Hardware Retailing The Industry's Source for Insights and Information
Gift cards rank as the second-most popular gift this holiday season, with total spending on gift cards expected to reach $29 billion this year, according to the National Retail Federation (NRF).
According to NRF, 43% of shoppers plan to purchase at least one gift card this season, with 53% of shoppers aged 65 or older planning to purchase a gift card this holiday season, more than any other age group. Over half of consumers in this age bracket also want to receive gift cards more than other age groups (59%). For shoppers between the ages of 55 and 64, 49% plan to purchase gift cards, followed by 45% for consumers aged 45-54 and 38% for 35-44 year old shoppers.
Most shoppers say they will purchase restaurant, bank-issued or department store gift cards.
