America may “run on Dunkin'”, but Starbucks gift cards continue to fuel the holiday season.
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Last Christmas Eve, Starbucks Corp. sold almost 2.5 million gift cards in the US and Canada, or about 1,700 cards per minute.
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The gift card craze apparently goes beyond Starbucks consumers; they are the eighth most requested gift, according to a National Retail Federation survey.
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Starbucks has turned its gift cards into a significant part of its business.
Starbucks boasted that more than five billion dollars was loaded onto their gift cards in a 12 month period.
The money raked in by Starbucks gift cards is approaching the size of a small country’s economy.
A fifth of that total was loaded onto Starbucks cards just in the fiscal year ended in October, which illustrates an acceleration of the gift card phenomenon in recent years.
On CardHub’s list of the most-popular choices this year, Visa (V) gift cards hold the top spot, followed by Amazon (AMZN, Tech30) and American Express (AXP).
“Starbucks has pioneered the development in gift cards”, said Brian Riley, executive adviser and a gift card expert at CEB, a professional services firm. Because affected consumers likely used a credit card to pay for these fraudulent gift cards, their credit card company can likely issue a refund if the fake is caught in time.
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Gift card buyers polled in this year’s survey also said they expect to spend $153.08 on average, falling from the average of $172.74 the NRF reported a year ago. This holiday season, they’re made of stainless steel and encrusted with Swarovski Crystals.
