
A new study has found that consumers are holding $9 billion in unredeemed value on gift cards received during the holidays. The research also found that gift cards generated about $18 billion in retail sales during December and January. According to the report by Deloitte & Touche, adults received 3.2 gift cards during the holiday season just ended, compared to 2.5 one-year ago. This year's 3.2 cards had a total face value of $142.98. More than six out of ten gift cards received by adults had been fully or partially redeemed by the end of January. General purpose, or bank-issued gift cards, were the type most likely to have been used by the end of January. Nearly three-quarters of these cards have already been fully or partially redeemed. Deloitte & Touche said that if consumers continue to spend unredeemed cards in a similar fashion as they did in December and January -- that is, some consumers purchase more than the face value of their cards -- then the unredeemed gift cards of $9 billion could have the potential to add as much as $13 billion to retail sales.
| GIFT CARD TYPE RECEIVED | |
|---|---|
| Store: | 80% |
| Restaurant: | 33% |
| Mall: | 14% |
| General Purpose: | 10% |
| Personal Service: | 5% |
| Internet Site: | 5% |
| Source: Deloitte & Touche | |