On Saturday, Jan. 20, the fifth annual event reminds consumers to dig out the gift cards that were meant to be spent on post-holiday shopping sprees or to benefit their favorite charitable causes.
BOCA RATON, Fla., Jan. 9, 2024 /PRNewswire/ — The holidays are over, but the joy of shopping can still live on thanks to National Use Your Gift Card Day, which is returning for its fifth round on Saturday, Jan. 20. The annual event reminds shoppers to use the gift cards they received – a significant source of holiday joy, with gift card spending expected to total $29.3 billion in the 2023 holiday season, according to a November 2023 consumer survey by the National Retail Federation and Prosper Insights & Analytics. USA Today has reported that some $21 billion may be left unspent as the cards sit forgotten in drawers, wallets, and email folders.
Held on the third Saturday of each January, the gift card holiday is also an indispensable sales driver for participating merchants, who may find shoppers in the mood to spend even more after cashing in their gift cards. In addition, charities can benefit from cards donated by recipients.
“The convenience and value of gift cards make them one of the most popular holiday presents, a gift no one wants to return. But as we get busy in the new year, they can easily be forgotten,” said Tracy Tilson, founder of the shopping holiday. “National Use Your Gift Card Day urges consumers to find and use the cards for the post-holiday splurge that the givers intended them to enjoy.”
Gift cards top shoppers’ lists year after year, according to the National Retail Federation, which unwrapped some revealing research in its 2023 holiday consumer surveys with Prosper Insights & Analytics:
- Gift cards continue to be the most popular gift, with 55% of holiday shoppers saying they would like to receive them this year. They were the third-most popular gift purchased during the five-day Thanksgiving holiday shopping weekend, selected by 25% of gift shoppers.
- Holiday shoppers said they are most likely to purchase gift cards from restaurants (30%), followed by bank-issued cards (26%) and cards from department stores (26%) and coffee shops (21%).
- Total holiday gift card spending was expected to reach $29.3 billion in 2023, up from $28.6 billion in 2022.
- Similar to last year, holiday shoppers planned to purchase three to four gift cards and spend an average of $49.43 per card ($166.69 per person).
“Time and again, gift cards continue to be a popular item for holiday gifting, offering a feasible and easy option for recipients,” said NRF Vice President of Industry and Consumer Insights Katherine Cullen. “With consumers planning to spend more than $29 billion on gift cards over the holidays, shoppers can take advantage of retailers’ post-holiday sales and promotions to redeem their gift cards for something they really want.”
Many gift card recipients choose to sell them instead of spending them, although they rarely get full value. A smart alternative is to donate unwanted cards to worthwhile causes. This year, National Use Your Gift Card Day supporters include CharityChoice’s DonateYourCard.org, a nonprofit organization that enables the donation of gift card balances to your choice of over 2,500 carefully selected charities addressing disaster relief, hunger, education, disabilities, health, the elderly and more causes.
For those who still plan to spend the cards, the following brands have signed on to welcome consumers on the gift card holiday:
For more information on the holiday, visit www.UseYourGiftCard.com or email [email protected].
About National Use Your Gift Card Day and UseYourGiftCard.Com
National Use Your Gift Card Day is an American shopping holiday held on the third Saturday in January, reminding consumers to use unused gift cards before they are forgotten. Consumers can check UseYourGiftCard.Com for more information and an updated list of merchants and find advice for getting the most out of their gift cards on Jan. 20, 2024. National Use Your Gift Card Day is a member of the National Retail Federation.
SOURCE UseYourGiftCard.com
