Gift Cards More Popular Than Ever, According to NRF
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.
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Washington, November 13, 2007â€” 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).
â€œIt is no secret why gift cards are the most popular item on consumers’ shopping lists,” said NRF President and CEO Tracy Mullin. â€œMany 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.â€
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.
â€œAs consumers become more strapped for time, they are constantly looking for ways to make holiday shopping easier and less stressful,â€ said Phil Rist, Vice President of Strategy for BIGresearch. â€œGift cards allow for a faster and more convenient way to buy gifts for family and friends.â€
Top Ten Tips for Buying Gift Cards
NRF released Top 10 Tips for Buying Gift Cards on Monday, November 12. Click here for a full list of the Top 10 Tips for Buying Gift Cards.
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 31â€“November 7, 2007. The consumer poll has a margin of error of plus or minus 1.0 percent.
BIGresearch is a consumer market intelligence firm that provides unique consumer insights that are gathered online utilizing very large sample sizes. BIGresearch’s syndicated Consumer Intentions and Actions survey monitors the pulse of more than 7,000 consumers each month to empower its clients with unique insights for identifying opportunities in a fragmented and changing marketplace.
The National Retail Federation is the world’s largest retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drug stores and grocery stores as well as the industry’s key trading partners of retail goods and services. NRF represents an industry with more than 1.6 million U.S. retail establishments, more than 24 million employees – about one in five American workers – and 2006 sales of $4.7 trillion. As the industry umbrella group, NRF also represents more than 100 state, national and international retail associations. www.nrf.com.