10 Facts About Gift Cards
Gift card statistics abound as they become an increasingly popular gift and money-management method. Here are a few facts to share during your next cocktail party:
Gift cards have been the most requested item on holiday wish lists for the past seven years (2007-2013).
Purchases made with a gift card are between 20% and 50% higher than the average purchase price.
Gift cards are the most profitable square foot of selling space at many retail sites.
Christmas is the top purchase occasion for gift cards, followed by birthdays and Mother's Day.
40.3% of shoppers will purchase a department store gift card for friends and family, followed by 34.2% of shoppers opting for a restaurant gift card.
The most common gift card amount is $25.
40% of gift card recipients do not use the full amount on their card, and leave an average balance of $2.30.
43.1% of shoppers say they give gift cards because they allow the recipient to select their own gift.
Between 2005 and 2011, $41 billion in gift cards went unused.
American households have an average of $300 in unredeemed gift cards.
Sources: National Retail Federation, BusinessPundit.com, GRI Financial Services, Inc., Wall Street Journal