If you’re planning to do most of your Christmas shopping at one of those gift card kiosks, a new Bankrate.com study says you might want to consider buying something else.
Gift cards aren’t a favorite gift, survey says
According to the study, half of consumers plan to give a gift card this holiday season, but only 27% of Americans hope to receive one.
What’s interesting is that 34% of younger millennials, ages 18 to 25, would choose a gift card, the most of any other age group. But they were also the age group most likely to prefer a tangible gift, at 57%.
For those who do give gift cards, most say it’s because they think it would be the best gift for the recipient.
“Finding a gift that suits each individual on your holiday list can be a challenging task,” said Bankrate.com analyst Mike Cetera. “Given the vast selection, electronic delivery options and potential security features, gift cards are still a solid choice for many gift-givers.”
Here are some other key findings from the Bankrate.com study:
- 67% of the cards offer the option for a Personal identification number (PIN)
- 64% of gift cards are reloadable
- 67% of gift cards are available as e-cards
- 87% permit online balance check for gift card and/or e-card version
- 13% of the cards have a purchase fee
Clark: Don’t buy restaurant gift cards
If you’re going to buy gift cards anyway, Clark says you may want to avoid restaurant gift cards this year because so many restaurants are shutting down.
“Don’t buy a restaurant gift card as a gift because by the time the person goes to use it, the place could be out of business,’ Clark said. “If you’re buying one for yourself to earn bonus points, use it right away.”
And to find more personal gifts to give this holiday season, see what’s new on our Clark Deals site.
A better alternative!
If you want to avoid giving someone a gift card they don’t want, consider just giving cash instead! That way the person isn’t limited to how they use the money and won’t have to worry about a store or restaurant going out of business.