ROCKVILLE, Md., May 6, 2019 /PRNewswire/ --More than a third of U.S. adults (40%) purchased a gift card in the past year, according to survey data published by market research firm Packaged Facts in the report Prepaid and Gift Cards in the U.S., 6th Edition.
The survey revealed that in the last 12 months, respondents reported spending/receiving the following amounts:
- Spending $25.4 billion on gift cards given to others
- Spending $13.6 billion on gift cards they gave to themselves
- Receiving $3 billion worth of gift cards from their employers
In aggregate, this amounts to $42 billion. Christmas reigns as the largest gift card giving occasion by dollar value: consumers spent an estimated $9 billion on gift cards for others earmarked for Christmas. Birthday follows, with 22% of gift card spend on others. Among other holidays tracked in the survey, Mother's Day is the only other billion-dollar contributor—Father's Day, Valentine's Day, and Easter fall successively below that amount.
Two other widely celebrated life milestone events (graduation and wedding/wedding shower) also break the billion-dollar threshold. Several occasions are not tied to an event but rather to an intention (just because, thank you, reward, congratulations). Combined, these four gift-giving occasions generate $3.2 billion, placing combined intention-driven occasions behind Christmas and birthdays.
Purchasing 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