Gift Cards More Popular Than Ever, According to NRF
Consumers to Spend a Total of $26.3 Billion on Gift Cards This Holiday
WASHINGTON, D.C. (November 13, 2007) As gift cards become increasingly convenient, more personalized and more sought after, retailers can expect to see an increase in gift card sales this holiday season. The fifth annual National Retail Federation (NRF) Gift Card Survey, conducted by BIGresearch, found that gift card sales will 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 vs. $116.51 in 2006).
“It is no secret why gift cards are the most popular item on consumers’ shopping lists," said NRF President and CEO Tracy Mullin. “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.”
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According to a recent NRF survey, gift cards will be the one of the most popular gifts this holiday season as 56.6 percent of consumers plan to buy one compared to other top selling gift items like 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,” said Phil Rist, Vice President of Strategy for BIGresearch. “Gift cards allow for a faster and more convenient way to buy gifts for family and friends.”
The NRF 2007 Holiday Consumer Intentions and Actions Survey was designed to gauge consumer behavior and shopping trends related to the winter holidays. The survey, which polled 7,982 consumers, was conducted for NRF by BIGresearch from October 31–November 7, 2007. The consumer poll has a margin of error of plus or minus 1.0 percent.
Source: NRF (www.nrf.com)