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Washington, D.C. The National Retail Federation (NRF) released the findings from its sixth annual Gift Card Survey, conducted by BIGresearch, which predicted that gift-card sales will fall nearly 6% this holiday season to $24.9 billion, down from $26.3 billion last year.
According to the report, fewer people plan to purchase gift cards this year (53.5% vs. 56.6% last year) and gift-card shoppers will be spending less overall on the cards ($147.33 vs. $156.24 in 2007).
“Since gift cards never go on sale, some price-conscious shoppers will be passing up gift cards in favor of holiday bargains," said NRF president and CEO Tracy Mullin. “Retailers may need to make minor adjustments to holiday plans as fewer people may be hitting the stores in January to redeem gift cards.”
The survey found that the biggest gift-card spenders this year will be men, who will spend an average of $156.98 on the cards, and Americans over age 45, who will spend $168.02.