Consumers Are Eager to Spend as COVID-19 Restrictions Lift
Friday, April 30, 2021
New research from global payments provider Blackhawk Network examines where and how Americans plan to spend as restrictions lift
PLEASANTON, Calif., April 22, 2021 /PRNewswire/ -- Consumers are eager to shop, eat out and travel after a year of COVID-19 restrictions. With an estimated $1.7 trillion in excess savings during the pandemic(1), and with the expanded vaccine rollout and the anticipation of a return to some normalcy, Americans are ready to make up for lost time. According to new research(2) from global payments company Blackhawk Network, traveling, getting together with friends and family, and eating out top the list of activities consumers are most excited to celebrate together, and with those occasions, 76% of surveyed Americans anticipate giving more gifts.
"We've all missed so many celebrations and milestones this past year, so it makes sense that we're seeing so much pent-up consumer demand aimed towards gifting," said Theresa McEndree, global head of marketing, Blackhawk Network. "Americans are excited to get back to special events, to reunite with their family and friends, and enjoy the connections that gift cards and gifting can provide."
The "Return of Consumer Spending" study asked U.S. consumers where and how they plan to spend after restrictions relax further or lift. Top findings and trends include:
-- More to spend and give. The majority of survey respondents have big
gifting plans, with 76% reporting they anticipate giving more gifts when
pandemic restrictions lift. Respondents also report they plan to spend
more on gifts, with 79% likely to increase spending on gifts.
-- Birthday and holiday spending post-COVID. Surveyed consumers are most
excited to celebrate birthdays (73%) and holidays (71%) together. Along
with those celebrations, 70% of consumers plan to spend $100 or more on
birthdays and 67% plan to spend as much or more on holidays.
-- Men and Gen Xers are the big spending gifters. Seventy-six percent of
surveyed men and 77% of surveyed Gen Xers plan to spend $250-$500+ on
gifts across all occasions, with birthdays and holidays being the most
prevalent.
-- Return to services and experiences where pandemic access has been
limited. When asked to rank the activities they are most excited to get
back to doing, traveling, getting together with friends and family,
eating out at a restaurant or bar and shopping for fun all topped the
list. Playing or watching sports, live music and entertainment, going to
the gym and visiting a spa or salon were also in the top 10 activities.
Blackhawk Network is one of the top issuers of gift and prepaid cards with more than $25 billion distributed annually across the globe. Visit www.blackhawknetwork.com for a full selection of prepaid and gift card options.
About Blackhawk Network
Blackhawk Network delivers payment solutions through the prepaid products, technologies and network that connect brands and people. We collaborate with our partners to innovate, translating market trends in payments to increase reach, loyalty and revenue. Serving 28 countries, we reliably execute security-minded solutions worldwide. Join us as we shape the future of global branded payments. Learn more at blackhawknetwork.com.
(1) "Americans Have $1.7 Trillion to Burn in Revenge-Spending Binge" was published by Bloomberg Economics on March 17, 2021.
(2) The "Return of Consumer Spending" report is an internet-based study conducted by AA Insights & Isometric Solutions on behalf of Blackhawk Network March 7-10, 2021. The sample size included 1,056 U.S. gift card buyers.
MEDIA CONTACT:
Courtney Brunkow
(303) 717-9575
courtney@fletchergroupllc.com
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SOURCE Blackhawk Network
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