Gift cards are rapidly emerging as a trend in the retail marketplace.  However, this emerging phenomenon of consumers’ preference of gift cards has not been explored thoroughly yet. The objective of the current study is to understand consumer reactions to gift cards in terms of their impact in gift giving and gift receiving relationships. Specifically, this research seeks to answer the following research objectives: (1) How gift givers and receivers perceive gift cards; (2) What roles of gift cards play in gift giving rituals; and (3) What meanings gift cards communicate for receivers and givers.