Unused gift cards – The daily blog of behavioral and cognitive economics

When We Do (and Don’t) Spend Our Gift Cards

Last week, I found a Barnes & Noble $25 gift card tucked away in my desk drawer. Remembering the Christmas gift, I immediately decided to spend it. Now, days later, I still have not used it. I was not alone. Forty-three percent of all American adults also have unused gift cards. With Millennials having the highest average gift card value, we can break it down by age. While the youngest cohort, Gen Z (1997-2012) had the lowest average at $142, the oldest group in a Bankrate study, the Baby Boomers (born 1946-1964) came next with an average of $227. Then came Gen X (born 1965-1980) with $255 and Millennials (born 1981-1996), $332. You can see that there appears to be no pattern. ….[READ]