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Pre-paid and Gift Cards in the United States 2008
Mintel, June 2008, Pages: 82
Scope and Themes
What you need to know
Definition
Consumer survey data
Abbreviations
Terms
Executive Summary
Overview
Who is offering prepaid cards?
What are the opportunities?
The impact of prepaid cards
What are the challenges?
Potential for the market
Credit crunch may enhance prepaid card usage
Struggling economy may diminish use of specific retailer gift cards
Gift cards being used to stimulate business
Market Size and Forecast
Open-loop transactions and dollar volume
Closed-loop transactions and dollar volume
Figure 1: Open-loop and closed-loop prepaid summary, transactions and dollar value, 2006
Gift cards
Figure 2: Biggest issuers of gift cards, in alphabetical order, 2007
Competitive Context
Key points
Ongoing challenges to the industry
Major players
Finding wider distribution channels
Standardizing the industry
Does brand matter?
Gift cards as sales incentives
Figure 3: Most popular gift cards given as customer incentives, 2005
Partnering to distribute gift cards
“Smarter” gift cards
Gift cards for good works
Travel gift cards
Gift cards doing business
Customizing cards for business
Gift cards: growth of a “secondary” market
Marketing Channels
Key points
How are prepaid and gift cards distributed?
ATMs as new channel for prepaid gift cards
Prepaid and Gift Cards: Key Target Markets
Key points
Marketing to teens
How many gift cards are teens buying and how much do they spend?
Boys use gift cards more than girls
Can gift cards lead teens to prepaid cards?
Gift cards as wedding gifts
Prepaid cards for the foreign market
Prepaid cards for the unbanked or underbanked
How big is the unbanked market?
Who are the unbanked?
Figure 4: Unbanked, by immigrant group, 2007
Why don’t these consumers use banks?
Figure 5: Major reasons reported for not holding a checking account, 2007
Can these unbanked or underbanked consumers be won over?
Who do the unbanked or underbanked do business with and why?
Targeting payroll business
Prepaid cards for healthcare
Prepaid cards for teachers
Prepaid cards for seniors
Market Drivers
Are consumers less willing to spend?
Can prepaid lead to better things?
Legislative developments
Innovation and Innovators
How are prepaid and gift card products developing?
Retailers capitalize on one-time opportunities
Responding to gas prices
Making card use more flexible
Innovative distribution channels – kiosks
Success with the unbanked
Prepaid cards linked to auto loans
Banks using gift cards as incentives
Gift cards that speak
Gift cards for the ultra wealthy
Virtual gift cards becoming more real
Group gift cards
Round gift cards
Advertising and Promotion
The Consumer – Those Buying and Those Receiving Gift Cards
Key points
Gift cards: how many are consumers buying?
Figure 6: Number of gift cards purchased in the last 12 months, by gender, April 2008
Figure 7: Number of gift cards purchased in the last 12 months, by age, April 2008
Figure 8: Number of gift cards purchased in the last 12 months, by race/ethnicity, April 2008
Gift cards: how many are consumers receiving?
Figure 9: Number of gift cards received in the last 12 months, by gender, April 2008
Figure 10: Number of gift cards received in the last 12 months, by age, April 2008
Figure 11: Number of gift cards received in the last 12 months, by race/ethnicity, April 2008
Gift cards: what are the occasions for buying them?
Figure 12: Occasions for purchasing gift cards, by gender, April 2008
Figure 13: Occasions for purchasing gift cards, by age, April 2008
Figure 14: Occasions for purchasing gift cards, by race/ethnicity, April 2008
Gift cards: what are the occasions for receiving them?
Figure 15: Occasions received gift cards, by gender, April 2008
Figure 16: Occasions received gift cards, by age, April 2008
Figure 17: Occasions received gift cards, by race/ethnicity, April 2008
The Consumer – Behavior and Attitudes of Purchasers and Users
Gift cards: do they work as sales incentives?
Figure 18: Received gift card as an incentive from a retailer, by gender, April 2008
Figure 19: Received gift card as an incentive from a retailer, by age, April 2008
Figure 20: Received gift card as an incentive from a retailer, by race/ethnicity, April 2008
Gift cards: how much will consumers pay in fees?
Figure 21: Willingness to pay a convenience fee for a universal gift card, by gender, April 2008
Figure 22: Willingness to pay a convenience fee for a universal gift card, by age, April 2008
Figure 23: Willingness to pay a convenience fee for a universal gift card, by race/ethnicity, April 2008
Universal gift cards: what are consumers paying for them?
Figure 24: Amount of fees charged for last universal gift card purchased, by gender, April 2008
Gift cards: what perks might work?
Figure 25: Features desired in a gift card, by gender, April 2008
Figure 26: Features desired in a gift card, by age, April 2008
Figure 27: Features desired in a gift card, by race/ethnicity, April 2008
Gift cards: how do consumers prefer to purchase them?
Figure 28: Preferred marketing channel, by gender, April 2008
Figure 29: Preferred marketing channel, by age, April 2008
Figure 30: Preferred marketing channel, by race/ethnicity, April 2008
Prepaid cards: do consumers want their kids to use them in college?
Figure 31: Children attending college, would you prefer they use prepaid cards?, by gender, April 2008
Figure 32: Children attending college, would you prefer they use prepaid cards?, by race/ethnicity, April 2008
Prepaid payroll cards: which consumers are using them?
Figure 33: Prepaid salary card usage, by gender and age, April 2008
Figure 34: Prepaid salary card usage, by race/ethnicity, April 2008
Prepaid payroll cards: what features do consumers like?
Figure 35: Appeal of prepaid salary card usage, by gender, April 2008
Figure 36: Appeal of prepaid salary card usage, by age, April 2008
Figure 37: Appeal of prepaid salary card usage, by race/ethnicity, April 2008
Prepaid cards: what don’t consumers like?
Figure 38: Reasons for not being interested in using stored-value salary cards, by gender, April 2008
Figure 39: Reasons for not being interested in using stored-value salary cards, by age, April 2008
Figure 40: Reasons for not being interested in using stored-value salary cards, by race/ethnicity, April 2008
Appendix: Advertising and Promotion
Figure 74: Email advertisement from American Express, January 2008
Figure 75: Metabank prepaid MasterCard Card acquisition email, March 2008
Figure 76: Johnny Cash Prepaid mastercard email advertisement from Monterey county Bank, January 2008
Figure 77: Palm Desert Prepaid MasterCard email advertisement, January 2008
Figure 78: CapitalOne Prepaid Visa Card advertisement, April 2007
Figure 79: Commerce Bank (New Jersey) Visa gift card print advertisement, June 2008
Appendix: Summary of Other Studies
Key points
Gift cards: are consumers using them more often?
Figure 80: Five-year tracking of American consumers’ year-round gift card purchases and use, 2001-05
Gift cards: which types are consumers using?
Gift cards: when are consumers buying them?
Gift cards: who are consumers buying them for?
Gift cards: where do consumers purchase them?
Gift cards: are consumers going online?
Gift cards: how much do consumers spend?
Gift cards: getting “rapped”
Prepaid cards: who uses them?
Prepaid cards: what do consumers like about them?
Figure 81: Utilization of funds loaded into the prepaid card account, February 2007
Figure 82: Average cardholder transactions, February 2007
Prepaid cards: when do consumers use them?
Figure 83: Holiday credit/debit card volume for the five weeks ending December 25, 2005-07
Prepaid cards: how often do consumers load and spend the funds?
Figure 84: Frequency and value of loads made into account, 2007
Figure 85: Frequency and value of POS transactions, February 2007
Prepaid cards: how much do consumers pay to use them?
Figure 86: Typical consumer fees for activating and using prepaid cards, February 2007
The unbanked and prepaid cards: spending habits
Figure 87: The primary unbanked spending categories (in gross dollars spent), 2006
The banked and prepaid cards: spending habits
Figure 88: Banked spending categories (in gross dollars), 2006
Appendix: Trade Associations
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US gift card market size by dollar sales for gift cards and gift certificates for 1999 and forecast for 2000 and 2001
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