Consumer Behavior

Gift cards high on holiday shopping list this year

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November 1, 2023

Gift cards are high on shoppers' holiday list as consumers plan to spend 43% of their holiday budget on gift cards.

That's a top finding from a holiday forecast report from Blackhawk Network which also revealed many consumers are waiting until the last weeks of December to shop.

The gift card trend is being fueled by the Gen Z consumer, according to a press release on the findings.

"Consumers will once again look to gift cards to make the most out of gifting, with shoppers planning to spend nearly half of overall gifting budgets on gift cards, a trend largely driven by younger consumers. For retailers, as the youngest generation of shoppers continues to wield their influence and spending power this holiday season, it has become vital to expand and optimize marketing and gift card programs to include new ways to attract and engage young consumers," Jay Jaffin, chief marketing officer, BHN, said in the release.

Surveyed consumers plan to spend $770 on holiday gifting overall this year, which is a relatively flat 3% increase over 2022. However, shoppers plan to spend 43% of their total holiday budget on gift cards — up from 37% last year; gift card load values are also expected to increase this year.