Oklahoma City -- The vast majority (91.4%) of American consumers plan to give up to three retail gift cards as gifts over the next three months, according to survey results released Tuesday by the Retail Gift Card Association.
However, the survey also found that consumers will continue to keep their wallets tight - only 30.6% of respondents would purchase something they would not normally buy. The rest, 69.4%, said they would spend the gift card on something they needed, or put it toward a larger purchase.
Data from the survey also showed that 71.3% feel “very satisfied” when they receive a retail gift card as a gift, and 91.4% said they plan to give one to three retail gift cards as gifts in the next three months.
"This survey shows that gift card continue to evolve in terms of their utility for many gifting occasions and they continue to be coveted by recipients," said RGCA executive director Rebekka Rea.
Additional findings include:
- According to the survey, 29.4% of respondents gave Dad a gift card to a home improvement store, and 10.4% opted for a restaurant card;
- 28.6% plan to give newlyweds a gift card to a home improvement store this summer, which is a higher percentage than spa/leisure, restaurant, retailer or online gift cards;
- 73.2% prefer to give a retail gift card when giving a gift from a group of people;
- 88.5% redeem a retail gift card within 6 months of receiving;
- 87.7% spend the same amount, or more than the amount of the retail gift card;
- 50.9% like giving retail gift cards because they are convenient; and
- 84.6% like receiving retail gift cards because they can purchase what they want.