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Ceturtdiena 27.10.2016 | Name days: Lilita, Irita, Ita

Revenue from gift card sales may reach USD 140 billion this year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOver the course of the past eight years gift cards have become one of the most popular gifts in the world. The amount of money people usually spend on gift cards has been growing by an average of 6% every year since 2005. Experts believe this will continue.

According to results of a survey by CEB TowerGroup, it is expected that revenue from gift cards may reach USD 140 billion in 2016.

Although gift cards are sometimes considered very impersonal, surveys show that people are often happy to receive gift cards. This lets them pick their own gifts. For example, results of a survey carried out by US Retail Federation in 2014 show that gift cards are at the top of the list of the most desired gifts among consumers.

Although gift cards have become nearly as practical as whole separate currency, they are not considered as seriously as actual money. People around the world buy gift cards every year. The total worth of gift cards sold worldwide exceeds USD 100 billion. On average, 10% of gift cards are never used. There are many different reasons for that – people sometimes forget about them, people simply don’t have the time or desire to go shopping, the store does not have anything they need, people lose their gift cards, etc.

Companies that introduce electronic gift cards report 50-100% increase in sales of those cards. This means people are slowly looking away from standard gift cards in favour of electronic ones. Electronic gift cards also make life easier for traders – they are easier to keep track of and are harder to forge.

Survey results show: 77% of consumers admit that a gift card costs roughly the same as a specific gift. Roughly 50% of consumers receive gift cards during Christmas. Google search statistical information shows that the most often gift search queries for Christmas include all kinds of sweets, food products, clothes and perfume. In the end, however, most people settle for gift cards.


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