U.S. Consumers Spend $42 Billion on Gift Cards, According to Packaged Facts

Christmas Giving a Top Market Driver in U.S. Gift Card Market

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Sep 27, 2018, 09:57 ET

ROCKVILLE, Md., Sept. 27, 2018 /PRNewswire/ -- More than a third of American consumers purchased gift cards in the past 12 months, according to survey data published in the new Packaged Facts report, Prepaid and Gift Cards in the U.S., 6th Edition.

An aggregated $42 billion was spent on gift cards over the past year. Consumers spent $25 billion on gift cards given to others and $14 billion on gift cards given to themselves. Meanwhile, another $3 billion worth of gift cards was given to people by their employers.

Reasons for giving gift cards are as varied as the individual gift card purchasers themselves. What's more clear are seasons and occasions during which people are most likely to give gift cards. In terms of dollar value, Christmas stands out as the most common occasion and season.

Packaged Facts estimates that Christmas accounts for 35% of gift card spend on others and 21% of total reported gift card value. Mother's Day is the only other billion-dollar holiday occasion. Among non-holidays, birthdays and gift cards predictably make a perfect pairing, as do gift cards given for graduations and weddings.

About the Report

Prepaid and Gift Cards in the U.S., 6th Edition covers trends shaping the prepaid card market. This Packaged Facts report provides industry participants with a wealth of insights to help them navigate this quickly changing and growing market. For the purposes of this report, prepaid cards consist of closed-loop and open-loop (general-purpose) prepaid cards, including consumer general-purpose reloadable, government-administered, payroll, healthcare, rewards and incentives, and gift cards

View additional information about Prepaid and Gift Cards in the U.S., 6th Edition, including purchase options, the abstract, table of contents, and related reports at Packaged Facts' website: https://www.packagedfacts.com/financial-services-market-c83/.

About Packaged Facts

Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.

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SOURCE Packaged Facts