The Consumers' Association of Canada is recommending that shoppers give cash instead of buying gift cards, which often go unused or come with many restrictions for their recipients.
Canadians spent $1.8 billion on gift cards in 2006.
(CBC) "We recommend you forget about it completely and use cash," CAC spokesman Bruce Cran said.
One recent study in the United States reaffirmed other reports that consumers are losing out to retailers, estimating that 25 per cent of all gift cards go unused. Best Buy Co., for example, reported a profit of $43 million US from unused cards last year. Limited Brands Inc. recorded $30 million US in 2005 revenue because of unredeemed cards.
Canadians spent $1.8 billion on gift cards in 2006, and the amount is forecast to exceed $3 billion this year.
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(CBC)
One recent study in the United States reaffirmed other reports that consumers are losing out to retailers, estimating that 25 per cent of all gift cards go unused. Best Buy Co., for example, reported a profit of $43 million US from unused cards last year. Limited Brands Inc. recorded $30 million US in 2005 revenue because of unredeemed cards.
Canadians spent $1.8 billion on gift cards in 2006, and the amount is forecast to exceed $3 billion this year.
Full story
Do you use gift cards? Is cash to crass?
More...