Gift Card Spending Surging

Gas stations, department stores and restaurants are top choices for gift cards, according to the National Retail Federation.

November 14, 2013

WASHINGTON – Gift card spending has reached an all-time high, a new National Retail Federal (NRF) survey reveals.

According to the NRF’s Gift Card Spending Survey, eight in 10 shoppers (80.6%) will purchase one of these scalable gift items, spending an average of $163.16 collectively on gift cards during the holiday season. The total is a 4% increase of the $156.86 they spent last year and the highest total in the survey’s 11-year history.

“Shoppers today recognize gift cards as the perfect fool-proof option for friends and family,” said NRF President and CEO Matthew Shay. “And traditional gift cards aren’t the only winners this holiday season, as more and more Americans are tied to their mobile devices, we expect digital gift cards to be especially popular with consumers.” 

Gift givers are not unilaterally opting for the plastic presents. According to NRF’s 2013 holiday survey, six in 10 (59.4%) of those polled said they want to receive gift cards this year, the seventh consecutive year that gift cards have topped holiday wish lists.

Consumers will spend an average $45.16 per card, up from $43.75 last year and another survey high. Those 65 years and over will spend the most on gift cards, averaging $175.96, followed by 35-44 year olds ($171.15).

Department stores (40.3%) and restaurants (34.2%) will be the top gift card choices, while 19% will give a coffee shop card.  Twelve-percent of shoppers will purchase gas station gift cards, up from 11% last year and the highest amount in the past five years.

“Gift givers know that many of their loved ones may have been holding back on spending on themselves all year long, and would love nothing more than to receive a gift card that allows them to purchase whatever they want,” said Prosper’s Consumer Insights Director Pam Goodfellow. “Shoppers hoping to add an extra touch to their gift cards will have plenty of opportunities to add audio, video or image enhancements to select retailers’ gift cards, making even the smallest gift still very personal.”

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