TSG and Bank of America’s latest research on gift cards suggests overall demand for, and spending on, gift cards is growing, as consumers and businesses alike turn to them as a gift-giving staple. In fact, 47% of consumers noted that friends and family ask them for gift cards more often now compared to a few years ago. Plus, gift card buyers are spending $14-30 more on average per gift card.

Download 2024 Study

These findings were compiled from a joint survey of over 1,000 U.S. consumers* to examine attitudes, preferences, and habits regarding gift card use. This follows their study in 2023. 

Key Insights

• Satisfaction: 96% were equally satisfied or happier with receiving gift cards over a physical gift.
• Usage: 47% of consumers spent all their 2023 holiday gift cards by Valentine’s Day in 2024, while 74% had used at least half of their gift cards.
• Good for Business: 49% said receiving a gift card would prompt them to try out a new business, such as a restaurant or retail establishment. Additionally, 47% reported spending more than their gift card value.
• Millennials Drive Gift Card Purchasing: Millennials were almost twice as likely to purchase gift cards compared to Baby Boombers.

Contact your Bank of America representative to learn more.

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*TSG and Bank of America conducted a survey of 1007 consumers in the U.S. to understand their usage of gift cards, as well as their attitudes, preferences, and habits around gift card use. The survey, conducted in February of 2024, includes feedback from consumers across all 50 states, with a margin of error of +/- 4% at a 99% confidence level.