Holiday 2022: Gifting cash is decidedly digital
Gen Z is most likely to ‘click to add to wallet’
Nine in 10 consumers will both give and receive cash, gift cards, and other monetary gifts this holiday season. Physical gift cards are the most popular way to gift cash, with 52% of consumers intending to purchase them this holiday. Digital gift cards, and other digital monetary gifts including P2P cash, in-app currencies, and cryptocurrency are proving popular, especially with younger consumers. Sixty-seven percent of Gen Z intends to give a digital monetary gift, and the same number would like to receive digital monetary gifts as well.
Gen Z gives digital gift cards
Twenty-nine percent of all consumers plan to give a digital gift card, compared to Gen Z at 34%. Last year, 37% of Gen Z purchased a digital gift card, the highest of any generation.
In-app currencies popular as gifts
Only one in 10 consumers plan to give an in-app currency, like Robux or Snap Tokens, as a gift. That number doubles for Gen Z at 19%. Additionally, 13% of Gen Z wants to receive in-app currency as a gift.
Using P2P platforms to gift money
Forty-two percent of Gen Z’ers plan to gift cash via Venmo, Cash App, or other P2P platform, compared to less than a quarter of average consumers.
Key takeaway: Gen Z is changing the gifting landscape
Gen Z is leading the way in gifting digitally. This generation both sends – and in many cases prefers to receive – digital gifts, compared to the average consumer. Brands need to ensure they offer gifting options to suit their customers’ preferences and that the gifting moment – whether digital or physical – feels special.
Source: Bread Financial proprietary study, November 2022.