Instead of bulky presents, more Germans are putting gift certificates or cash under the Christmas tree, according to the Association of German Retailers. Retail spokesman Hubertus Pellengahr told the Frankfurter Rundschau newspaper that € 2 billion in cash and vouchers accounted for roughly a quarter of the total Christmas turnover in 2003, estimated at € 8 billion. Increased sales in the last days of 2003 mean German retailers ended the year with a slight minus.