Cash Socially Acceptable Holiday Gift: A Majority, 56 percent, Wishing for the Anytime Trend-Setting Gift of Cash

ENGLEWOOD, Colo., Dec 07, 2009 (BUSINESS WIRE) -- In a recent consumer survey*, The Western Union Company (NYSE:WU), a leader in the money transfer segment of global payments, found that over 95 percent of American households celebrate more than one gift giving occasion between the holiday months of October and January.

While Christmas appears to reign highest on most lists, with images of Santa Claus seemingly omnipresent from television commercials to department stores, it certainly isn't the only holiday celebrated by American homes. From Hanukkah to Diwali, Kwanza to the lunar New Year, an increasing number of households across the U.S. are considered "poly-holiday," homes celebrating more than one holiday gift giving occasion with family and friends.

The Western Union survey also found most consumers are of a like mind when it comes to what gift they want most this holiday season. More than half, 56 percent, of survey respondents said they are wishing for the gift of cash this season.

"Until recently, cash was not a socially acceptable gift giving idea in the U.S.," said Jorge Consuegra, senior vice president U.S. product management, Western Union. "Now, cash is a trendy gift among most Americans with close to 70 percent of those surveyed saying they are giving a monetary gift for the holidays."

"Cash has a strong gift-giving history in other cultures; as Americans continue to merge cultural traditions, including holiday celebrations, cash is becoming a more socially acceptable gift for any occasion."

Cash is a versatile gift, with survey respondents reporting that if they were to receive cash as a holiday gift this year:

• Forty percent would use it to help defray the cost of day-to-day expenses.
• Approximately 20 percent would "splurge" on a gift for themselves.
• Fifteen percent vowed to put the cash towards their much-neglected savings account, and;
• Ten percent would use their gift of cash to purchase a gift for someone else or make a donation to charity.

On the other side of the gift-giving relationship, cash is a quick and easy gift-giving solution for those with long holiday gift lists. Giving the gift of cash has numerous benefits:

• Long-distance gift giving - 52 percent of those surveyed expect to send a gift to someone who they will not be seeing in person this holiday season. For those sending gifts long-distance, 6 in 10 Americans say the cost of shipping gifts, especially during the holiday season, are too high - sending the gift of cash streamlines this process.
• Budget Management - When sending the gift of cash, it is easy stay within your holiday budget. Plus, with more traditional gifts, the costs of wrapping paper, greeting cards, packaging and shipping can add to the cost of each gift you give.
• One-stop-shopping - Cash is has become a socially acceptable gift among Americans, and appreciated by those receiving a holiday gift.

To facilitate convenient and cost-effective holiday shopping, this holiday season Western Union is providing consumers with $50 for a $5 fee¹, when sending the gift of cash within the U.S. through December 26.

"Gifts, when given, aren't supposed to be outward demonstrations of wealth, but rather what family and friends want or need the most. This holiday season, that gift is cash."

* The survey, commissioned by Western Union and conducted by GfK Roper Public Affairs & Media,polled 1,000 people 18 years old and older between October 16 and October 18, 2009.

¹ Funds availability subject to terms and conditions of service, including Agent location hours and differences in time zones.See Send form for Restrictions.

About Western Union

The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta and Pago Facil branded payment services, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. Western Union, Vigo and Orlandi Valuta operate through a combined network of more than 400,000 Agent locations in 200 countries and territories. In 2008, The Western Union Company completed 188 million consumer-to-consumer transactions worldwide, moving $74 billion of principal between consumers, and 412 million consumer-to-business transactions. For more information, visit www.westernunion.com

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SOURCE: Western Union

Western Union
Dave Liggett, 720-332-4119
david.liggett@WesternUnion.com