For the past seven years, gift cards have been the number one most wanted holiday wish list item, according to the National Retail Foundation. The popularity of gift cards has steadily increased throughout the last several years and will culminate in an estimated $100 billion dollars loaded on to gift cards in 2014*.
Still not sure if gift cards are right for your business? Here are some incredible statistics:
80.6% of U.S. consumer plan to buy gift cards this year*
64% of consumers spend more than the value of their gift card*
59% visited a store more frequently after receiving a gift card*
41% of consumers visited a store they would not have otherwise gone to because they received a gift card*
Offering gift cards is not only what your customers want, but it’s easy with Merchants Bank! Through our partnership with Valutec, you may begin offering personalized gift cards at your business in as little as 10 days. Simply speak to our Credit Card department by calling (507) 457-1160 or (800)-944-6285 to get started.
*All statistics from firstdata.com.