The hustle and bustle of the holiday season is in full swing, and plenty of consumers have gift cards on their shopping list. Gift cards rank as the second-most popular gift this holiday season and total spending on gift cards is expected to reach $29 billion this year.
Consumers say they like how gift cards let recipients pick out their own gifts and can be easier and faster to purchase than other items. While 43% of shoppers plan to purchase at least one gift card this season, the option is more popular with certain age groups than others.
Over half of those aged 65 or over plan to purchase a gift card this holiday season, more than any other age group. They also tend to spend more on average — those 65 and older expect to spend $58 per card, about $5 more than the average shopper. Interestingly, these consumers are also most likely to say they’d like to receive a gift card this holiday season.
Of course, the options for gift cards can seem limitless, but most shoppers say they will pick up a restaurant, bank-issued or department store gift card. To follow along with more holiday insights throughout the season, check out NRF’s Winter Holiday Headquarters.
About NRF
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies, and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs – 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com
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