Payment Card News

Gift Cards

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A survey conducted this month has found that 59% of all consumers received a gift card or certificate this holiday season, and that by January 5th, 50% of gift card recipients had already redeemed some or all of their cards. According to the survey, on average, consumers received 2.5 gift cards that had a combined value of $106. The average value of the redeemed card was $47.50, and the average that was spent in the store on that day was $47.20. Other key findings of Deloitte’s “Post-Holiday” survey showed that 81% received at least one gift certificate to a store or mall; 36% received at least one to a restaurant/fast food establishment; 10% received at least one that could be used at a variety of stores/establishments; and, 9% received at least one for a personal service. The Deloitte survey found that 55% of consumers said they will buy gift cards for others during the remainder of 2004 with average of $151. The 45-54 and 55-64 age groups will be spending the most — $162 and $193, respectively. Higher income households plan to spend the most on gift cards. Those making $100,000, or more, plan to give gift cards worth $217, on average. Gift cards will also be used by some consumers for their own use. More than one in ten said they had bought a prepaid gift card for their own use in 2003.

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