Blackhawk Network, which develops branded pay products, has determined that the COVID-19 pandemic has renewed consumer interest in home, redecorating and DIY projects as suggested by a study conducted from August 24 to 31 indicating that home good gift cards purchasing had increased 71% year over year.
As such, the company maintained, holiday shoppers are likely to buy home good gift cards to help family and friends put the finishing touches on household initiatives.
Highlights from the research include:
- Just over half of consumers responding to the study stated they are more likely to buy additional gift cards this holiday season versus those in years past.
- Because of the COVID-19 pandemic, 63% of consumers are likely to travel less this holiday season to visit family and friends and plan on buying gift cards for those they can’t see.
- The coronavirus crisis will prompt 57% of consumers to change their gifting habits this holiday season.
- Shoppers anticipate spending 40% of their budgeted holiday gifting funds on cards.
- Consumers expect to purchase an average of 10 gift cards this year on average, double what they reported last year.
- Six-in-10 consumers are likely to buy more gifts online this holiday season.