News

Gift card purchases not always a last-minute consumer purchase

October 1, 2018

Consumers are not buying open-loop gift cards in a last minute gift decisions, and in fact 73 percent plan the gift card purchase in advance, according to a new InComm Summer 2018 Open-Loop Gift Card Study.

Open-loop gift cards can be used virtually anywhere in the United States where the network on the card is accepted, according to a press release.

"These findings reveal that open-loop gift card users are regular and frequent purchasers of these products," said Matt Lanford, senior vice president and general manager, financial services, at InComm, in the release.

A good majority (67 percent) buy the open-loop card are enticed by convenience and a being provided a range of gift cards in a store environment.

"Consumers want a gift card buying experience that will not disrupt their regular shopping routines," said Lanford. "Retailers should work closely with their partners and prioritize planogramming and merchandising to ensure their stores have a wide range of gift cards in stock that can be easily found by customers."