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 eight years (2007-2014).
Nearly two-thirds of gift card users spend 38% more than the value of their gift cards.
Spending on gift cards has increased over 80% since 2003.
Winter holidays are the top purchase occasion for gift cards, followed by birthdays.
37.7% of shoppers will purchase a department store gift card for friends and family, followed by 34% of shoppers opting for a restaurant gift card.
The gift card industry is estimated to reach $140 billion by 2016, an increase of $20 billion since 2013.
Digital gift cards are experiencing an annual growth rate of 200 percent, compared to a 6 percent annual growth rate for physical gift cards.
Over half of shoppers say they give gift cards because they all the recipient to select their own gift.
Gift card "spillage," or the amount left unused, is down to less than 1% of the card's value from over 10% in 2006.
Up to 50% of some retailers' business in the fourth quarter comes from gift cards.
Sources: National Retail Federation, BusinessPundit.com, GRI Financial Services, Inc., Wall Street Journal, BlackHawk Network,