Americans prefer cash

Americans prefer cash
Tags: Bank / Credit Union, North America, Trends / Statistics
October 13, 2008

ENGLEWOOD, Colo. — With the holiday season kicking off amid economic uncertainty, and consumers everywhere finding themselves on strict budgets, a Western Union survey found that 56 percent of Americans prefer cash as a gift.

According to a news release, respondents indicated they would prefer to receive $100 in cash rather than a gift card worth $100. Nearly half of those surveyed said they would use cash to cover basic day-to-day expenses.

"While the popularity of gift cards has increased exponentially in recent years, with consumers preferring to choose exactly what they wanted from a retail store, our survey now reveals a new trend: People want more flexibility. They want the convenience of cash," said Stewart A. Stockdale of Western Union.