Whether giving a bonus to the babysitter, mailman, hairstylist or holiday shopping for your family and friends or deciding what to include in your workplace incentive or engagement program, gift cards are clearly an important element of your catalog options. Given the growing stats, it doesn’t seem like the desire for gift cards will ever change! Maybe the delivery of the gift card to the recipient will continue to evolve over the years – plastic, to electronic, to mobile credits, to other new exciting technologies yes to be invented. Technology will continue to keep the gift card the newest and coolest way to receive the gift!
For all you gift givers, the National Retail Federation stated in their recent holiday survey:
“When it comes to holiday wish lists, gift cards take the prize once again, as the most requested gift item for the seventh year in a row. According to the survey, six in 10 Americans say they’d most like to receive gift cards”.
And there is more NRF evidence that 8 in 10 shoppers will be buying them! Simply saying it best.. “It’s personal, it’s practical, and it comes with a price tag that matches anyone’s budget – it’s a gift card, and this holiday season 80.6% shoppers will look to add these small gift items to their baskets.” So how can you go wrong with over 1/2 the consumers wanting one and over 3/4 of them buying? Gift cards are in an ever growing demand and supply!
If you are working on rewards for your incentive programs then the lesson is clear. The non-cash incentives thriving market has 74 percent of U.S. businesses spending nearly 77 Billion dollars annually. Of that total, 53 billion is on gift cards and merchandise. And half of the total annual spend comes from small businesses! This information also comes from the Incentive Federation in a study about the dramatic market growth in the use of incentives.
We also know that consumer preferences for gift cards carries over into their buying habits within corporate incentive programs. So, if you are working on rewards for your incentive programs the lesson is clear.
Are you “giving” to the demand of gift card market this year? What’s your success story?
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