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Economic trends played a significant role in consumer behavior during the second quarter. April saw the overall year-over-year dollar volume growth of gift card activations, redemptions and reload slow after the majority of holiday cards were redeemed during the first quarter. Dollar-volume of activations, redemptions and reloads rebounded during the May and June Mother’s Day, Father’s Day and graduation gift-giving season.
First Data notes that closed-loop cards remain a popular choice for consumers. The license to spend conferred by a merchant’s prepaid card likely will continue to be popular, even through rough economic times, because they offer a way to give someone a gift on a budget and yet still contribute to the recipient’s desired purchase regardless of its size.