NEW YORK—Gift cards have long been a consumer favorite when it comes to gifting, and the recent holiday season was no exception.
A recent Blackhawk survey has found 52% of consumers surveyed reported being more likely to buy more gift cards this holiday season than in previous years.
“This comes after gift cards were already enjoying over a decade-long reign as the most requested holiday gift,” said Payments Journal, which added that eGift sales are up an impressive 44% year-over-year. “Further, it is estimated that digital gift cards made up 20% of all gift card sales during the 2019 holiday season—and expectations are that 2020’s results will be even higher.”
Social media channels like Facebook, YouTube, and TikTok also continue to greatly influence how products, including gift cards, are sold.
“In fact, 21% of users surveyed have purchased a product directly from such social media channels.” Payments Journal said.