Shoppers to spend less on gift cards this holiday season

While gift cards are again the most-requested present this holiday, be prepared to receive discounted ties or slippers instead.

And if you do receive a gift card, don't be surprised if it's less than the one you got last year.

Shoppers are expected to pull back on buying the popular cards, according to the National Retail Federation.

The retailers' trade group reported that holiday shoppers plan to spend an average $139.91 on gift cards this year, a 5 percent dip from $147.33 last year. Total spending on gift cards is expected to reach $23.63 billion.

"In a year when many people have pulled back on everything but the necessities, people love the idea of receiving a gift card to select something they've had an eye on," said Tracy Mullin, president of the NRF.

Though gift cards don't go on sale as merchandise does, many retailers are offering incentives on the cards to help bargain hunters stretch their budgets.

Some shoppers are expected to buy items that are on sale instead of the gift cards in an effort to save money, experts say.

In another sign of the times, gift recipients can expect cards with lower monetary values this season. The average value per card this year will be $39.80, down from $40.54 last year. Consistent with last yer, 77.2 percent of people will buy at least one of the plastic cards this season.

People buy gift cards at a variety of retail businesses. Department store gift cards will remain the most popular this year, the federation said, with 38.4 percent of gift-givers planning to give a least one from the large stores. Gift cards to restaurants, bookstores, electronics stores and discount stores were among shoppers' other favorites.