New research from Blackhawk Network (BHN) shows a shift in consumer gift card purchasing behavior, with men emerging as the primary purchasers for the first time.
BHN, a digital payment technology provider specializing in gift cards and digital code products, said that its recent “2024 Global Gifting Study” offers retailers insights into how they can shift gift card program strategies to drive more revenue and open customer touchpoint opportunities.
Here are some of the key BHN research findings:
- Gift cards aren’t last-minute afterthoughts: 71% of gift card purchases are planned, indicating a strategic approach to gifting.
- The shift to digital is significant: 60% of consumers plan to purchase digital gift cards in 2024, a 6% increase from last year.
- More year-round gifting: Consumers plan to buy an average of nine gift cards outside the holiday season in 2024.
- In-store remains significant: Men are about 20% more likely to purchase physical cards than women, and half of surveyed consumers are also purchasing gift cards through digital channels.
- Variety in purchase locations: 69% of consumers purchase at stores that sell gift cards for a variety of brands.
- Sustainable gifting: 30% of consumers have purchased paper gift cards.
- Bundling gifts: 88% of shoppers paired a gift card with another gift, presenting a huge up-and-cross-sell opportunity for retailers.
