MasterCard Advisors SpendingPulse says holiday sales in the U.S. slowed by more than half this year… but spending on gift cards was way up! According to CEB’s Tower Group research firm, gift card sales are expected to top a record $110 billion this season. That’s up $9 billion from 2010.
“It’s a lot more convenient”, shoppers told CNBC. “Easy to take on a plane and go home”.
TowerGroup says, roughly 2% of the gift card total won’t be spent.
Among the most popular gift cards this season? Starbucks, Walmart, Target, Macy’s, Visa, and Mastercard.