Holiday shoppers to spend less on gift cards in favor of deals

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Gift cards are again the most-requested present for the holidays, but don’t be surprised if you receive a discounted sweater instead.

Shoppers are expected to pull back on buying the popular cards for friends and family this holiday season, according to the National Retail Federation.

The retail group’s most recent survey found that on average, holiday shoppers plan to spend $139.91 on gift cards this year, a 5% drop from $147.33 last year. Total spending on gift cards is expected to reach $23.63 billion.

In another sign of the times, recipients can expect gift cards with lower monetary values. The average value per card this year will be $39.80, down from $40.54 last year, according to the survey, which polled 8,692 consumers from Nov. 3 to 10.

More than three-fourths of those surveyed (77.2%) plan to buy at least one gift card this holiday season.

-- Andrea Chang