US gift-card sales may top $20bn

US retailers’ holiday gift-card sales may have risen to more than $20 billion, topping forecasts and boosting after-Christmas shopping at stores after a lacklustre holiday season.

Gift card sales may have accounted for 11% of holiday expenditures, said Michael Niemira, chief economist for the New York-based International Council of Shopping Centers, more than his earlier forecast of 8 to 10%.

Shopping malls reported gift cards were among the most sought-after items during a surge of late gift buying last week.