66% of U.S. Consumers Say Inflation Will Impact Holiday Spending, Givex Survey Highlights
Consumers are specifically interested in purchasing gift cards this year, with 57% saying special promotions will help decide their gift of choice
Givex, the global fintech company focused on providing merchants with useful customer insights to drive business decisions, announced today the 2022 Holiday Gift Card Survey in partnership with the Angus Reid Institute. The data came from a survey commissioned by Givex of over 1,000 Americans, with a focus on American consumer shopping behavior and trends for the 2022 holiday season.
According to the Givex 2022 Holiday Gift Card Survey, inflation will indeed impact the gift-giving plans of 66% of respondents this holiday season. Despite the impacts of inflation, 51% of Americans plan to spend at least $100 on gift cards. Supporting this trend, 43% of Americans ages 18-34 indicated that they would prefer to receive a gift card for necessities, including grocery, gas and other essential needs.
“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,” said Mo Chaar, Chief Commercial Officer of Givex. “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.”
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Key findings from the survey include:
- When asked if inflation has impacted gift-giving plans this holiday season, 66% of Americans agreed.
- Americans residing on the West Coast reported the highest inflation impact concerns, with 73% indicating that inflation would impact their holiday spending.
- 43% of Americans ages 18-34 indicated that they would prefer to receive a gift card for necessities (e.g. supermarket, gas).
- Americans want to take advantage of deals. When asked about what kind of promotions would increase the likelihood of purchasing a gift card, more than half (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 (e.g. 20% off $100) would make them more likely to purchase a gift card.
- 64% said a free gift card with purchase (e.g. Buy a $100 gift card, get one for $20) would be their ideal promotion type.
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- Despite financial challenges, 87% of Americans plan on spending money on gift cards this holiday season.
- 51% of Americans plan on spending at least $100 dollars on gift cards.
- When asked what type of gift card Americans would most like to receive as a gift this holiday season, the top choices were credit card gift cards (71%), restaurant gift cards (44%) and retail (44%).
- When asked about primary incentives for purchasing gift cards this holiday season, 82% of respondents said purchasing a gift card is less stressful than buying a physical gift. Of note, other incentives include:
- 58% of consumers reported that they purchase gift cards when they want to let the recipient choose their own gift.
- Over half (52%) of Americans say their primary incentive for purchasing a gift card is not knowing what to gift the recipient.
As the holiday shopping season peaks over the next couple of months, inflation will certainly impact American spending. Gift cards and personalized promotions are in high demand this holiday season. The 2022 Givex Holiday Gift Card Survey findings enable business owners to make strategic and timely decisions to maximize their revenue potential this holiday season.
