Holiday Gift Card Sales Reach All-Time High
As the popularity of gift cards continues to rise, retailers can expect to see a surge in gift card sales this holiday season, according to the National Retail Federation (NRF). The fourth annual National Retail Federation Gift Card Survey, conducted by BIGresearch, found that gift card sales will total $24.81 billion this holiday season, a $6 billion increase over 2005 when gift card sales hit $18.48 billion. Furthermore, the average consumer will spend more on gift cards than last year ($116.51 versus $88.03 in 2005).
With their popularity soaring among consumers of all ages, gift cards are appearing on the lists of both gift givers and receivers. According to the survey, more than two-thirds (79.7 percent) of consumers polled said they plan to purchase at least one gift card this holiday season and more than half (52.8 percent) said they would like to receive a gift card this year.
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