Consumer Payment Card News

Gift Card Boom

New research shows that 57% of consumers plan to buy gift cards, while 88% of buyers said they will purchase two or more gift cards this holiday season. Nearly 19% said they would purchase more than six gift cards this holiday season. According to the National Retail Federation annual “Gift Card Survey,” sales will total $26.3 billion this holiday season, compared to $24.8 billion in 2006. Additionally, the average consumer will spend $156 on gift cards this year compared to $146 during the 2006 holiday season and $117 for the 2005 holiday season. More than 5% said they would spend more than $500 on gift cards this year. The NRF study also found that debit cards will be used for 40% of holiday purchases this year compared to 32% for credit cards, 22% for cash and 6% for checks. The survey, which polled 7,982 consumers, was conducted for NRF by BIGresearch from October 31st thru November 7th. For more information visit: “http://www.nrf.com/holidayhq”:http://www.nrf.com/holidayhq

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