Gift card spending continues to grow, with more than half of Americans planning to continue spending in 2023!

It is learned that according to data from Blackhawk Network, U.S. gift card spending hit a new high during the 2022 holiday season, with double-digit growth.

With prices at all-time highs, budgeting, deals and promotions remain top priorities for holiday season consumers. According to a survey from Blackhawk Network, nearly half (48%) of consumers have made more online purchases compared to a year ago, with saving money being their primary driver. In addition, 53% of people choose to shop online to find better deals and promotions, and 36% to reduce driving and fuel expenses.

Six in 10 consumers who purchased gift cards this holiday season said they helped them stay within their budget.

During the 2022 holiday season, the average consumer received six gift cards totaling about $200. Nearly 8 in 10 consumers spent more than the value of the gift cards, on average, $75 more.

Data shows that during the 2022 holiday season, the average price of gift cards increased in line with inflation, which means that price increases are also driving the growth in gift card spending.

“Innovation and shifts in consumer behavior have helped gift cards evolve into a popular way to give gifts and make payments,” said Jay Jaffin, chief marketing officer at Blackhawk Network. “From budgeting and taking advantage of promotions to using gift cards for gifting and payment, gift cards are providing shoppers with more options while providing recipients with a more meaningful holiday experience. In turn, growing consumer demand has made gift cards a key marketing tool for retailers, both during the holiday season and every day. Gift cards have become a holiday mainstay for retailers and consumers alike.”

Of the consumers surveyed, 23% who received a gift card also said at least one was from a merchant they had never tried in the past, providing an opportunity for brick-and-mortar and online retailers and brands to expand their customer base.

Finally, Blackhawk’s survey found that more than half of consumers (58%) plan to spend their gift cards in the first two months of 2023. Given the economic uncertainty this year, there’s a good chance that gift cards will help merchants and brands get off to a successful start to the year and give them confidence heading into 2023.

Editor ✎ Nicole/

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