With Black Friday and Cyber Monday just two weeks away, could this be the season of the gift card?
A recent TD Bank Holiday Shopping Poll has found that some 64% of consumers plan to purchase gift cards this year.
Those consumers planning to buy gifts said they will do so online (67%), with 22% saying they prefer to do most to all their holiday gift spending online.
When it comes to the stress of holiday gift-giving, the TD Bank survey shows that more than one-third believe the greatest stresses lie in not knowing what to buy or worrying whether the recipient will like the gift.
According to TD Bank, this may help explain the poll results showing high consumer intent to purchase gift cards this year. The poll also revealed that receiving a gift card is a top preference among consumers.
While the majority of consumers expect their holiday spending to stay on par from last year, 28% expect to decrease spending citing the state of the economy (64%) and trying to save money (46%) as primary reasons for a tighter grip on their wallet.
Whether spending habits stay the same or fluctuate this season, when it comes to saving, the poll revealed that some 68% haven’t saved at all for the holidays. Instead, many plan to dip into checking or savings accounts (46%) or use credit cards (22%).