The costco store chain is launching a campaign that will reward shoppers who purchase gift baskets for $15 or less, an effort that is a sign of the company’s continuing momentum.
The company said Monday that it will begin accepting gift baskets from April 25 through May 8.
The new program is part of a wider push to drive down the cost of gift baskets, which have been steadily declining for years, according to industry research firm IHS Markit.
“We’re thrilled to launch a new partnership with Macy’s to help drive down their cost of basket purchases and offer our valued customers more value,” IHS Chief Investment Officer John W. Murphy said in a statement.
Basket sales are down for the third consecutive year, but they are up in general.
Overall, retail sales fell 3.5 percent last year, according the Retail Industry Group, and sales for the total U.S. market fell 3 percent in the same period.
Gift basket purchases have grown as retailers have been able to lower prices for their products and to offer discounts to customers.
In February, the New York Times reported that the number of gift basket shoppers rose slightly in April to 4.4 million from 4.3 million the prior month.
Citigroup analysts have forecast that the costco program will help boost basket sales to a 3.6 percent annualized rate through 2021, up from 2.9 percent growth in 2021.
Airlines and travel companies are also seeing the impact of the trend.
Last year, Delta announced a $100,000 cash incentive to buy gift baskets at its corporate level.
JetBlue said in April it was adding the program to the rewards program.
This is the latest initiative from Macy’s and is part the company plan to offer new products to retailers and increase revenue.
More to come.