Gift cards are big business for retailers and restaurants around the holidays. How big? It’s estimated that nearly 82 percent of shoppers will purchase at least one gift card as a gift this holiday season, according to the National Retail Federation. And the average amount spent by consumers on gift cards is predicted to be around $150. Total spending on gift cards is expected to reach nearly $29 billion!
Many consumers like gift cards because they are a fast and easy gift. But there’s more to the appeal of gift cards. It’s estimated that 50 percent of consumers buy gift cards because it allows a friend or family member to purchase a gift they really want (as opposed to one that’s returned, re-gifted or donated!) or so that they can enjoy a meal at a favorite restaurant or some shopping at their favorite retailer.
During the holiday season, many restaurants and retailers offer special bonuses or freebies to those who purchase gift cards. That makes the holiday season a great time to stock up on gift cards for your friends and family members – and even yourself!