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Apple Texas Group, an operator of Applebee’s chain of restaurants in Texas, has launched a new promotion that provides customers a discount of up to 50% on their bill in exchange for expired gift cards.
As part of the promotion, the casual dining chain will accept any expired gift cards, gift certificates, or coupons at its Applebee's locations in the state of Texas for one month. The promotion is restricted to Texas state and is not available across Applebee's locations in other states of the US. Furthermore, the promotion offer is not applicable on purchase of alcohol purchases and in combination with any other Applebee's offers.
Apple Texas intends to launch similar campaigns in other states of the US as it realized that a large chunk of people hold their expired gift cards, gift certificates or coupons without using them. While results of this initiative are unclear at this stage, PayNXT360 believes that this an interesting tactical move by the company.
The country's gift card market in terms of transaction value is expected to record a CAGR of 10.0% during 2017-2021 to reach US$ 313,822.7 million by 2021, increasing from US$ 214,530.3 million in 2017. Over the last five years the sector has recorded a CAGR of 14.3%, increasing from US$ 111,971.8 million in 2012 to reach US$ 191,240.8 million in 2016.
To know more and gain deeper understanding of prepaid gift card industry in the United States, click here
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