10 Facts About Gift Cards In 2023 [What To Know]
Do you want to know the interesting and fun facts about gift cards in 2023?
Are you looking for what to know about gift cards and gift card trading in Nigeria?
Then, this article is for you, you will learn everything you need to know about Gift Cards.
So tell me, who doesn’t love a gift that places you in the seat of the driver?
No surprise that gift cards are the No. 1 presents requested many years in a row now.
But do you know the best part? there are unknown facts about gift cards you need to know today.
Here on this page, I will provide you with the list of interesting things to know about gift cards.
If you might think that buying a gift card is a bit like a cop-out, the fact is that many people like it and want it as gifts.
Gift cards have spread over the past few years, and you probably already have some in your hands.
Whether you buy or get gift cards, there are many important things you need to know about gift cards.
The more you know, the less headaches you can get.
After all the research, I’ve come across some facts about the gift card that blew my mind.
These are stuff I find interesting and concerning.
Let’s see what facts about the gift card will surprise you and help you save some money.
10 Interesting and Fun Facts About Gift Cards
1. The First Digital Gift Card in 2019 was Amazon
In 2019, amazon introduced the first digital gift card, which gave gift cards popularity in the US.
In the same year, brands like Amazon, Starbucks, and Home Depot earned about $98 billion in gift cards and gave a 90% increase from 2005.
Since then, many US customers have started using gift cards.
Instead of choosing a gift for a friend or loved one, Amazon allows you to purchase and print customized gift cards from its website.
Also, customers can personalize their gift cards for the recipient by choosing a gift card theme and adding a personal message.
Customers can use these gift cards to buy any item in the Amazon store and contain no expiry date.
These gift cards can be a great option when giving a gift to someone you don’t know well or someone who wants to have their own gift.
2. Restaurant Gift Cards are the Most Purchased Gift Card
Although Amazon is the most popular gift card retailer, restaurants are the most popular gift card category.
I’d guess it’s because they’re universal, restaurants appeal to people of all ages and genders.
In 2010, the number of restaurant gift cards increased, the average purchase increased, and the percentage of reloaded gift cards increased.
The most popular restaurant gift card of the year is Starbucks, followed by Chipotle, Chick-fil-A, McDonald’s, and Dunkin’ Donuts.
3. Gift Cards can be Registered So Even If the Card is Lost, the Credit is Not
In the past, issuers of gift cards have declared cards as easy to spend as cash.
Cards were just like cash in another way for certain customers: if lost or stolen, they were gone forever.
With bank-branded cards, you can now register the cards with the issuer to protect them from theft or loss.
One reason certain gift cards are not being used is that they are lost or stolen.
You can protect yourself against such events and minimize damages by registering your gift cards as much as possible.
You need to consult the fine print that comes with your card to see whether and how you can register it.
Registration does not take long and usually includes your name, contact details, card number, PIN, and expiry date.
4. Digital Gift Card Sales are Predicted to Hit $698.2 Billion in 2024
In recent years, the global digital gift card industry has experienced strong growth, which is expected to continue through 2024.
According to a recent survey conducted by Persistence Market Research (2017), the global market for gift cards is expected to hit $698 billion by 2024.
This development is sparked mainly by changes in customer buying behavior.
Consumers have gradually moved away from paper gift certificates and toward digital ones.
Retailers and wholesalers see this development as a new opportunity, as proof of digital gift cards has noticeably risen over the last few years.
Around 65% of customers are now purchasing digital gift cards without any ads, which is 33% higher than last year.
And here, the secret is the rapidly expanding mobile advantage of gift cards and other innovative e-commerce tools, which has helped boost market appeal for digital gift cards.
5. $3 Billion in Gift Cards Were Unused in 2019
While prepaid gift cards are a common holiday gift, with more than half of American consumers purchasing one, that doesn’t mean they’re used wisely.
In 2019, an estimated $3 billion in gift cards went unused.
The reason behind it is that some giftees lose track of their gift cards or misplace them, while others don’t shop in places where their gift cards are valid.
According to an estimate of the Mercator Advisory Group, up to 3% of the gift card dollars are never redeemed.
According to the director of the group’s Prepaid Advisory Service, C. Sue Brown, customers spent around $98.6 loading up gift cards in 2019, which means almost $3 billion was left on the table.
Read Also: How to Redeem Sephora Gift Card Online
6. Men Seem to Spend More On Gift Cards Than Women
It is found that men spend more on gift cards than women, $162.01 and $144.62.
That’s just about a $20 difference, which won’t even cover the expense of one gift card.
And when it comes to gift cards, whose age group spends the most?
Grandma and Grandpa spend an average of $186.44 a year on gift cards.
Yeah, this is one of the fun facts about gift cards you’ll get to know today.
7. Gift Cards are Big Business
Every starter should understand that the gift card market has a big business in the market.
In today’s generation, everything’s starting to become digital, and gift cards are no exception.
