Hey there, savvy spenders and forgetful gift card hoarders! Ever wonder how much money is collecting dust in the form of unused gift cards? Prepare to be amazed (and maybe a little embarrassed) as we dive into the world of forgotten plastic treasure.
The Great Gift Card Graveyard: A Five-Year Trend
Let’s kick things off with a look at how our collective gift card amnesia has evolved over the years:
| Year | Average Unused Amount per Person |
|---|---|
| 2020 | $116 |
| 2021 | $175 |
| 2022 | $187 |
| 2023 | $244 |
| 2024 | $244 |
Holy guacamole! That’s a whopping 110% increase in just five years[8]. It seems we’ve gone from misplacing a nice dinner’s worth of gift cards to forgetting about an entire shopping spree!
The Generational Gift Card Gap
But wait, there’s more! It turns out that some generations are better at hoarding gift cards than others. Let’s break it down:
| Generation | Average Unused Amount |
|---|---|
| Millennials | $332 |
| Gen X | $255 |
| Baby Boomers | $227 |
| Gen Z | $142 |
Millennials, you’ve done it again! Not content with killing industries, you’re now the reigning champions of unused gift cards[8]. Maybe you’re too busy crafting the perfect avocado toast to remember your Starbucks gift card?
The $27 Billion Question
Here’s a mind-blowing statistic for you: Americans are currently sitting on an estimated $27 billion in unused gift cards[1]. That’s billion with a ‘B’, folks! You could buy a small country with that kind of cash. Or, you know, actually use the gift cards you were given.
Why We’re Leaving Money on the Table
So, why are we all acting like forgetful squirrels with our gift cards? Here are the top reasons:
- 29% of people let their gift cards expire[6]. (Pro tip: Gift cards are not fine wine. They don’t get better with age.)
- 27% of people lose their gift cards[6]. (Maybe check between the couch cushions?)
- 21% of people had the store go out of business before they could use the card[6]. (RIP Blockbuster gift cards.)
The Prepaid2Cash Solution
Feeling a bit guilty about your own gift card graveyard? Don’t worry, Prepaid2Cash has got your back! Instead of letting those cards gather dust, why not turn them into cold, hard cash? It’s like magic, but legal and way more practical.
Remember, every time you forget about a gift card, a retail executive gets their wings. So let’s put that money back in your pocket where it belongs!
Don’t let your gift cards become a statistic. Use them, love them, or cash them out with Prepaid2Cash. Because let’s face it, you probably don’t need another scented candle from that store you visited once three years ago.
Stay savvy, gift card warriors!
Citations:
[1] https://qz.com/americans-27-billion-unused-gift-cards-1851654949
[2] https://www.bankrate.com/f/102997/x/c53caa68d4/gift-card-survey-press-release.pdf
[3] https://edition.cnn.com/2023/02/23/business/gift-cards-unused/index.html
[4] https://blog.prepaid2cash.com/never-leave-money-on-the-table/
[5] https://capitaloneshopping.com/research/gift-card-statistics/
[6] https://savemycent.com/gift-card-statistics/
[7] https://www.cpapracticeadvisor.com/2024/09/25/survey-43-of-americans-have-at-least-one-unused-gift-card/110981/
[8] https://www.bankrate.com/credit-cards/news/gift-cards-survey/
By rogerp2c