The popularity of gift cards and loyalty programs

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As consumer prices skyrocket, so has the value of loyalty and gift cards and for many consumers, it’s an important factor shaping their relationship with a retailer.

According to Fiserv’s Q2 2024 Gift Card Gauge report, in the past year, 74% of consumers have taken advantage of gift card loyalty incentives, and 71% have downloaded a merchant’s app to avail themselves of rewards programs or gift cards.

Now, this is a no-brainer but consumers’ favorite perk of merchant apps is…*drum roll, please*…the possibility of increased savings.

The report that surveyed 1,000 consumers across the US also found that consumers preferred the convenience of storing gift cards in digital wallets.

• 54% shoppers used digital wallets, while 44% said it enhanced security.

For most, however, gift cards and benefits weren’t just an afterthought or an added perk, but often determined where they’d shop.

• A whopping 80% of consumers said they have made the decision to shop somewhere based on gift card loyalty incentives at least one time.
• While 16% said they “always” factor in the incentives.