Gift Cards Fill Holiday Wish Lists, Accenture Survey Finds

Accenture’s latest “Holiday Shopping 2024” research report highlights a crucial opportunity for retailers: addressing the missed potential of unredeemed gift cards. In 2024, gift cards are expected to account for a staggering 40% of total holiday spending, yet 50% of consumers still report holding unused balances.

The report emphasizes, “Although gift cards provide instant revenue to retailers, unredeemed cards mean missed opportunities. By encouraging redemptions, retailers can turn gift card holders into loyal consumers and drive additional sales.”

Consumer engagement is a major factor, with 73% of U.S. consumers admitting they held onto a gift card for at least one year after receiving it, according to Capital One. Barriers to redemption also contribute to the problem. Accenture’s research reveals that gift card recipients would be more likely to use their cards if options like simplified balance checks (36%), regular reminders of unspent balances (35%), and easier online and in-store redemption processes (32%) were available.

As retailers think about 2025, prioritizing a seamless gift card experience could unlock significant revenue potential. By simplifying balance checks, sending timely reminders, and streamlining redemption processes, retailers can maximize the impact of their gift card programs, boost customer engagement, and drive repeat business. Embracing these strategies can transform unredeemed gift cards from missed opportunities into powerful tools for long-term growth and consumer loyalty.