Time to cash in your (gift) chips
Gen Z and Millennials came out on top of the holiday gift card game, but spending plans vary significantly.
Clear eyes, full stockings, can’t lose
- Most consumers (56%) received gift cards over the holidays, and those who did received an average of 3-4.
- Younger generations came out on top, with 60% of Gen Zers and 64% of Millennials scoring gift cards.
Hey, big spender!
- Those who got gift cards received the highest dollar amounts in general cards like VISA and AMEX ($60.28) and store-branded cards ($55.25). That’s not surprising, given the versatility of general cards and the staggering market share chains like Target and Walmart hold.
- Recipients also saw high dollar values for food/beverage ($45.08), electronics ($42.28), apparel/footwear ($36.29), consistent with purchasing responses in our pre-holiday BOXpoll surveys.
Scheduling post-holiday retail therapy
- So when will retailers see the revenue from holiday gift card sales? More than a third (39%) of consumers plan to cash in by the end of January, half (48%) plan to spend by the end of February, and 30% plan to save them until they’re needed. This data is consistent with what consumers told us in pre-holiday BOXpoll surveys.
- Gen Z gift card holders are the most likely (41%) to save their prepaid dollars for a rainy day, while Gen Xers and Millennials are the most likely (44% and 42%, respectively) to spend in January.
BOXpoll™ by Pitney Bowes, a weekly consumer survey on current events, culture,and ecommerce logistics. Conducted by Pitney Bowes with Morning Consult //2094 US consumers surveyed January 2022.© Copyright Pitney Bowes Inc.