Consumers are increasingly choosing gift cards
as gifts this year, especially as businesses offer more promotions,
deals and discounts to combat shoppers' inflation fatigue.
CHICAGO, Nov. 16,
2023 /PRNewswire/ - Givex, the cloud-based global
customer engagement and business insights platform, has released
the Givex 2023 Holiday Gift Card Survey and insights into consumer
trends for the upcoming holiday shopping season. The data came from
a survey commissioned by Givex of over 1,000 Americans, with a
focus on American consumer shopping behavior and trends for the
2023 holiday season.
According to the Givex 2023 Holiday Gift Card Survey, inflation
will indeed impact the gift-giving plans of 76% of respondents this
holiday season, a 10% increase from 2022. This proportion varies
only moderately with income — 79% of those with a household income
below $50,000 agree, as do 69% of
those with an income of $100,000 or
more.
"In the current economic climate, people are understandably
being a bit more cautious with their holiday spending," said
Mo Chaar, the Chief Commercial
Officer at Givex. "Businesses that understand these current
consumer trends can tailor their offerings accordingly. Gift cards,
for example, can become a vital tool for businesses this holiday
season — they offer shoppers a simple way to ensure that the money
they spend on gifts matches what their loved ones actually want.
Keeping these customer preferences in mind can help businesses
boost their holiday sales and improve overall engagement."
Key findings from the survey include:
Early Shopping Trends Amidst Inflation
- Nearly half of the consumers (49%) are responding to economic
pressures by shopping earlier, with intentions to capitalize on the
influx of promotions kicking off as early as October.
The Digital Gift Card Surge
- 70% of respondents say they are more likely to purchase a
digital gift card than a physical gift card for someone else, a 6%
increase from 2022.
- About one-third of Americans (32%) prefer to receive a digital,
rather than a physical, gift card.
- This proportion is higher among those aged 18-34 (39%) than
those 55 and up (24%).
- Givex data indicates that this shift isn't just about
convenience but a broader move toward digital shopping experiences,
with enhancements like animations adding a personalized touch to
digital gifting.
Credit and Restaurant Gift Cards in High Demand
- Nearly two-thirds (64%) of respondents chose credit card gift
cards as their preferred option to receive.
- With a 3% increase from the previous year, restaurant gift
cards stand out as the second most coveted gift card type.
- Half of Americans plan to invest at least $100 in gift cards this holiday season.
Cyber Monday Overtaking Black Friday in Popularity
- According to Givex data, Black Friday gift card shopping is
decreasing Year Over Year (YOY) (value sold was down 13.8%), while
Cyber Monday gift card shopping is increasing YOY (value sold was
up 14.2%).
- 30% of all gift card sales for the year take place between
Black Friday and Christmas Eve.
As the holiday shopping season peaks over the next couple of
months, inflation will certainly impact American spending, which is
why gift cards remain in high demand. The 2023 Givex Holiday Gift
Card Survey findings enable business owners to make strategic and
timely decisions to maximize their revenue potential this holiday
season.
For more information about Givex technology, visit
givex.com.
About Givex
The world is changing. Givex is ready. Since 1999, Givex has
provided technology solutions that unleash the full potential of
engagement, creating and cultivating powerful connections that
unite brands and customers. With a global footprint of 128,000+
active locations across more than 100 countries, Givex unleashes
strategic insights, empowering brands through reliable technology
and exceptional support. Givex's integrated end-to-end management
solution provides Gift Cards, GivexPOS, Loyalty Programs and more,
creating growth opportunities for businesses of all sizes and
industries. Learn more about how to streamline workflows, tackle
complex challenges and transform data into actionable insights at
www.givex.com.
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SOURCE Givex