Gift Card Sales Rise More than Forecast
Bloomberg reports that US retailers' holiday gift card sales may have risen to more than $20 billion this holiday season.
Gift card sales may have accounted for 11 percent of holiday expenditures, said Michael Niemira, chief economist for the New York-based International Council of Shopping Centers, more than his earlier forecast of 8 to 10 percent. Wal-Mart Stores Inc., the world's largest retailer, on Dec. 18 said gift-card sales were ``significantly'' above last year's level.
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