Study: Gift card popularity remains high, consumers eager for mobile storage
Gift cards are a popular retail consumer focus this holiday season but they're also likely the most last-minute purchase before the big day.
A new CashStar study reveals 61 percent of online holiday shoppers have gift cards on the shopping list even before December arrives, but 70 percent will be running to a store at the last minute to grab them off the shelf and cross them off the shopping list.
The study notes the increasing consumer love for gift cards requires retailers to provide consumers improved card management options, such as storing the card on mobile devices. Of those polled by CashStar, 40 percent of online consumers admit to losing plastic gift cards and 56 percent would like the option to store card value on smartphones or in a mobile wallet to avoid potential loss.
"This data reinforces the importance of delivering rich, engaging and useful experiences for both the senders and the recipients of gift cards," said CashStar President and CEO Ben Kaplan, in an announcement. "People who receive gift cards — both plastic and digital — now have more options than ever for storing their card value on their smartphones in mobile wallets, and in 2016 we expect more retailers to adopt this functionality."
The study reveals northeast region consumers are most likely to lose such cards compared to southeast residents. Those living in western states expressed the most interest in mobile storage card options and younger shoppers are more interested in storing gift cards on mobile phones: 74 percent of 18 to 24 years olds versus 34 percent of those age 66 or older.