Consumers spend billions on gift cards

British consumers love a gift card. New research shows UK's

shoppers will spend two billion pounds on gift cards and vouchers this Christmas.

The survey was conducted by UKGCVA, the UK's Gift Card & Voucher Association. According to figure nearly 50 percent of the population are likely to give a gift card.

The body noted the survey of over 2,000 consumers, carried out by YouGov, is in line with recent industry data from BDO that showed consumer sales of gift cards and vouchers grew a record 8 percent in Q3.

Andrew Johnson, director-general of the UKGCVA, said: “We recently predicted that 2 billion pounds will be spent on gift cards and vouchers in the run up to Christmas; given the results of the survey we believe this figure will definitely be met – and most likely exceeded.

“We have seen the popularity of gift cards and vouchers grow immensely over recent years, and Christmas 2013 is on track to be one of the strongest for the industry to date.”