The global digital card forecasts are defined by the word “industry.” It was just a niche market in recent years, and now it has become a major market and an industry.
In the future, this trend is projected to continue.
The National Retail Federation has predicted that this holiday season will spend $27.6 billion on gift cards and that those purchasing cards will buy about four cards each, averaging $45.
Gift cards are also purchased for other events such as birthdays and overall expenditure.
8. Gift Cards can Expire But Not Within Five Years
Many people have experienced gift cards being expired.
The Credit CARD Act of 2009 limited the customer’s experience by forcing most gift cards not to expire until five years after the card purchase date or the date on which the money was transferred to the card.
Don’t let the expiry date of a gift card take you by surprise.
If you’re giving out a gift card, first read the printed fine print to know the terms and perhaps give the recipient a general overview of the rules.
If you are the good recipient of a gift card, if you don’t intend to use it immediately, you can find out when it expires or use it in five years.
9. You Can Return and Sell Unwanted Gift Cards
If you have gift cards and don’t know what to do with them, you can sell them online.
You can earn a $100 card to a shop from which you need nothing.
You can choose to have some cash instead of spending a card at stores.
They are the best Gift Card Trading Platforms where you can redeem and sell your gift cards with instant cash payment.
Another choice for unwanted gift cards is to return them.
Some stores take the card back but can only provide you with less cash than the face value of your card.
For example, a $50 card returns you only $45. Yet, it can be better than having a card you do not want to use.
10. Some States Have Special Regulations For Gift Cards
You may know the general rules on gift cards and that federal regulations prohibit cards from expiring less than five years.
However, you should know that each state may have its own regulations on gift cards that go beyond federal rules.
For example, Arizona passed a law banning the selling of gift cards that have fees or expiry dates.
Like Arizona, Minnesota also has similar rules, making it a good place to buy a gift card.
It’s a good idea to look up and know the local gift card laws everywhere you live and do business.
Read Also: How to Redeem Google Play Gift Card
How to Sell Gift Cards For Cash in 2023
Do you have any type of gift cards for sale? There’s a good news for you!
You can now Sell/Redeem/Trade your gift cards here on GiftcardstoNaira and get paid instantly into your Local bank account.
GiftcardstoNaira is the best gift card trading platform where you can sell your gift cards and get paid in Naira or Cedis/Mobile Money.
We offer the best and highest gift card rates for all gift cards in Nigeria and Ghana.
How To Trade Gift Cards on GiftCardsToNaira App
Step by Step Guide on How to Trade gift cards using this Gift Card Trading App.
- Download the Giftcardstonaira Mobile App from Google Play Store or Apple Play Store.
- Create an account and “Sign Up”, then “Log in.”
- Navigate to “Wallet” and click on “Add new account” to add your bank details.
- Go to “Dashboard” and click on “Sell Gift Card” to Submit your gift card.
- Wait for 2 minutes or less for the card to be Confirmed.
- After Confirmation, check your Wallet for your Cash.
- Then Withdraw to your direct Bank Account instantly.
List of Gift Cards to Sell on GiftCardsToNaira Platform
On GiftcardstoNaira; You can sell, trade and redeem the following Gift Cards within 2 Minutes:
- Amazon Gift Card
- Google Play Gift Card
- Razer Gold Gift Card
- eBay Gift Card
- iTunes Gift Card
- Visa Gift Card
- Sephora Gift Card
- Nordstrom Gift Card
- Nike Gift Card
- Walmart Gift Card
- Walmart Visa Gift Card
- American Express (Amex) Gift Card
- BestBuy Gift Card
- JCPenney Gift Card
- Apple Store Gift Card
- Footlocker Gift Card
- Macy Gift Card
- Vanilla/OneVanilla Visa Gift Card
- Target Gift Card
- Steam Gift Card
- NetSpend Gift Card
- Vanilla/OneVanilla Mastercard Gift Card
- American Express Serve Gift Card
- GameStop Gift Card
- Roblox Gift Card
- Xbox Gift Card
- Kohl’s Gift Card
- Lowe’s Gift Card
- Ulta Beauty Gift Card
- Netflix Gift Card.
The current demand for digital gift cards is bright and will last too long.
According to the National Retail Federation (NRF) study, the total amount spent on gift cards, the percentage of people who bought gift cards, and the number of people who said they wanted a gift card increased by 2010.
As per the survey, sixteen of the twenty most common gift cards were retail gift cards, making sense that most US gift cards come from retail companies.
If you’re fussing your head around what to give your friends and families during this Christmas, Thanksgiving, or even Birthdays; a gift card can be your best choice.
Just make sure to read the above interesting facts about gift cards so you can make it as a dinner table conversation while giving a gift card as their present.
And remember, you can always sell and exchange your gift cards for Cash here on our GiftcardstoNaira platform and get instant payment.
Take advantage of this today to start trading your gift cards on our platform and enjoy peace of mind.