A Staggering Number Of Americans Received A Starbucks Gift Card This Holiday Season
The company sold $1.6 billion in gift cards in the US and Canada this holiday season, a 17% increase from last year, CEO Howard Schultz told investors in a conference call.
That means that one in seven American adults received the gift card, up from one in eight in 2014.
"The strength and success of our Starbucks card program reflects both the power and the growing relevancy of the Starbucks brand," Schultz said.
The company sold the most gift cards on December 23, with 2.6 million activated.
Gift cards are appealing to retailers for a few reasons.
First, gift cards are a great way to attract new customers to the stores. Once people are in stores, they're likely to come back or make impulsive purchases.
A shocking number of people also don't use the entire balance on their gift cards.
About 40% of 18 to 29-year-olds lost their gift card before they could spent it completely, according to The Washington Post. About a quarter of 30 to 64-year-olds lost their gift cards.