Gift Cards for Personal Use
March 26, 2024

Consumers view gift cards as a versatile product. In fact, they sometimes prefer to purchase a gift card for their own use instead of giving it to someone else. We asked these consumers why they purchase open-loop gift cards (which are all-purpose cards, redeemable anywhere the payment network is accepted) for themselves and where they spend the funds.

Convenience was cited as the most common reason why consumers purchase open-loop gift cards for their own use.

Person standing next to store

As for where they redeem their funds, these were the top five most common responses among shoppers who purchase open-loop gift cards for their own use:

Shopping cart in a store

1. Online shopping

Shopping basket

2. Groceries

Shirt and tie icon

3. Clothing

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4. Entertainment

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5. Gaming or streaming

The takeaway for merchants is that they have a chance to engage customers looking for convenient ways to manage and redeem funds at the stores of their choice. With the right gift cards in stock, merchants can serve these shoppers’ needs.

Person carrying a giant gift card walking in front of an array of gift boxes

Source: InComm Payments Gift Card Research Q1-Q4 2023 – Results are based on 6,475 gift card shopper respondents surveyed in 2023.

To learn more, visit our gift card solutions page or explore how we expertly manage your gift card program.

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