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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2021 North American PaymentsInsights: The State of the Canadian Consumer Market-Prepaid/Gift, Credit, and Debit Cards
Reasons Why Canadian Consumers Have Purchased Gift Cards for Themselves:
- 44% of Canadian consumers who have purchased a gift card for themselves did so to get a discount or reward.
- 43% of Canadian consumers who have purchased a gift card for themselves did so to earn points (e.g., credit card points, airline miles, loyalty points).
- 40% of Canadian consumers who have purchased a gift card for themselves did so for online purchases.
- 23% of Canadian consumers who have purchased a gift card for themselves did so to control spending.
- 22% of Canadian consumers who have purchased a gift card for themselves did so for budgeting purposes.
- 20% of Canadian consumers who have purchased a gift card for themselves did so because it is more convenient than carrying cash.
About Report
Mercator Advisory Group’s most recent report, 2021 North American PaymentsInsights: The State of the Canadian Consumer Market-Prepaid/Gift, Credit, and Debit Cards, summarizes the market for prepaid, debit, and credit cards in Canada. The report looks at consumers’ preferred way to use these payment products, how frequently they use them, and what they think about these payment options.
The report is based on the North American PaymentsInsights survey administered between August 27 and September 14, 2021. Participants included 1000 Canadian consumers ages 18 years or older. In addition to providing data on the nature of prepaid/gift, debit, and credit cards, the report digs deeper into different types within these three payment categories while looking at the rate at which certain types of these cards are widely used among the respondents in Canada.
“Through the survey data, we have seen some interesting influences of COVID on the increased use of debit cards in 2021.” stated Pragya Khanal, an analyst working on the report.