The 2018 Consumer Insights Study from First Data takes a look at trends in branded currency (gift cards) and how you might leverage them this year for your business.
Amongst consumers surveyed, many prefer physical branded currency because it’s more personal and easier to use. The study also showed that this type of branded currency was most desirable because it can be sent instantly and purchasing is more convenient.
First Data’s 18th Annual Prepaid Consumer Insights Study, which is based on survey data from 2,000-plus U.S. consumers across four age groups (18–23, 24–37, 38–53, and 54-plus age group), found the following:
Overall: Consumers surveyed love to give gift cards, more than any other gift.
- 47 per cent would prefer to have a physical gift card over a traditional gift. They’re also the most open to e-gift cards than any other generation.
- Consumers say they’ll spend 55 per cent of their budget on gift cards.
- 33 per cent say they’ll spend more on a gift card than a traditional gift.
It’s also interesting to note consumer self-purchasing in the jewellery industry and the practice of buying these cards for yourself is seemingly on the rise.
In 2018, 64 per cent of consumers polled said they bought them for their own personal use, up from 58 per cent in 2017. Respondents ages 24–37 were most keen on buying gift cards for themselves, with 71 per cent saying they planned to do just that.
