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Despite consumers’ intentions to spend more on gifts this holiday season than in 2020, concerns about ongoing shipping delays and low product inventories are making gift cards a more attractive gift option.
Indeed, 33% of consumers say they would purchase a gift card if they were unable to get a particular item and 29% plan on purchasing more gift cards this holiday season due to supply chain disruptions or low store inventory, according to Fiserv Inc.’s December 2021 Gift Card Gauge. Should consumers need a last-minute gift, 44% say they would purchase a gift card.
Fiserv surveyed more than 1,000 consumers for the study, which looks at how consumer-spending patterns are changing this holiday season as a result of the ongoing supply-chain snafus.
When it comes to actual spending on gift cards, 81% plan to spend less than $50 per card, 75% plan to give at least one gift card this holiday season, and 65% plan to purchase gift cards in stores.
Overall, 54% of consumers plan to spend more on gifts than during the 2020 holiday gift-giving season, which was muted by the Covid-19 pandemic
Driving consumers’ inclination to give gift cards instead of actual gifts are concerns about the availability of products in key gift categories. Topping the list of products consumers expect to be hard to find is electronics (70%), followed by clothing and accessories (42%) and toys (36%). When it comes to supply-chain issues in general, 55% of respondents expressed concerns about delivery delays and out-of-stock items impacting their holiday shopping, according to Fiserv.
In related news, EML Payments is rolling out same-day virtual gift cards for the holiday season. The cards can be delivered to recipients via email the same day they are purchased. EML is promoting its virtual gift cards as a sustainable gift option, as they eliminate the need for purchasing a plastic gift card, and as an easy gift option when sending a gifts cross-border.
