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Retail sales strength in January is reflected in redeemers of their Christmas gift cards. The average adult has received 3.2 gift cards this holiday season, up from 2.5 gift cards last year. Gift cards are more popular and this also pushes spending into January. Consumers are also interested in receiving gift cards at times other than just Christmas.
A survey by Deloitte & Touche USA found:
- 80% of adults have received at least one gift card to a clothing or grocery store
- 33% have received at least one gift card to a restaurant
- 14% received a gift card to a mall or mall
- 10% received a gift card that could be used in a variety of stores (e.g. an American Express gift card)
- 5% received at least one for a personal service such as a manicure or massage
- 5% have received at least one voucher for a website (e.g. ebay, Amazon)
Gift card prices ranged from $78 for an American Express card, while the lowest was $32 for a restaurant card. Bank vouchers are more likely to be used in January. Nearly 74% of those gift cards were redeemed or partially redeemed by the end of January.
People were more likely to use their gift cards to purchase retail items at full price. Many analysts believe that the “gift” aspect allows consumers to treat themselves to new goods at full price.
Retailers also benefit when consumers redeem a gift card, with nearly 62% spending more than the card’s face value. This is an opportunity for retailers to increase sales as sales cannot be reported until the gift card has been redeemed.
Consumers also expressed interest in receiving gift cards for other holidays. For example, a gift certificate for an “experience” is often accepted when people are pressed for time. Getting a gift certificate for a meal out, a massage, or even a weekend getaway seems to be a trend that people are enjoying.
Teens enjoy gift cards because they prefer to shop with their friends and redeem their cards faster than adults. The survey found that teens redeemed 76% of their gift cards, versus 61% for adults.
Gift cards will continue to be given away after the holidays, especially for retailers. Gift cards are here to stay. Consumers are happy to use them and retailers are happy to receive them. Vouchers are a suitable gift for all occasions.
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