NEW YORK—Another study shows just how many billions of dollars are being spent on gift cards every year that go unspent.
Almost two-thirds of American consumers have at least one unspent gift card tucked away in a drawer, pocket, wallet or purse, according to a new report from Credit Summit.
And at least half of those consumers lose a gift card before they use it, said Credit Summit, an online provider of financial advisory services.
The report said there is as much as $21 billion of unspent money tied up in unused and lost gift cards. Of those surveyed, a majority of respondents said their unredeemed cards were worth $200 or less, CNN stated in its analysis.
The Credit Summit report is based on a December 2022 survey of 1,200 consumers aged 16 and older. Of the respondents, 60% were female, and the income range of those surveyed ranged from less than $25,000 to more than $150,000 per year.
‘Sitting in a Drawer’
“Gift cards are extremely popular and almost everyone enjoys getting them. But many people leave them sitting in a drawer to redeem on a special occasion. Use them, don’t save them,” said Rebecca Stumpf, an editor with Credit Summit. “If someone has given you a gift card, they want you to spend the money.”
A separate study on gift card usage found the average amount on unused gift cards last year was $175 per person, up from $116 in 2021, CNN noted.
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