NEW YORK—There was nearly a 7% decrease in in-store gift card loads in 2020, a new report reveals.
A new Mercator study shows consumers loaded $146.4 billion onto in-store gift cards in 2020, down from $156.8 billion in 2019.
A smaller percentage of U.S. consumers purchased in-store gift cards in 2020 and yearly loads were less, The Payments Journal noted in its analysis.
Mercator forecasts the total yearly load for a U.S. adult who purchases in-store gift cards will decrease by 1% into 2025. Mercator stated it believes in-store gift card loads are stagnating because consumers are moving to digital channels.