2024

Gift cards are emerging as one of the mostappreciated gifts going into the 2024 holiday
season – only 1% of gift card receivers
reported not liking the gift cards they received.
To uncover what consumers are seeking in gift card solutions this season,
Bank of America and TSG teamed up to explore consumer expectations.
Check out our insights below.

Gift Card Receivers

More than 6 out of 10 consumers received
gift cards during the holiday season last year.

Overall, consumers tend to be more satisfied with gift cards than physical gifts.

35%61Of consumers are happierreceiving a gift card overother physical gifts

4Of consumers are equallysatisfied with gift cards
and other gifts%

Of consumers are happierreceiving physical gifts
over gift cards%

Who was most likely to receive gift cards during the holiday season last year?

79%

75%

69%

52%

46 %

Gen Z

Millennials

Gen X

Baby Boomers

Silent Gen

How quickly did consumers use their holiday gift cards last year?

9%

19 %

47 %

3 in 4 consumers had used at least half of
their holiday gift cards by Valentine’s Day.
About half used them all!

Used half

Used mostUsed all

Gift Card Buyers
What type of gift cards do consumers purchase?

88%
78%

65%
61%

Large Retailer
Food/Beverage

52%
50%

Grocery
Clothing/Fashion

Home Improvement
Gas

45%
43%

Health/Beauty
Movie Theater

When do consumers plan to buy holiday gift cards this fall?
3 out of 4 consumers plan to wait until atleast October to begin buying holiday giftcards. 35% typically begin in November tocapitalize on Black Friday deals.

13 % Nov. 35 % Dec. 27 %Oct.

Why do consumers like giving gift cards to others?
Gift cards give receivers more choices for how to spend their gift money and are easier topurchase than physical gifts.

68 %
47 %

2024

To allow the recipient a greater choice
Easier than purchasing physical gifts

What type of occasions will consumers purchase gift cards for?

Digital GC

Gift cards are most popular for holidays and birthdays. Physical gift cards may beespecially popular this year.

Physical GC

Holiday

Birthday

28 %

2024

75 %

2024

28 %

2023

29 %

87 %

25 %

2023

Any (Digital, Physical, or Both)62 %87 %68 %
83 %
58 %

87 %

Who will purchase gift cards for the holidays?

Digital GC

Purchasing gift cards for the holidays is popular for consumers of all ages.

Physical GC
Any (Digital, Physical, or Both)Gen Z

Baby Boomers

36 %

19 %
76 %
86 %

76 %
85 %
Silent Gen

Millennials

39 %

17 %
75 %
93 %

87 %
87 %

71%
87%

Most consumers are likely to receive at least one gift cardfrom others through the next few months, and almost all(99%) are expected to enjoy the gift cards they receive.

Gen X

32 %

What gift cards will you use this holiday season?

“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation.
Lending, derivatives, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank ofAmerica Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and otherinvestment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"),
including, in the United States, BofA Securities, Inc., which is a registered broker-dealer and Member of SIPC, and, in other jurisdictions, by locallyregistered entities. BofA Securities, Inc. is a registered futures commission merchant with the CFTC and a member of the NFA.
Investment products offered by Investment Banking Affiliates:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value© 2024 Bank of America Corp. All rights reserved. All trademarks, service marks and trade names referenced in this material are the property of andlicensed by their respective owners.
© 2024 The Strawhecker Group, LLC
MAP 6897039
TSG and Bank of America conducted a survey of 1007 consumers in the US to understand their usage of gift cards, as well as their attitudes, preferences,and habits around gift card use. The survey, conducted in February of 2024, includes feedback from consumers across all 50 states, with a margin of errorof +/- 4% at a 99% confidence level.