A few recently conducted studies have shockingly revealed that most people prefer to receive gift cards versus cash. Here are some of the findings of the studies:
*When consumers were given the choice between a £50 gift card or cash, 75% chose to opt for the gift card.
*Another study finding clearly showed that 82% of employees would prefer to receive a gift card from their employers.
*When a pool of people were asked what their ideal gifts were for any occasion, 60% said a gift card.
With these statistics and data in mind, most companies (81% in fact), reward employee efforts using gift cards or non-cash gifts. Additionally, 77% of employees feel more appreciated and recognized for their efforts when receiving a gift of any type for their activity and performance. Purchasing gift cards online is simple and offers a great incentive to employees.
The question that we’re all asking at this point is this: why are gift cards more popular than cold hard cash?
The Advantages Of Gift Cards
Unlike cash, gift cards yield a large number of advantages that cash cannot. Here are just some of them:
*Considered A Treat
Consumers are more likely to spend gift cards on an item that they normally wouldn’t splurge on. This is due in part to the fact that gift cards are single-merchant and brand specific. This helps make spending the gift card an unexpected yet memorable experience that adds to the uniqueness of the holiday or achievement for which the gift card was received.
*Gift Cards Offer Personalization
Unlike directly gifting cash, gift cards have many options for personalization such as the option to add a company’s logo, the name of the recipient or a gift message for the occasion. These small ways to customize the gift card will make it more memorable and unique to the recipient.
*Guilt-Free Spending
The problem with gifting cash is that recipients often feel guilty about spending it on non-essential items. This means, more often than not, the recipient does the so-called “right thing” and spends the money on bills or puts it into a savings account. However, 76% of employees love gift cards because they view it as a guilt-free way to splurge on their unique needs and to enjoy the items they purchase.
*Easy To Talk About
Cash seems like a taboo subject in most social circles, but gift cards are often openly discussed. This is an important prospect for companies to consider because employees that openly discuss their rewards or recognition gift cards will boost the morale of other employees. Additionally, the items that are purchased using the company gift cards can further serve as bragging rights and as a reminder of employee recognition.
*They Inspire And Hone Positivity
Gift cards almost always inspire positive feelings with their ability to recognize hard work and guilt-free spending. Plus, 29% of gift card recipients enjoy the possibility of re-gifting their cards. At the end of the day, they are the gift that keeps on giving!
