Just how bad were the last two holiday seasons for gift cards?

Google trends is great for tracking the frequency of search terms over time.  Reports from industry analists put gift card sales down only moderately (5%) for the last two holiday seasons, but searching Google Trends for “gift cards” gives us a different picture, with traffic declining what appears to be about 30-40% from the peak on 2007:

The search term “visa gift card” seems to have suffered even worse:

The concept of selling unwanted gift cards however, has gone from non-existent in 2006 and continues to grow: