Self-use gift cards continue to play an important role in 2024

The GCVA’s recent insights report reveals that purchasing gift cards for self-use is once again on the rise, with over a fifth (21.2%) of those purchasing gift cards for self-use doing so through employee benefits programs. 

Why do people buy gift cards for themselves?

Gift cards are no longer just a gift, and this change in attitude has sparked a new trend of consumers buying gift cards for self-use. These cards help them with saving and budgeting and give them access to cashback, discounts, and rewards. 

In April 2024, 43.8% of self-use gift card purchasers cited money management as a reason for purchasing gift cards for self-use, and with the cost of living crisis still ongoing, we expect to see this trend continue into the latter half of 2024 and beyond.

What is the benefit of using a gift card over traditional payment methods?

In addition to helping consumers budget by giving them a means of applying a strict spending allowance to a certain brand or sector, gift cards also come with other benefits over traditional card payments, such as discounts. 

When purchased via employee benefits platforms like MyStaffShop or cashback apps such as Cheddar or JamDoughnut, consumers can access significant cost savings and earn themselves up to 20% discount at their favourite retailers just by paying via gift card. 

Even smaller discounts of three or four per cent soon add up when used frequently, and in an economy where every little helps, the extra effort of purchasing a gift card is clearly worth it. 

Buying a gift card for self-use can even help you pay off your mortgage 

With consumers clearly invested in gift cards for self-use, more and more businesses are offering creative ways to maximise their associated discounts, including Tillo customer Sprive, whose innovative Shop with Sprive feature allows customers to make smart overpayments on their mortgage using the money saved via gift card discounts.

“Shop with Sprive makes it possible for people without spare money each month to still knock months or years of their mortgage term, saving huge amounts, but without having to spend any extra to achieve it.”

Jinesh Vohra, Sprive's Founder and CEO

Tap into the power of gift cards today with Tillo 

Whether you’re new to gift cards or looking to improve the package you already have on offer, then you’re in the right place.

At Tillo, we simplify gift cards, rewards, and incentives by connecting businesses with over 2,000+ best-loved brands via a single, easy-to-use API. 

Ready to find out more? Get in touch with us today.