Americans have plenty of gift card dollars to spend after the holidays
Americans have plenty of gift card dollars to spend after the holidays
The holiday gifting season may be coming to a close, but plenty of Americans now have gift cards to spend. (Which is a more enviable prospect than the returns in store for other gift-receivers.) More than 40% of Americans have an unused gift card, according to Bankrate.
Nicole Panettieri saw gift card sales at her apparel stores — The Brass Owl and The Tiny Owl in New York City — double.
“Most people had a moment of, ‘I can’t believe it’s almost Christmas, almost Hanukkah and didn’t know what to do,'” she said.
The shopping season was shorter this year. Also, Panettieri now offers e-gift cards. She said people tend to spend them right away, which makes her bookkeeping easier.
“Last year, it was about 75% was redeemed, so there’s about 25% a year later that’s still open,” Panettieri said.
All of those unused gift card dollars? “Also known as spillage — that’s actually declined tremendously,” said Chip Lugo, an analyst at WalletHub.
That’s because consumer protection laws have extended expiration dates or gotten rid of them altogether.
If you received a gift card, Lugo said you should check the amount right away and link it to any online retail accounts you have to prevent loss or theft.
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