5 Gifting Trends; Seasonal Insights From BofA; Lessons From Walmart's Gift Card Program

Table of Contents

• Consumer Trends

• Seasonal Insights

• Case Study

• Legislation Corner

• Interesting Articles

📈 Consumer Trend of the Week

Wellness Goes Pragmatic

A Euromonitor survey reveals that consumers are increasingly seeking efficient solutions for common wellness issues. Topping the list are sleep problems (50%) and weight management (50%), closely followed by stress/anxiety (48%), mental health (47%), and skin health (46%). Why? Consumers—dubbed "Wellness Pragmatists"—want visible results without overhauling their routines.

Products with proven efficacy, such as those backed by testimonials or scientific studies, are critical. Innovations like real-time monitoring tools, personalized solutions, and nutrient-dense products are transforming the market.

Gift Cards: A Wellness Gateway
Wellness centers can capitalize by offering gift cards for targeted services—like stress-relief therapies or personalized skincare. Bundling gift cards with wellness packages tailored to specific issues creates an attractive, convenient entry point for health-conscious consumers.

📈 Seasonal Insights

The Gift Card Surge

Holidays and birthdays continue to dominate gift card sales, with notable shifts in consumer preferences.

Bank Of America data showed physical gift cards making a comeback, rising from 62% in 2023 to 75% for holidays and from 58% to 68% for birthdays. Despite the growth of digital options, the tangible appeal of physical cards remains strong.

Key takeaway: Physical gift cards are not just nostalgic—they’re practical for in-person celebrations and remain popular alongside digital counterparts. The convenience of offering both options can help businesses cater to diverse customer preferences this season.

Pro Tip for Retailers: Highlight physical gift cards in your holiday promotions and pair them with festive packaging to tap into this rising demand while continuing to promote digital cards for last-minute shoppers.

📚 Case Study

Case Study: Gadgets to gift cards program

Walmart's "Gadgets to Gift Cards" program revolutionized tech trade-ins by offering customers a convenient and competitive way to exchange old technology for Walmart gift cards.

Launched nationwide in 2013, the program allowed customers to get an instant online quote for their gadgets via a dedicated website before heading to a participating store to complete the transaction.

This streamlined process made it appealing for customers looking to upgrade their devices or repurpose unused technology for essential purchases like food or clothing. By transforming unwanted electronics into purchasing power, Walmart not only addressed consumer needs but also enhanced its position as a versatile and customer-focused retailer.

This program also demonstrated Walmart's commitment to innovation by blending e-commerce convenience with in-store transactions. The initiative tapped into growing demand for technology recycling and upgrades while supporting sustainable consumer practices. Additionally, the use of Walmart gift cards provided customers with flexible spending options across the retailer's wide range of products, driving foot traffic and loyalty.

The success of the program highlighted opportunities for other retailers to adopt similar trade-in systems, creating value for both businesses and environmentally conscious consumers.

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🏛️ Legislation Corner

Escheat laws (Unused Gift Cards)

Escheat laws, which govern unclaimed property, play a significant role in the management of unused gift cards (GCs). These laws stipulate that if property remains inactive for a specified period, it may be considered abandoned and must be turned over to the state through a formal reporting system. Traditionally, this applies to items like uncashed payroll checks, consumer refunds, and dividends, but the treatment of unused gift cards as abandoned property varies widely across states.

The majority of states categorize unused gift cards as abandoned property, requiring their value to escheat to the state after a defined inactivity period. However, failure to comply with escheat requirements can lead to steep penalties and interest, making it critical for gift card issuers to stay abreast of state-specific regulations.

A growing number of states are moving to exclude or exempt gift cards from escheat laws, creating a more nuanced regulatory landscape. Some states have explicitly excluded gift cards from unclaimed property statutes, while others have removed gift certificates from their legislative language altogether. In states like Hawaii, unclaimed gift cards are presumed abandoned after five years unless they lack expiration dates or fees, in which case they are exempt from escheat. These exemptions align with broader trends toward encouraging gift card usability and preserving consumer value. For gift card software providers, understanding the complexities of escheat laws is vital to ensuring compliance, minimizing risk, and supporting their clients in navigating the evolving regulatory environment.

📰 Interesting Articles