Givex Information Technology Group Limited (TSX:GIVX, OTCQX:GIVXF) has revealed the results of its 2022 holiday gift card survey. The takeaway? While inflation will put a damper on some holiday spending, gift cards remain a popular option for shoppers.
The survey of 1,000 Americans, done in partnership with the Angus Reid Institute, found that 66% of respondents said that inflation will impact their gift-giving plans this holiday season.
However, despite this impact, 87% of respondents said they plan to spend money on gift cards this year and 51% said they plan to spend at least $100 on gift cards. Meanwhile, 43% of respondents ages 18-34 said they would prefer to receive a gift card for necessities, including grocery, gas and other essential needs.
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"Understandably, consumers are being cautious when it comes to their holiday shopping this year, and gift cards offer a convenient way to ensure that the money they are spending on a gift is going toward something their loved ones will truly enjoy," Givex chief commercial officer Mo Chaar said in a statement.
"By understanding what shoppers are looking for and tailoring special promotions around those trends, retailers will have a much stronger opportunity to capture holiday sales and boost customer engagement at the same time. Gift cards can be a powerful tool for retailers, especially as the industry continues to adapt to changing consumer behavior and economic conditions."
Other interesting findings include:
- Americans on the West Coast reported the highest inflation impact concerns, with 73% of respondents indicating that inflation would impact their holiday spending
- 57% of respondents said they would be more likely to purchase a gift card this holiday season that included a special promotion
- 67% of respondents said a discounted gift card would make them more likely to purchase a gift card
- 64% said a free gift card with purchase would be their ideal promotion type
- When asked what type of gift card they would most like to receive, the top choices were credit card gift cards (71%), restaurant gift cards (44%) and retail (44%)
Givex is a global fintech company providing merchants with customer engagement, point of sale and payment solutions, all in a single platform.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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