Gift Card

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The Rise of Gift Cards: A Holiday Trend


Summary

As online and retail shopping surged in 2005, retailers faced another challenge: managing the influx of gift card redemptions.

According to Hitwise, a leading online intelligence service, U.S. Internet searches for "gift cards" rose by 32% in the week ending December 10, 2005. The National Retail Federation anticipated a 6.6% increase in gift card sales, reaching $18.48 billion, with consumers allocating an average of $88, or 15.6% of their holiday budget, to gift cards.

Gift cards have long been favored for their convenience, allowing recipients to choose their own gifts while providing an easy purchase option for givers. Some critics argue that gift cards are impersonal, but they remain a preferred choice, with many recipients even requesting specific retailers.

For merchants, gift cards extend the holiday shopping season. Sales can't be recorded until cards are redeemed, often leading to a spike in January figures. Interestingly, shoppers typically spend 15% to 50% more than the card's face value when redeeming them.

However, there are drawbacks. Some retailers reduce the value of unused cards by charging inactivity fees. Others impose expiration dates or restrictions. In response to consumer dissatisfaction, many states have introduced legislation to limit these fees. Although there's no federal law on gift cards, congressmen Joe Barton and Charlie Bass have urged the Federal Trade Commission to review retail gift card practices.

Is a gift card too impersonal, or the perfect gift? It's a matter of personal preference. Yet, with gift card sales projected to hit $90 billion by 2007, they're undoubtedly here to stay.

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