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http://nytimes.com/2007/01/07/magazine/07wwln_freak.t.html http://nytimes.com/2007/01/07/magazine/07wwln_freak.t.html >As for gift cards — well, let’s just say

by ikeboy 10y ago

http://nytimes.com/2007/01/07/magazine/07wwln_freak.t.html http://nytimes.com/2007/01/07/magazine/07wwln_freak.t.html >As for gift cards — well, let’s just say there is good reason that they are known within the retail industry as a stored-value product: they store their value very well, and often permanently. The financial-services research firm TowerGroup estimates that of the $80 billion spent on gift cards in 2006, roughly $8 billion will never be redeemed — “a bigger impact on consumers,” Tower notes, “than the combined total of both debit- and credit-card fraud.” A survey by Marketing Workshop Inc. found that only 30 percent of recipients use a gift card within a month of receiving it, while Consumer Reports estimates that 19 percent of the people who received a gift card in 2005 never used it.

FireBeyond 10y ago
Not to mention expiry dates (which Washington state has outlawed), some ridiculously short (before this, I'd see cards from some merchants that were 'valid for 90 days' only).
CmdrSprinkles 10y ago
And while true, if that came out today it would probably be called "clickbait" Yes, 10% sounds about right for un-redeemed gift cards. But tell me, how often do you wear your xmas sweater? Have you ever gotten a gadget from a well-meaning uncle that just seemed stupidly dangerous and worthless? Gift cards aren't inherently a bad gift. Bad gifts are. If someone gives me a Victoria's Secret GC and I am not in the kind of relationship where I would buy my SO lingerie, then it is not going to get redeemed (and I will forget about it by the time I would have an opportunity to). Whereas, if someone got me a GC for Amazon Kindle or Steam I would use that pretty gosh darned fast. And obviously a store is going to push the GC. Even if it is a 20 buck card and you buy something for 19.99 they turn a profit. And more likely you'll spend 25 or 30

by ikeboy 10y ago

FireBeyond 10y ago

Not to mention expiry dates (which Washington state has outlawed), some ridiculously short (before this, I'd see cards from some merchants that were 'valid for 90 days' only).

CmdrSprinkles 10y ago

And while true, if that came out today it would probably be called "clickbait" Yes, 10% sounds about right for un-redeemed gift cards. But tell me, how often do you wear your xmas sweater? Have you ever gotten a gadget from a well-meaning uncle that just seemed stupidly dangerous and worthless? Gift cards aren't inherently a bad gift. Bad gifts are. If someone gives me a Victoria's Secret GC and I am not in the kind of relationship where I would buy my SO lingerie, then it is not going to get redeemed (and I will forget about it by the time I would have an opportunity to). Whereas, if someone got me a GC for Amazon Kindle or Steam I would use that pretty gosh darned fast. And obviously a store is going to push the GC. Even if it is a 20 buck card and you buy something for 19.99 they turn a profit. And more likely you'll spend 25 or 30