Report: $1.7 Billion In Gift Cards To Go Unspent

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KANSAS CITY, Mo. — A report Tuesday from BusinessNewsDaily.com said more than $1.7 billion will go unspent on gift cards in 2012.

At least 75 percent of card holders will spend all of the money on those cards and 30 percent will spend more than the value of the card.

Sixteen thousand people were surveyed for the report.

More than 85 percent of Americans are expected to receive the plastic gift, with sales of cards exceeding the $110 billion mark, BusinessNewsDaily.com reported.

The most amount of money will be spent on “open-loop” cards, the kind offered by American Express, Visa, Mastercard and Discover at an estimated $40 billion. A close second are merchant cards, for specific stores, followed by cards that can be used at restaurants.

The report suggested gift card sales could top $130 billion by 2015.

READ MORE from BusinessNewsDaily.com.

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