BROOKFIELD, Wis.—Nearly 30 years after its introduction as a method for consumers to pay for rentals at Blockbuster Video, the gift card has “evolved from a trendy holiday gift to a multi-purpose tool being put to use in new and innovative ways,” a new study shows.
According to the Annual U.S. Prepaid Consumers Insights Study from Fiserv, gift cards are now being used to stretch consumer buying power and combat inflation, to recognize and incentivize employees, and as a point of innovation to support sustainability.
Now in its 20th edition, the Annual U.S. Prepaid Consumer Insights study has measured how consumers view and use gift cards for more than two decades, Fiserv said.
Survey Highlights
According to the company, highlights from this year’s study, which surveyed more than 1,000 consumers in November of 2022, include:
- Stretching the Dollar. “With inflation straining consumer wallets, gift card promotions offering discounts and bonuses are tremendously popular; 67% of consumers said these promotions can influence them to purchase more, and more than half of consumers (54%) took advantage of a gift card promotion in 2022.”
- Inflation Impacted Sales. “While 59% of consumers purchased more gift cards in 2022 than they did in 2021, growth slowed compared to previous years; 35% of consumers said they purchased fewer gift cards due to inflation,” Fiserv said.
- The Great Incentivation. “Sixty percent of consumers received a gift card as an incentive from their employer in 2022, a significant increase from 32% in 2019; 85% of employees think that gift cards from an employer make for appropriate incentives.”
- A Sustainable Future. “Sixty-three percent of consumers said that gift cards made from sustainable/biodegradable materials is an important innovation; and 49% of consumers said a company’s position on sustainability influences their desire to purchase from that business,” Fiserv reported.
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