SEATTLE—Starbucks has revealed that $1 billion is sitting on Starbucks gift cards unused.
Interim CEO Howard Schultz told investors in a second-quarter earnings call that the cards have been used by more than 120 million people, Business Insider reported.
Customers purchased 46-million cards in 2020, with a stored value of $12.6 billion on the gift cards for the year. Starbucks cards by themselves are bigger than the entire gift card industry, Schultz said.
“Gift cards can be a boon to retailers, as recipients often don't use the full amount. This essentially gifts free money to the card issuer as nearly 40% of 18 to 29-year-olds lose their gift cards before they can spend them, and around 25% of 30 to 64-year-olds do the same,” Business Insider explained.
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