Summary
- • 51% of U.S. adults have unused gift cards
- • The average person has $116 in unused gift cards
- • 21% of gift cards go unused
- • $3 billion in gift cards go unused annually
- • 55% of consumers need at least 8 months to use a gift card
- • 27% of gift card recipients never use the full value of their card
- • Digital gift card sales are expected to reach $698 billion by 2024
- • 6% of gift cards are lost or thrown away
- • 47% of people have lost a gift card at least once
- • The average unused gift card amount is $167 for millennials
- • 73% of adults have given a gift card in the past year
- • Gift cards are the most popular holiday gift, with 59% of consumers preferring them
- • 25% of gift card holders wait more than a year to use their cards
- • The global gift card market is expected to reach $2.7 trillion by 2027
- • 43% of gift card recipients spend more than the card's value
Got a wallet full of unused gift cards? Youre not alone! With a whopping 51% of U.S. adults hoarding an average of $116 in unused gift cards, it seems were all guilty of letting those plastic treasures collect dust. In fact, $3 billion worth of gift cards go unused annually, leaving many consumers scrambling to use them up before they expire. Dive into the staggering statistics and quirky facts surrounding gift card behavior in this eye-opening blog post.
Consumer Awareness
- 78% of consumers are aware of at least one gift card feature
- 80% of consumers are aware of gift card exchange websites
Interpretation
In a world where knowledge is power, gift cards seem to hold a special place in consumers' hearts – and wallets. With a whopping 78% of shoppers savvy enough to identify at least one feature of these plastic presents and 80% knowledgeable about gift card exchange websites, it's clear that the art of giving and receiving in the form of pocket-sized plastic currency is not to be underestimated. So, next time you give a gift card, rest assured that not only is it appreciated, it's also part of a flourishing economy of exchange and excitement – because who doesn't love a little card-based adventure?
Consumer Behavior
- 51% of U.S. adults have unused gift cards
- The average person has $116 in unused gift cards
- 27% of gift card recipients never use the full value of their card
- 6% of gift cards are lost or thrown away
- 47% of people have lost a gift card at least once
- 73% of adults have given a gift card in the past year
- 43% of gift card recipients spend more than the card's value
- 49% of consumers are likely to spend more than the gift card's value
- The average consumer purchases 6.5 gift cards per year
- 72% of gift card users spend more than the card's value
- 65% of gift card users spend 38% more than the face value of the card
- 44% of consumers have regifted a gift card
- The average consumer carries 4 gift cards in their wallet
- 76% of consumers have purchased a gift card in the past year
- 35% of consumers have used a gift card exchange website
- The average person receives 3.4 gift cards per year
- 45% of consumers have purchased a gift card for themselves
- 69% of gift card recipients spend more than the card's value when redeeming
- 65% of gift card users spend more than the card's value in a single transaction
- The average consumer has $175 in unused gift cards
Interpretation
In a world where unused gift cards populate wallets like forgotten relics of good intentions past, it seems that Americans have mastered the art of both gifting and hoarding with equal enthusiasm. With nearly half of us admitting to losing these elusive pieces of plastic at least once, it's clear that the struggle is real. Yet, despite our tendency to let these plastic treasures gather dust, statistics show that when we do finally cash in, we are likely to splurge beyond the card's value, engaging in a dance of consumer delight that leaves our wallets (and perhaps our conscience) a bit lighter. So, as we navigate this gift card maze, let us remember the wise words: use it or lose it...or risk becoming a gift card statistic in a never-ending cycle of plastic melancholy.
Consumer Preferences
- Gift cards are the most popular holiday gift, with 59% of consumers preferring them
- 59% of consumers prefer to receive gift cards over other gifts
- 40% of consumers plan to purchase more gift cards in the coming year
- Gift cards for restaurants are the most popular, accounting for 35% of all gift card sales
- 33% of consumers prefer to give gift cards because they're easier and save time
- 85% of consumers prefer gift cards from specific brands over general-purpose cards
- 56% of consumers prefer to receive digital gift cards over physical ones
- 73% of gift card buyers consider them to be a safe gift option
- 48% of consumers prefer to give gift cards to difficult-to-shop-for individuals
- 79% of consumers appreciate the flexibility of gift cards
Interpretation
In a world where choice is king and convenience reigns supreme, gift cards stand as the undisputed champions of holiday gifting. With 59% of consumers preferring them as their go-to present and 40% gearing up to stockpile even more in the upcoming year, it's clear that these little gems hold a special place in our hearts (and wallets). From the ever-popular restaurant cards dominating sales to the digital revolution sweeping in at 56% preference, gift cards have proven to be not just a safe bet but a savvy one at that. So whether you're a giver looking to save time or a receiver eager for a slice of freedom to choose your own adventure, gift cards are the ultimate hero in the great gifting game.
