Smart holiday spending is top of mind according to Visa Gift Giving Survey commissioned by Visa.

Visa said 58% of respondents say a holiday budget will be in place before they begin shopping this season – 10 % more than 2010 and when asked how their holiday budget will compare to 2010, only 7% expect to have more to spend in 2011, while 31% will have less to spend.

As consumers keep an eye on spending, 51% of respondents believe that giving a Visa Gift card would help them stay within their holiday budget.

Respondents are also happy to receive gift cards and would prefer them over other gifts.

• 78% of survey respondents said they would rather receive a Visa Gift card than a gift card for a specific store or restaurant.
• 59% of respondents would prefer to receive a Visa Gift card over a gift like clothing or an item for the home such as a picture frame or candles.

When survey respondents were asked how they would use a Visa Gift card if they were to receive one this holiday season, the top three responses were:

• To indulge in something they might not normally be able to afford, such as a special dinner, jewelry, clothing or personal electronics (61%).
• To buy life essentials such as groceries or household products, or to pay bills (58%).
• To get something they didn’t receive from their holiday wish list (51%).

According to the survey:

• 45% of consumers still have at least one unopened holiday gift from last year.
• 26% admitted to returning at least one gift from last year.
• 22% admit to re-gifting at least one of their holiday gifts from last year.

Visa head of consumer prepaid products Lisa McFarland said Visa Gift cards can help shoppers keep a close eye on holiday spending, while allowing recipients to purchase what and where they want. Putting financial control back into the consumer’s hands is important during the holidays.

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