Gift cards, both physical and digital, remain a popular method of payment in the United States among consumers of all ages. Understanding consumer preferences is key to providing them with the gift card solutions they need. How are their preferences changing? What are they looking for in gift card solutions? What types of gift cards are they buying? TSG and Bank of America surveyed over 1,000 consumers* in the U.S. to understand their usage of gift cards, as well as their attitudes, preferences, and habits around gift card use. Download Infographic →
- 76% of consumers have purchased a gift card in the past year. Of the gift cards purchased, 40% were digital.
- 92% of consumers have preferences about the type of gift cards they buy. For example, 71% choose gift cards from large retailers, compared to 53% for grocery stores, and 38% for restaurants.
- As a recipient of gift cards, 42% of consumers report spending more than the amount included on the card.
- 84% of consumers enjoy receiving gift cards. Additionally, 87% feel appreciated when receiving gift cards from their employer.
- The average amount received on physical gift cards is $49.00, while the average amount for digital is $53.04.
- Related to holidays, most consumers (76%) would prefer to buy gift cards for others rather than spend time purchasing physical merchandise.
Contact your Bank of America representative to learn more.
Looking to survey the market? TSG can support your survey engagements and market research needs to provide insight into consumers, merchants, or specific samples of the payments market.
*TSG and Bank of America conducted a survey of 1007 consumers in the US to understand their usage of gift cards, as well as their attitudes, preferences, and habits around gift card use. The survey, conducted in May of 2023, includes feedback from consumers across all 50 states, with a margin of error of +/- 4% at a 99% confidence level.
TSG (The Strawhecker Group) is a globally recognized analytics and consulting firm that supports the entire payments ecosystem, serving over 1,000 clients from Fortune 500 leaders to more than a dozen of the world's most valuable brands. Trusted by industry leaders, TSG's strategic services, market intelligence, and analytics merge to empower clients with actionable and accessible information. Please visit www.thestrawgroup.com.