BROOKFIELD, Wis.—While summer is not yet officially over, consumers are already thinking about holiday shopping—especially for gift cards—a new study shows.
According to the Q3 2022 Gift Card Gauge from Fiserv, nearly one in four consumers will be spending less this holiday season than they did in 2021. And while more than 32% of consumers have already started holiday shopping, economic conditions are driving these shoppers into a few common roadblocks, the company said.
According to the survey, those roadblocks include:
- Empty-handed: 83% of consumers are finding desired items are out of stock before they began to browse
- Too lavish: 74% of consumers said they are unable to afford items they want to purchase
- Limited options: 61% of consumers indicate there is a lack of product selection
To combat rising prices and retail limitations, many consumers are already turning to the tried-and-true gift card for holiday gifts, Fiserv said in its analysis. In fact, 60% of consumers say they will buy gift cards to fill supply chain voids this holiday season, the survey found.
Additional Trends
According to the Fiserv survey, additional gift card trends for holiday season 2022:
- 66% on consumers prefer giving physical gift cards instead of digital; up from 58% in 2021
- 58% of consumers prefer to receiving physical gift cards instead of digital; up from 43% in 2021
- 21% of consumers plan to give at least one digital gift card this year; up from 15% in 2021
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