Welcome to the “Marketing Highlights” Podcast, where we share – in 2 minutes or less – timely and actionable marketing tips and strategies to use in your business. Whether you’re a solopreneur, small business, large corporation or nonprofit organization, you’ll learn something valuable for your business. I’m Jim Person from JimPerson.com; welcome to Episode #01, “Gift Cards.”
Researchers have concluded that shoppers are gifting gift cards for just over half (55%) of their annual gift-spending and that about one-third (33%) spend more on gift cards than they would on physical gifts for others. Click To TweetAccording to an article on bizreport.com, merchants and marketers might want to offer more in the way of gift cards, since new data shows that consumers, on average, are spending $59 over the gift card amount when shopping with a gift card.
Those findings are part of First Data’s 18th Prepaid Consumer Insights Study. In addition to the spending find, researchers have concluded that shoppers are gifting gift cards for just over half (55%) of their annual gift-spending, and that about one-third (33%) spend more on gift cards than they would on physical gifts for others. That would include birthdays, anniversaries, and the holidays.
Further:
47% of those between ages 18 and 23 prefer physical gift cards over other gift card formats
64% buy gift cards for their personal use throughout the year
In 2017, consumers bought 12 gift cards on average; in 2018, that number is expected to increase to 14
33% will reload gift cards after the initial use
That’s it for today’s episode of “Marketing Highlights.” Be sure to join us again next time for more actionable marketing tidbits. To subscribe in your favorite podcast player, visit jimperson.com/subscribe and to hear past episodes, visit jimperson.com/archive.
Source: Biz Report
