- Fine-dining redemption rates are higher than ever.
- Year-over-year gift card sales are roughly even for the first six months of 2022.
- Major Q1 and Q2 holidays see a boost in gift card sales.
NEWTON, Mass., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Paytronix Systems, Inc., the most advanced digital guest experience platform, today released its Mid-Year Gift Card Report 2022, which reveals the restaurant sales growth that showed up at the end of 2021 has continued through the first half of 2022. The overall number of gift cards sold in 2021 increased by 22% year over year, but even with the continued growth, sales in the first half of 2022 remain 2% behind 2021 levels.
Download the Paytronix Mid-Year Gift Card Report 2022
Key increases in sales coincided with the major holidays, including Valentine’s Day, Easter, Mother’s Day, and Father’s Day, with graduation season also playing a key role. Consumers also showed slightly differing purchasing habits when it came to choosing physical or digital cards. While sales of physical cards remained higher overall, their sales numbers often peaked in the days leading up to a holiday, with digital card sales peaking on the day of.
These numbers signal a strong start to 2022, with consumers appearing to feel optimistic about going out in person. They also appear eager to treat themselves and others, with fine-dining gift card redemption rates hitting an all-time high, further indicating a desire to return to that particular concept. This demonstrates an enduring, rather than a seasonal, trend.
Redemption rates overall are lower compared with previous years, but that is due, in large part, to slowdowns in QSR redemptions. But redemptions are up at full-service restaurants, mirroring the increase in purchase numbers.
Methodology
All data for the Mid-Year Gift Card Report 2022 from Paytronix is sourced from the aggregate gift card sales for 277 restaurant merchants between January 1, 2019 and June 30, 2022. These merchants all had at least six months of gift card sales data starting in July 2018.
About Paytronix Systems, Inc.
Based in Newton, Massachusetts, Paytronix is a provider of SaaS customer experience management (CXM) solutions for restaurants and convenience stores. Through its innovative software design and integrations with more than 30 widely used point-of-sale systems, Paytronix empowers more than 1,800 brands across 34,000 locations, giving them the flexibility to deliver unique, revenue-enhancing guest experiences. Through one-to-one engagement with more than 225 million guests via Order & Delivery, Loyalty, CRM, and Stored Value, Paytronix delivers artificial intelligence features that motivate increased visits and spending throughout the customer journey. For more information, visit www.paytronix.com.
Media Contacts:
Chuck Tanowitz
Paytronix Systems, Inc.
ctanowitz@paytronix.com
617-871-2319
