Consumers to Spend a Total of $24.81 Billion on Gift Cards This Holiday - SNEWS

Consumers to Spend a Total of $24.81 Billion on Gift Cards This Holiday

As their popularity continues to rise, retailers can expect to see a surge in gift card sales this holiday season. The fourth annual National Retail Federation (NRF) Gift Card Survey, conducted by BIGresearch, found that gift card sales will total $24.81 billion this holiday season, an impressive $6 billion increase over 2005 when gift card sales hit $18.48 billion.
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Washington, DC, — As their popularity continues to rise, retailers can expect to see a surge in gift card sales this holiday season. The fourth annual National Retail Federation (NRF) Gift Card Survey, conducted by BIGresearch, found that gift card sales will total $24.81 billion this holiday season, an impressive $6 billion increase over 2005 when gift card sales hit $18.48 billion. Furthermore, the average consumer will spend more on gift cards than they did last year ($116.51 vs. $88.03 in 2005).

“The popularity of gift cards has increased at a remarkable rate,” said Tracy Mullin, NRF President and CEO. “Consumers love gift cards because they take the guessing out of holiday shopping and retailers love them because they are easy to stock and take up minimum shelf space.”

With their popularity soaring among consumers of all ages, gift cards will be making an appearance on the lists of both gift givers and receivers. According to the survey, more than two-thirds (79.7%) of consumers polled said that they plan on purchasing at least one gift card this holiday season and more than half (52.8%) said they would like to receive a gift card this year.

“Gift cards have taken a lot of the stress out of holiday shopping, making them a favorite among people of all ages,” said Phil Rist, Vice President of Strategy for BIGresearch. “Whether they are a stand-alone gift or an addition to a gift basket, gift cards please even the most fickle people on holiday shopping lists.”

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