In 2015, I wrote a post suggesting that that gift cards were the perfect gifts.
Part of the reason for this is that they not only give the recipient the money to purchase whatever they want, they also give them the experience of shopping or dining out. For some, that is better than the gift itself. In other words, gift cards are experiential gifts.
I’d argue that gift cards should be considered again this year.
However, given the fact that many people will still be sheltering in place for the next three to six months, gifts that make staying at home more enjoyable or make it easier to acquire the needed goods and services should be considered when looking for that perfect last-minute gift for your loved one.
For this reason, I think that the gift of subscriptions will be more common this year than ever before.
And, many writers in the mainstream media have written articles that highlight some great options that are available. These include articles posted on the USA Today, CNN, and Business Insider websites, among others.
Supporting Evidence for Subscriptions as Gifts
If purchasing something for yourself is an indication of the value of a gift, then subscriptions are the perfect gift to give during a pandemic.
According to an article posted on the Paysafe Insights website in May of 2020, COVID-19 has changed many aspects of our lives, including the likelihood of purchasing goods and services via a subscription.
“One impact on consumer trends has been a growing reliance on subscription services, whether for entertainment, nourishment, education, or even access to reliable news media, the global appetite for these types of services is evolving,” the author of the article writes.
The article points out that 85% of respondents from the United States in Paysafe’s 2020 Lost in Transaction: The impact of COVID-19 on payment trends research reported that they have at least one subscription. In fact, 28% of U.S. respondents have at least four subscriptions.
It is also interesting to point out that 36% of U.S. respondents in Paysafe’s study report that in the next 12 months they plan to increase the number of subscription services that they purchase. (As a reminder, the study was conducted in April of 2020.)
While I don’t have data to back up the prediction that subscriptions will be given at a higher rate this holiday season, I will be watching to see whether or not the prediction was correct when sales data is reported after the holidays.
That said, what we do know is that people are receptive to purchasing subscriptions, and at the very least, many people in the United States plan to increase the number of subscriptions that they purchase.
This should make some businesses take notice.
In fact, there are many factors that make the subscription model something businesses should consider. However, I will cover that in a future post.