NEW YORK—Nearly half of all gift card sales occur in the last two months of the year, and that trend is expected to continue in 2022, a new report indicates.
Restaurant News added that most of gift card redemptions happen in Q1.
Sales of the cards are expected to increase in 2022 is largely due to restaurants increasing their plastic-promotion efforts, according to the report.
“The promotional push has become a bit more aggressive in the past three years as restaurants diversify their revenue streams amid crises. Further, that promotional push has largely come via ecommerce channels as consumers have become more digitally dependent,” Restaurant News said.
Paytronix data found that gift card sales on Cyber Monday jumped nearly 14% and 18% in overall dollar sales. Digital cards experienced a 31% increase over 2021. According to Givex, 51% of Americans plan to spend at least $100 on gift cards this holiday season, and 44% of consumers say they would prefer restaurant gift cards, Restaurant News added.
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