Gift cards continue to be as a popular gift for a variety of occasions. The market trends in favor of gift cards. Gift cards are prepaid payment vouchers that are worth a specified amount before the specified expiry date. A gift card allows its recipient to make any purchase of their choice.
Currently, the gift card market is worth over $680 billion. At this growth rate, the market is expected to boom to over $3 trillion in value by 2023. With these kinds of figures, let’s examine the key trends in gift cards and prepaid cards in 2021.
5 Key Trends of the Gift Card Market in 2021
Below are five key trends in gift cards:
- Consumers Prefer Buying From Gift Card Display: Gift cards rank high as some of the most popular gifting options for the festive season and birthdays. Consumers are most likely to purchase their gift cards from display stands than any other location.
- Gift Cards are Gaining Popularity: Due to COVID-19 fears, shoppers turn to online purses over in-person shopping. Growth in the eCommerce industry means a surge in gift card purchases. In September 2020, the purchase of gift cards was up by 363% compared to the same period in 2019.
- More People are Buying Gift Cards From Banks: Banks are emerging as popular locations for buying gift cards. In 2020, 36% of consumers bought their gift cards from banks. This figure is higher than the 19% of consumers that turned to banks in 2018. We expect this trend to continue.
- Social Media Sites are Popular Venues for Buying Prepaid Gift Cards: In 2020, 46% of gift card buyers acquired prepaid vouchers from social media sites. This number is higher than the 17% of consumers that used the same channel in 2018. You can expect the same trend to continue in 2021.
- Cash Reigns as the Most Popular Gift: Cash was the most popular gift to give in 2020, and it defends that title in 2021.
Gift Cards and Prepaid2Cash
Cash remains the most popular gift to receive in 2021, and Prepaid2Cash recognizes this trend. When you find yourself in possession of a gift card or prepaid card you simply do not want, we can help you convert it to cash. We work with over 100 brands to facilitate convenience and save you time.