For the past eight years, gift cards have been the number one most wanted holiday wish list item, according to the National Retail Foundation. In addition, 62% of shoppers say they would like to receive a gift card.* The popularity of gift cards has steadily increased since 2003 and spending on gift cards reached more than $31 billion in 2014.*
Still not sure if gift cards are right for your business? Here are some incredible statistics:
- 83% – Total spending on gift cards has increased by 83% since 2003.**
- $23 – On average, consumers spend $23 more than the original value of the gift card at a store. **
- 3x more – On average, consumers visit a store three or more times to spend the balance of 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 can 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.