Gift Card Providers Must Adapt or Be Left Behind Like the Gift Certificate, Says Aite-Novarica Group
FIs looking to tie gift card issuing to digital banking applications or embed into in-branch experiences June 14, 2022 (BOSTON) — Few financial services products are as iconic or prominent in the mindset of the American consumer as gift cards. Most Americans have received, purchased, or used gift cards in some shape or form, but a rapidly evolving American consumer is pressuring change. In a new Impact Report, U.S. Gift Cards: An Analysis of an American Staple, research and advisory firm Aite-Novarica Group summarizes the U.S. gift card market, including an analysis of the socioeconomic and demographic factors that influence gift card purchasing and gifting decisions, consumer experiences, and adoption trends. “Gift cards remain relevant to most Americans across all generations, racial/ethnic groups, genders, and income groups,” said Francisco Alvarez-Evangelista, Advisor at Aite-Novarica Group and author of the new report. “But gift card providers must continue developing strong gift card programs that capture consumer interest, finding ways to integrate contemporary functionality and components such as digital wallets and virtual cards into the consumer experience.”
A preview of the report is available online, and desk copies are available to qualified media. Please contact firstname.lastname@example.org or call Kaitlyn Labbe at +1.857.327.9442 for more information. About Aite-Novarica Group: Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.