An interim holiday spending study released by Stored Value Solutions, a provider of gift cards and stored value services, found that prepaid gift card spending is on the rise. The company stated that 70% of shoppers plan to purchase gift cards this holiday season.
In announcing the study findings, the company noted that 92% of shoppers plan to spend either the same amount or more on gift cards as compared to what they spent last year. For the eighth straight year, SVS pointed out, gift cards have been the most desired holiday gift.
The average consumer plans to spend $231 on gift cards this year, the company reported, with men planning to spend more on gift cards than women.
As for generational demographics, 58% of consumers 18 to 35 stated that they plan to increase their gift card spending, according to SVS.