Retail survey: Gift card spending could set record

A survey sanctioned by the National Retail Federation predicts holiday spending on plastic or digital gifts cards will set a new record this season.

Total spending on the cards is expected to reach $31.74 billion this year, as the items are the most requested gift for the eighth year in a row, according to a news release.

“No longer impersonal or only about convenience, gift cards have become the perfect, practical gift item for millions of holiday shoppers,” NRF President and CEO Matthew Shay said in the release.

NRF’s survey of over 6,500 people, compiled Nov. 3-10 by Prosper Insights & Analytics, showed shoppers will spend an average of $47.87 per card, up from $45.16 last year. Since the NRF began tracking gift cards in 2003, total spending has increased 83 percent.

The survey found adults 65 and older would spend the most on all gift cards, at an average of $204.59. Those ages 18-24 would spend the least, at an average $113.75.

According to the survey, 37.7 percent would purchase gift cards from a department store, 34 percent would buy restaurant gift cards, 20.6 percent would buy coffee shop cards, 18.1 percent would buy entertainment cards such as movie theaters and 18.9 percent would buy cards from electronics stores.