PLEASANTON, Calif., April 22, 2021 /PRNewswire/ — Consumers are eager to shop, eat out and travel after a year of COVID-19 restrictions. With an estimated $1.7 trillion in excess savings during the pandemic1, and with the expanded vaccine rollout and the anticipation of a return to some normalcy, Americans are ready to make up for lost time. According to new research2 from global payments company Blackhawk Network, traveling, getting together with friends and family, and eating out top the list of activities consumers are most excited to celebrate together, and with those occasions, 76% of surveyed Americans anticipate giving more gifts.
“We’ve all missed so many celebrations and milestones this past year, so it makes sense that we’re seeing so much pent-up consumer demand aimed towards gifting,” said Theresa McEndree, global head of marketing, Blackhawk Network. “Americans are excited to get back to special events, to reunite with their family and friends, and enjoy the connections that gift cards and gifting can provide.”
The “Return of Consumer Spending” study asked U.S. consumers where and how they plan to spend after restrictions relax further or lift. Top findings and trends include:
- More to spend and give. The majority of survey respondents have big gifting plans, with 76% reporting they anticipate giving more gifts when pandemic restrictions lift. Respondents also report they plan to spend more on gifts, with 79% likely to increase spending on gifts.