My Aunt Barb thinks I love Texas Roadhouse. I don’t. But she gives me Texas Roadhouse gift cards every year at Christmas. They remain unused in my desk drawer. Apparently I’m not alone. There’s plenty of data that shows a lot of gift cards are gifted and a lot of them go unused.
Here’s Five Fast Facts About Gift Cards:
- 💳 Billions - Nearly half of all Americans give gift cards, spending $30B on them this holiday season alone. Restaurant gift cards make up a third of that. Seriously, Aunt Barb, I do not like Texas Roadhouse.
- 🍽️ Dine Out - Around 70% of those same restaurant gift cards are used within six months.
- 🗃️ Unused in the USA - According to Bankrate, 47% of US adults have at least one unspent gift card, with an average value of $187 per person for a total of $23B. That’s the same amount the government has on hand for natural disaster relief.
- 🛍️ Don’t Wait - Under federal law, gift cards are not allowed to expire until five years after purchase. But you should still spend them quickly. Some cards start incurring inactivity fees if they’re not used within a year, reducing their value.
- 💸 Win Win - Retailers love gift cards. If they don’t get used, they still have the money spent on them. When they are used, shoppers tend to spend around $59 more than the value of their cards.
🔥Bottom line: Use your gift cards, folks. If you’re not going to use them (or can’t or won’t), re-gift them to someone who will use them. It’s free money just sitting around! Now I need to figure out who gets these Texas Roadhouse gift cards. I hope Aunt Barb isn’t reading this.
Do you have any unspent gift cards?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