Demographic Trends
- The average unused gift card amount is $167 for millennials
- 75% of millennials prefer digital gift cards over physical ones
- The average gift card amount purchased by millennials is $63
Interpretation
It appears that millennials are adept at both giving and receiving when it comes to gift cards, with their average unused amount being a generous $167 – perhaps a strategic reserve for that must-have splurge. Opting for convenience, it's no surprise that a whopping 75% of them prefer digital gift cards, making snail mail seem so last season. But don't be fooled by the modest average amount they purchase – at $63, millennials clearly have the savvy knack of stretching those gift card dollars in style.
Financial Impact
- $3 billion in gift cards go unused annually
- Gift card purchases account for 18% of holiday gift spending
- The average gift card purchase amount is $47
- Gift card fraud accounts for 1.75% of all gift card purchases
- Gift cards have an average profit margin of 10-12% for retailers
- The average consumer spends $213 on gift cards annually
- Gift card sales account for 18% of total gift spending during the holidays
- 30% of gift card holders have lost value on a card due to fees or expiration
- Gift card sales in the US reached $160 billion in 2018
- Gift card sales account for 14% of total retail sales during the holiday season
Interpretation
While gift cards may be the go-to solution for last-minute gifts and indecisive shoppers, the statistics reveal a darker truth lurking beneath their shiny plastic surface. With $3 billion wasted annually on unused gift cards, it appears that many recipients are either forgetful or uninterested in redeeming their presents. Meanwhile, retailers are laughing all the way to the bank with profit margins of 10-12%, proving that the real gift is in selling the gift card itself. So, next time you reach for that convenient little card, be sure to read the fine print and use it before it quietly expires into the black hole of forgotten treasures.
Market Trends
- Digital gift card sales are expected to reach $698 billion by 2024
- The global gift card market is expected to reach $2.7 trillion by 2027
- Gift card sales increased by 29% during the COVID-19 pandemic
- Gift card sales are expected to grow at a CAGR of 14.9% from 2021 to 2028
- Digital gift card sales are growing at a rate of 200% annually
- Gift card sales peak in December, accounting for 25% of annual sales
- Gift card purchases increase by 100% during the holiday season
- Gift card sales have grown by 29% since 2017
- Gift card sales are expected to reach $221 billion by 2024
- Gift card sales increased by 6.3% in 2020 despite the pandemic
Interpretation
As unused gift cards languish in forgotten wallets and cluttered drawers, the gift card industry is booming at an unprecedented rate. With sales figures skyrocketing during the COVID-19 pandemic and digital gift card sales experiencing exponential growth, it seems that despite their festive allure, gift cards have become a year-round sensation. From holiday shopping sprees to last-minute presents, gift cards have evolved into a universal currency of choice. As the numbers climb higher and the market expands, one thing is clear - the gift card trend is on a trajectory to reach stratospheric heights, leaving us all to wonder: are we truly giving the gift of choice, or merely the gift of procrastination?
Usage Patterns
- 21% of gift cards go unused
- 55% of consumers need at least 8 months to use a gift card
- 25% of gift card holders wait more than a year to use their cards
- 38% of gift card recipients use their cards within a month of receiving them
- 90% of gift cards are used within 60 days of purchase
- 55% of gift card holders make multiple trips to use up the balance
- 62% of gift card recipients spend their cards within 6 months
- 41% of gift card recipients use their cards within a week of receiving them
- The average lifespan of a gift card is 8 months
- 25% of gift card recipients use their cards within 48 hours
Interpretation
In a world where time is money, it seems that gift cards are the currency of procrastination. With 21% of them left to gather dust, it's clear that some recipients treat them like relics of a bygone era. Yet, there are the swift spenders who pounce on their prey within 48 hours, proving that when the gift card game is on, it's survival of the quickest. So, whether you're a dawdler or a dasher, remember that the clock is ticking on that plastic treasure trove—it's a race against the expiry date, and the prize is a new pair of socks or a fancy dinner. Choose wisely, gift card holders.
