Gift Cards Appreciated Shows New Study

InComm, a leading prepaid product and transaction services company asked more than 500 respondents questions about the frequency with which they purchase and give gift cards and for which occasions they would like to receive one.

The research found that

• Birthdays were the most popular occasion on which to give a gift card, followed by graduations, weddings, and to say thank you at 42%. Weddings and even anniversaries were next at 34% – indicating wther its an employee incentive or a way to say ‘I love you’ a gift card knows no limits!
• 82 percent of respondents said they would appreciate receiving a gift card on their birthday and a huge 100% of people said they had bought a gift card in the last year and 92% have given more than 2 cards.
• Additionally, younger consumers are finding even more occasions in which to give a gift card. Millennial respondents (between the ages of 25 and 34) noted they often give gift cards when a friend or loved one has a new baby (50 percent) and when a new home is purchased (29 percent).
• More than a third of respondents said they would appreciate receiving a gift card as a thank you (42 percent).

The reason could be in store prevalence. Don’t forget that the UKGCVA showed that in 2016 there was an overall growth in teh gift card marketing of 5.06% with store cards attributing to 79% of consumer growth.
“The versatility of open-loop gift cards benefits both the giver and the recipient. They are quick and convenient gifts that, as this data suggests, are appropriate for any number of occasions, alleviating much of the stress that can come with gift shopping,” said Brian Parlotto, Sales & Marketing Executive Vice President at InComm.

“With closed-loop options, which are accepted only in certain stores, and open-loop options like Vanilla Gift, which are accepted anywhere, the giver can personalize the gift and the friend or loved one who receives the gift card will be sure to get something they want.”

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