News

Shoppers loving the gift card these days

Photo by istock.com

September 19, 2019

There is a consistent 10% year-over-year growth in gift card sales and online-bought cards (in retail and restaurants) are reflecting a 6% increase in check size, according to Paytronix System's annual Gift Card Sales Report: 2019. The report is an in-depth look into holiday gift card sales, sales by channel and service type, and anticipated redemption, according to a press release.

Additional findings include:

• Quick service gift cards are redeemed more frequently, they also contribute to higher sales in the online order channel.
• Discounted gift card sales, through retailers like Costco, BJ's, and Sam’s Club amount to over one-third of all third-party sales.
• Gift card sales drove a large portion of the increase in card sales from 2017 to 2018 as the popularity of gifting stored-value cards continued to grow.