BRENTWOOD, Tenn. — There is more news today that suggests that a credit union seeking to boost its income from cards needs to find a way into the gift card space.
The news comes in the results of a recent survey by Comdata, a leading payment card issuer. If the results are accurate, the card issuer's data suggests almost every teenager in the U.S. has either purchased or received a gift card.
According to the survey, 98% of youths aged 14-19 have received or purchased a gift card and that they purchased over 75% more cards so far in 2007 than they did in the same period of 2006. That translates into each teen buying 7.6 gift cards in 2007 versus 4.3 cards in 2006, the issuer said.
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Comdata Stored Value Solutions commissioned the survey.
"As our young people gain more financial freedom, we get a good idea of how they choose to spend their own money," said Bob Skiba, general manager of CSVS. "Teens are growing up with gift cards, receiving them, gifting them and using them for personal purchases. So gift cards continue to gain popularity with this sought-after group of consumers, and are becoming synonymous with their gifting culture. The information in this survey represents very good news for retailers."
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