Gift cards are claiming an ever increasing role in consumers' gift purchases and gift consumption. Previous gift card studies have focused on the motivations of gift givers to enable marketers to effectively market gift cards and maximize their sales (e.g., Waldfogel 1993; DuCasse 2009; Khouja et al. 2011). For example, the popularity of gift cards stems from the purchasing consumer's ability to fulfill gifting obligations while conveniently reducing the risk of poor gift selection (Waldfogel 1993). Despite the advances in our understanding of the gift cards themselves, little is known regarding whether the recipients of gift cards perceive and spend gift-card funds in the same way they would of equivalent cash gifts.
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