especially digital ones, because they are in your email account
The value of the gift card is not enough to purchase the item without spending extra money to make the purchase
2. Millennials account for 37% of gift card purchases
Millennials purchase the most gift cards, accounting for 37% of all gift card purchases.
Likewise, Gen Xers are not far behind, accounting for 28% of all gift card purchases.
3. Restaurant gift card purchases will drop 31.8% in 2021
While that’s not surprising, restaurant gift card purchases fell 31.8% during 2021, but haven’t fully recovered.
4. 17% want a Christmas gift card
Surprisingly, only 17% of respondents wanted a Christmas gift card, with the majority preferring cash to gift cards.
5. 46% of gift card sales in 2021 will come from social media
In 2021, social media such as Facebook will account for 46% of all gift card sales, which is not surprising given the increasing number of people turning to digital rather than in-store.
6. 73% buy gift cards for next of kin
When we consider who we’re buying gift cards for, it’s probably not shocking that 73% of people buy gift cards for next of kin.
7. More than 59% of gift card value when shopping
While gift cards can cover part of the purchase cost, more than 59% of people will exceed the value of the gift card when shopping.
However, it’s unclear if this is because the gift card is too low-value, or if it led to an impulse purchase at that particular store.
8. $3 billion in unused gift cards is wasted each year
The reason gift cards are forgotten or lost is that over $3 billion in unused gift cards are wasted every year!
9. Amazon gift cards are the most popular
Whether you want clothing, electronics, homewares, makeup, or food, Amazon has it all, which is why Amazon gift cards are the most popular.
However, Visa gift cards came in second, and Walmart was the third most popular gift card purchased by consumers.
10. The global gift card market will exceed $584 billion by 2026
Gift card purchases will only increase over time, with the global gift card market expected to exceed $584 billion by 2026!
Also, as social media and other online sites integrate the option to buy gift cards, we can assume that this number will only increase more in the coming years.
11. 50% off gift cards for Christmas
Christmas is the best time of year for gift card sales, with more than 50% of gift card sales occurring during the Christmas or holiday season.
12. 48% off gift cards for birthdays
Birthdays are the second most popular occasion to buy gift cards, which makes sense when we think about the family and friends we choose to buy birthday gifts for.
13. 20% of people over 65 prefer gift cards
Twenty percent of respondents over the age of 65 would prefer to receive a gift card, although it’s unclear why this age group is so fond of receiving gift cards.
14. 32% have purchased digital gift cards more frequently or for the first time since 2020
Digital gift card purchases have increased significantly since 2020, with 32% saying they are buying a digital gift card for the first time or buying more frequently.
15. 53% want to store gift cards on their phone
Technology is becoming what we rely on for shopping, with Apple Pay and Google Pay being accepted in more stores across the country.
So it should come as no surprise that 53% would prefer to store their gift cards on their phone rather than having a physical gift card or email.
16. People most often buy gift cards so that the recipient gets what they want
The main reason people buy gift cards is to allow the recipient of the gift card to buy the item they want, taking the guesswork out of buying a gift.
Also, since people can use gift cards to buy what they want, it means gifts are less likely to be returned or traded.
17. 62% of 18- to 34-year-olds want to receive gift cards through messaging or social media apps
Social media and messaging apps have added the ability to send and receive gift cards of all kinds, with 62% of 18 to 34 year olds looking to receive gift cards this way!
18. Gift card scams have lost $245 million since 2018
As gift cards have become more popular, especially in the digital age, gift card scams have been on the rise and are only getting worse.
For example, more than $245 million has been lost to gift card scams since 2018.
19. 76% use gift cards for themselves
People don’t just buy gift cards for other people, more than 76% of people buy gift cards to reward themselves and buy something for themselves and not others!
However, when people buy gift cards for themselves, they are likely to spend an average of $4 more than they do for others.
20. One-third of gift cards purchased for specific stores due to incentives
Incentives drive gift card purchases, such as returning $10 or increasing the value of a gift card if you purchase more than one or a certain denomination of gift card.
As a result, one-third of respondents would buy gift cards at specific stores based on rewards or bonuses for purchasing gift cards.
21. 69% consider receiving a gift card from an employer as a reward
Some employers give out gift cards for doing a good job or for good attendance, and 69% of respondents believe receiving gift cards is a reward from their employers.
22. Millennials are most likely to have unused gift cards
While millennials may buy the most gift cards of any age group, they are also the group with the most unused gift cards of everyone.
However, it’s unclear why this is happening, but it’s an interesting twist given that most millennials are tech-savvy and frequently use digital marketplaces.
23. Store-branded or closed-loop gift cards are most popular
Store-branded or closed-loop gift cards are the most popular types because they have no associated fees and generally do not have dormant fees.
What percentage of gift cards are actually used?
About 80% to 90% of gift cards are actually used, while 10% to 20% of gift cards are not redeemed.
Also, about 6% of gift cards are never used at all, but even that small amount can waste a lot of money over time!
What are the most common gift cards?
Amazon is the most common gift card because Amazon is one of the largest e-commerce sites in the world and has just about anything you want!
Additionally, Visa gift cards, Walmart gift cards, Target gift cards, and Starbucks gift cards remain in high demand and rank among the top five most common gift cards.
How big is the gift card industry?
The gift card industry is massive, worth $295.2 billion in 2021, with open-loop gift card sales growing more than 31% in 2020.
How many gift cards do you buy each year?
It is estimated that each shopper will purchase five gift cards per year, with 95% of U.S. households purchasing or receiving a gift card during the year.
Additionally, the average shopper will spend $256 per year on gift cards.
Are online gift cards a fad?
Online gift cards may not seem like a fad, as the digital gift card industry continues to grow, growing by more than 6.5% annually.
Plus, digital gift cards are now being implemented on social media sites and messaging apps, so there are more ways to send digital gift cards to friends and family than ever before!
Additionally, more than 86% of respondents purchased a digital gift card this year, up from 81% the year before.
What is the difference between closed-loop and open-loop gift cards?
You’ve heard us talk about closed-loop gift cards, which are gift cards that can only be used at specific stores or merchants (such as Amazon, Walmart, Apple, or Starbucks).
In contrast, open-loop gift cards can be used to make purchases anywhere gift cards are accepted, which may include Visa gift cards, Mastercard gift cards, and more.
To learn more, you can check out our related posts on whether Amazon gift cards expire, Walgreens gift card list, and which stores sell Amazon gift cards.
in conclusion
Some of the most interesting gift card statistics are that millennials are the group that buys the most gift cards at 47%, but they themselves are the most likely to have unused gift cards.
Also, Amazon is the most popular gift card, although Visa gift cards and Walmart gift cards are also popular and round out the top three.
Additionally, 50% of all gift card purchases are used for Christmas and holidays, but 48% of gift card purchases are used for birthdays.
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