Survey: Consumers to spend $26.3B on holiday gift cards

Conducted by BIGresearch, the survey found that gift card sales are expected to total $26.3 billion this holiday season, compared to $24.8 billion in 2006. Additionally, the average consumer will spend more on gift cards than they did last year – $122.59 this year compared to $116.51 in 2006.

“It is no secret why gift cards are the most popular item on consumers’ shopping lists,” NRF President and CEO Tracy Mullin said in a news release. “Many consumers pulled back on spending for themselves this year and are hoping to receive a gift card so they can purchase something they may have had their eye on for months.” 

According to the survey, gift cards will be one of the most popular gifts this holiday season, as 56.6 percent of consumers plan to buy them instead of other top-selling gift items such as clothing, toys and books. And with popularity rising among consumers of all ages, 87.7 percent of shoppers said they will purchase two or more gift cards this holiday season.

“As consumers become more strapped for time, they are constantly looking for ways to make holiday shopping easier and less stressful,” Phil Rist, vice president of strategy for BIGresearch, said in the release. “Gift cards allow for a faster and more convenient way to buy gifts for family and friends.”