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WASHINGTON -- Retailers can expect to see an increase in gift card sales this holiday season, according to the fifth annual National Retail Federation (NRF) Gift Card Survey, released yesterday.
The study, conducted by BIGresearch, found that gift card sales in various retail outlets are expected to 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).
"It is no secret why gift cards are the most popular item on consumers' shopping lists," said NRF president and c.e.o. Tracy Mullin in a statement. "Many 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."
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 surveyed said they plan to buy one compared to other top selling gift items like clothing, toys, and books.