Nov 20 2007
$8 billion in gift cards went unspent in 2006
Consumer Reports (a consumer advocacy group) recently began an Advertising campaign aimed at creating consumer awareness about the disadvantages of gift cards.
They claim that among the disadvantages is the fact that so many go unclaimed - $8 billion worth in 2006.
I guess the retailers who provide the cards are not exactly hurrying to join them in their efforts to warn consumers.
Who knows, this could start a whole new board on the stock exchange, a place where you can buy discounted, unredeemed gift cards.
Regardless of their well intentioned disdain, Gift Cards remain a powerful promotional tool.
They satisfy a real consumer need, to give a gift that is flexible to the recipients wants and needs, and provide the business owner a great way to attract the friends and families of existing customers to their stores.
As to weather they are redeemed or not, I would suggest that it is no different than customers buying gifts that are not wanted or ever used by the recipient.
Mind you, $8 Billion dollars is one hell of a lot of “thought that DIDN’T count”
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