Retail

CashStar Sees Record Digital Gift Card Sales Over Father's Day

By Deanna Ting
July 10, 2014

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Portland, ME-based CashStar, a digital gifting company announced that it saw an 80 percent year-over-year increase in the number of digital gift cards sold during the month of June, coinciding with holidays such as Father's Day and with graduation celebrations.

“We continue to see massive growth in digital gifting across all categories, with holidays and promotions frequently serving as incentives for consumers to purchase,” said Ben Kaplan, president and CEO of CashStar. “This June proved to be no exception, with consumers in growing numbers taking advantage of the convenience and personalization digital gift cards provide while retailers increasingly utilized digital gift cards in marketing and promotional campaigns.”
 
Looking at incremental sales placed in the five days leading up to and including Father’s Day, compared to the week prior, the most popular gift card categories included entertainment, sporting goods/outdoors, department stores, specialty retail and casual dining. Entertainment brands saw a sales growth of 517 percent , followed by sporting goods, with 515 percent growth, and department stores with 172 percent growth. Specialty retail experienced 152 percent week-over-week growth, while restaurants saw a 74 percent increase over the previous week.
 
Of the most popular categories, sporting goods/outdoors saw the biggest year-over-year growth, with a 297 percent increase for Father’s Day week compared to sales in 2013. Restaurants saw a 93 percent year-over-year increase and entertainment a 90 percent increase.
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