Survey: Half of consumers say gift cards more valuable than traditional gifts
Consumers plan to spend more on gifting this holiday season, with gift cards a popular choice.
That’s according to Fiserv’s Q3 Gift Card Gauge survey, which noted that one-third of consumers plan to spend more on holiday gifts this year, while only 14% will spend less. For the third year in a row, expected holiday spending is increasing, rising from 27% in 2023 and 21% in 2022.
Among those spending less, 66% cite inflation and higher costs as the main reasons. Of the 40% of survey respondents who have already started their holiday shopping, promotions and discounts, spreading out purchases, and beating the holiday rush were among the top reasons. More than a third (35%) of those who had not started yet said they are waiting for holiday shopping events.
Many consumers are planning to purchase gift cards this holiday season. More than four-in-10 (42%) said they are planning to purchase gift cards to supplement their presents this year, while 33% said they will use gift cards themselves to purchase gifts.
Twenty-one percent said they plan to purchase high-value gift cards as “main presents” this year. Roughly half (49%) of consumers surveyed by Fiserv agreed that in today’s market, a gift card is more valuable than a traditional gift.
Fiserv noted that loyalty programs greatly influence where consumers will shop during the holidays. More than four-in-10 shoppers say they will choose retailers where they are members of a loyalty rewards program for holiday shopping.
[READ MORE: Survey: Consumers still conscious of spending, looking to save]
With consumers eyeing gift cards this holiday season, retailers can make for a better shopping experience by changing where they can be found in-store, according to Fisery. Shoppers expect to find gift cards at a point-of-purchase display (42%), aisle displays (35%) and entrance displays (23%).
The Gift Card Gauge from Fiserv is a quarterly poll of over 1,000 U.S. consumers. Respondents cover all age groups (18 and older), regions and genders.
