The National Retail Federation’s 2012 holiday consumer spending survey conducted by BIGinsight showed that 81.1% of shoppers will purchase at least one gift card and will spend an average of $156.86 on gift cards, the highest amount in the survey’s 10-year history.
Ritz Camera & Image LLC plans to go out of business after 94 years and close its remaining 137 stores after it failed in a bankruptcy auction to find a buyer to keep the camera chain afloat, the Chicago Tribune reported.
Research released Thursday by Transaction Wireless and Aberdeen Group, which examined the benefits of mobile and digital gifting and emerging trends in mobile and social frontiers, found a shift toward digital gifting.
June spending at small retailers increased 8% in 2012 compared to June 2011, higher than the overall U.S. retail growth rate of 6.9%, according to a new SpendingPulse report issued by MasterCard Advisors in partnership with Wells Fargo.
Kmart announced it is launching an in-store bill pay program that will allow customers to pay bills from more than 3,000 companies—everything from electric, gas and cable bills to credit card statements and auto loans.
InComm, a leading third-party gift card provider, is following the example of American Express and is pulling out of New Jersey, effective June 30, rather than comply with changes in the unclaimed property law.
American Express Co. has become the first company to pull its gift cards from being sold in New Jersey drug stores, supermarkets and convenience stores in response to a controversial new revision in the state's unclaimed property law.
Transaction Wireless announced that Sport Chalet has selected the Transaction Wireless cloud-based gift card platform to deliver personalized plastic and e-gift cards with added marketing capabilities to drive digital promotional campaigns when delivering notifications to gift card recipients.
Holiday shoppers are expected to spend $155.43 on average for gift cards this season, and total gift-card spending is projected to reach $27.8 billion, according to a survey released Friday by the National Retail Federation.
Neiman Marcus announced Thursday that it had entered into agreements with Visa and MasterCard to begin, effective Nov. 1, accepting MasterCard and Visa credit, debit and prepaid cards at all 41 Neiman Marcus stores.
Retailers and their customers will save billions of dollars when new Federal Reserve regulations cutting debit-card swipe fees roughly in half take effect this weekend, the National Retail Federation said.
The growth of gift cards has been nothing less than phenomenal. But while gift cards have come to provide a critical source of earnings, they also face an intensifying regulatory environment, including tax and financial reporting for gift cards, that has become increasingly complex.