Consumers in the United States will spend about $130 billion on gift cards in their various forms this year, up 6% over 2014, according to CEB, a market research and technology firm. The ninth annual CEB TowerGroup report suggested that digital gift giving, or e-gifting, will continue to support overall industry growth after enjoying a 26% rise this year, the firm stated.
E-gifting should gain going forward, CEB added, as peer-to-peer payment services become mainstream and plastic cards go digital.
E-gifting represented $7.1 billion in volume this year, up from $5.5 billion in 2014, CEB estimated, and the company predicted that e-gifting would account for $18 billion by 2018, over 11% of all gift card spending.
In addition, CEB asserted, open network branded gift cards will grow in sales volume from $45 billion last year to $48 billion in 2015. Year over year, retailer card volume will grow from $41 billion to $43 billion while restaurant cards and those designated miscellaneous will experience limited volume growth to $19 billion and $13 billion, respectively.