49% of customers put off cashing gift cards, discounts, and more, and missing out on using them, according to Bankrate.com.
With the average per-person value for gift cards being $116, 51% of US adults often forget to utilise gift cards, vouchers, and store credits in time, resulting in a $15.3 billion loss. Millennials (56%), baby boomers (52%), Gen X (47%) and Gen Z (46%) have been negligent of gift cards.
However, 63% of baby boomers intend to use outstanding gift cards, and 54% of Gen X plan to do the same. Millennials (42%) and Gen Z (32%) also have plans to use their outstanding coupons.
Consumers redeem general gift cards after a longer span of time, notes Robyn LeBoeuf, marketing professor, Washington University. LeBoeuf states, gifts cards with no expiration dates are often delayed in use, as there is no sense of urgency.
[3 minute read]