Americans Sitting On $21 Billion In Unused Gift Cards
OTTAWA, CANADA - April 17, 2014: A Target outlet. The CEO of Target resigned on May 5, 2014 after Canadian operations lost nearly $1 billion and a data breach affecting 40 million customers.
Are you like me? Are you of the Americans sitting on 21 billion in unused gift cards? While you may think giving someone a gift card is a perfectly nice gift because then the receiver can buy anything they want, it turns out most people aren’t doing that at all. In fact, according to USA Today it sounds like most people aren’t using them at all.
A new CreditCards.com survey finds:
- 47% of Americans have at least one unused gift card in their wallet.
- On average, Americans have $175 worth of unused gift cards, vouchers and store credits, $61 more than last year.
- All these unused gift cards amount to about $21 billion nationwide.
And it certainly seems that gift cards are wasted on the young.
- Millennials are the most likely to have unused gift cards (52%), with $226 in unused credit.
- They were closely followed by Gen Z (51%), who have, on average, $149 in unused gift cards.
- Older generations do seem to use them a little bit more.
- Only 43% of Gen X are holding on to unused gift cards, worth, on average $180.
- As does 42% of Baby Boomers, worth about $133.
So, why are these gift cards going unused?
- Well, 29% of people simply say they held on to them too log.
- Another 25% have no idea where the gift card is.
- 47% of people eventually lose out on their funds, some because the business closed before the card could be used.
I can not believe Americans are sitting on 21 billion in unused gift cards! That’s mind-blowing hahaha. I’m totally guilty btw.
Steve Maney’s radio career has taken him all over the US, from interning with Howard Stern to working with Elvis Duran, this radio veteran now calls Charlotte and Kiss 95.1 home. He is Kiss’ staple entertainment guy writing about his thoughts on local news and funny topics like the name of the male Karen. It’s so much to know, but Maney will deep dive into any topic to get you a great piece to read.
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