If you follow the wealth of research conducted recently by various major players from the gift card industry, you'll hear good things about these handy cards, whether reloadable or single-use. In fact, they are favoured by Canadian gift givers and recipients alike, according to the annual National Gift Card Survey from Givex Corporation.
The Givex survey found that the majority of Canadians tend to spend more than the value of their gift card, meaning that the value (to the retailer) of the gift can be inflated significantly at redemption time.
The survey also highlighted a particular opportunity for growth in the Quebec market, where awareness of gift cards is lower than the rest of Canada.
The main survey findings included:
- Women were more likely than men to consider themselves someone who uses gift cards (women 72%, men 64%).
- 77% of those polled cite convenience and flexibility as the number one advantage of giving or receiving a gift card, up 6% over last year.
- 67% of Canadians said if they decide to purchase a gift card for someone it is because it allows the recipient to choose what they want, up 4 points over last year.
- 73% of Canadians said that they spend more or the same value than what is on their gift card, while only 9% said they spend less.
Acceptance Only 13% think gift cards are too impersonal
63% of Canadians said they would reload their cards for convenience, discounts or free products.
- Only 13% of Canadians said that they felt gift cards were too impersonal, a slight decrease from last year.
- Seven in ten Canadians (68%) considered themselves someone who either receives or gives gift cards.
- In general, Quebec residents were less likely to use gift cards (48% use gift cards), while also being the group with the highest level of uncertainty about gift cards.
- Gift cards remain a popular choice for all age groups.