Fiserv’s Holiday 2020 Gift Card Gauge report reveals gift card consumer insights & key trends

By Pavithra R

Fiserv’s Holiday 2020 Gift Card Gauge report finds that 81% of consumers in the United States will give at least 1 gift card this holiday season, with 38% planning to give 5 or more. Additionally, 84% says gift card to be their last-minute gift of choice this year, and 32% say they anticipate purchasing gift cards in the week leading up to the holidays.

With the close of 2020 and start of a new year, gift cards remain a great tool to engage consumers and address the demand for digital, contactless convenience. For businesses, gift cards enable growth with exciting opportunities to connect with consumers, drive revenue, incentivize action and build loyalty. Fiserv’s Holiday 2020 Gift Card Gauge report surveyed 1,017 U.S. consumers and revealed key insights into gift card attitudes and seasonal spending behaviours.

“The convenience and ‘can’t go wrong’ attributes of gift cards make them the first choice for many holiday shoppers. Gift cards appeal strongly to last-minute buyers, particularly so in the current pandemic environment when many are hesitant to browse in stores,” said Dom Morea, senior vice president and head of Prepaid at Fiserv.

The primary reason for giving gift cards this holiday season is because consumers are unsure what physical gift to purchase (46%), like that recipients can purchase their own gift (44%) and like not having to shop in a store (40%).

Consumers plan to buy gift cards for people inside and outside the family, including:

• Giving gift cards to immediate (68%) and extended (40%) family members
• 30% of consumers plan to give a gift card to a close friend, while 17% will gift a co-worker
• Postal workers (10%), teachers (10%), housekeepers (7%), hairstylists (7%), and waste management professionals (5%) are the most popular essential workers for whom to purchase gift cards
• 33% of consumers plan to spend $20-$30 per gift card, 11% will spend $40-$50, and 22% of gift cards will be worth more than $50.

Established since 1984, Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The FinTech is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies.