Nearly half of U.S. adults are holding onto free money through a gift card, voucher or store credit. Each of them are holding onto an average value of $175.
/ Getty Images)
According to the data, younger adults are most likely to have unused gift cards, vouchers and store credit with over 50% of Generation Z consumers holding on to an average of $149 per person. About 52% of millennials are holding on to an average of $226 per person. — with annual incomes under $50,000 — are also holding on to gift cards, vouchers and store credit with an average value of $128 per person.
"In fact, it’s the exact opposite, as inflation eats away at the value," Ted Rossman, senior industry analyst at CreditCards.com, said. "And the longer you hold on to these unused gift cards, the more likely you are to lose them or forget about them or haveEspecially in a period ofputting "gift cards to work can be a valuable inflation-busting strategy," he added.
However, the data also suggest that 45% of adults who have unused gift cards, vouchers or store credits expect to use all of them within the next 12 months. Another 30% of consumers plan to use the majority of them, while 16% intend to use only a few of them. However, 9% don’t plan on using any, according to the data.
Nearly 40% of adults let gift cards expire at some point in their life and another 25% have lost at least one. The data also showed that 19% have failed to use a gift cardFor the data, CreditCards.com commissioned YouGov PLC to conduct a survey of 2,372 adults in July.
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