Summary
This report outlines the trends and consumer behaviors influencing the gift card market for 2024. It highlights that milestone events such as birthdays and weddings continue to drive gift card sales, with 56% of consumers planning to purchase gift cards for these occasions. The report details findings from a Clover survey of 1,000 U.S. consumers, emphasizing the importance of understanding consumer characteristics based on their living environments. Urban consumers exhibit distinct preferences, favoring digital wallets for their convenience and speed. The report notes that 60% of respondents intend to use digital wallets more in 2024, reflecting a significant shift towards digital transactions. Additionally, it discusses the growth of online gaming gift cards, which are becoming increasingly popular alongside traditional retail and restaurant gift cards. Merchants are encouraged to remind consumers of unused gift card balances and leverage promotional events to enhance sales. The data presented is derived from the Q1 2024 Gift Card Gauge conducted by Clover.
