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Consumer Reports says 'Caveat Emptor' to Gift Card Buyers
Shoppers will spend $26.3 billion on gift cards this year, up from $24.8 billion in 2006, reports the National Retail Federation (NRF). While those projections are good for retailers, it’s bad for shoppers, according to Consumer Reports.
Consumer Reports recently ran a full-page ad in The New York Times criticizing holiday gift cards. The ad told shoppers to be wary of purchasing the cards because $8 billion worth in gift cards went unused in 2006, either because they were lost or expired. “Easy money for retailers. Lost money for you,” the ad stated.
A newly-released Consumer Reports survey reports that approximately 56 percent of respondents received gift cards in 2006 and 27 percent of them still “have not used one or more of these cards,” according to an article in the Chicago Sun-Times.
The organization says it’s highlighting the negatives of giving gift cards, so that consumers (and gift recipients) aren’t surprised about potential hidden fees, expiration dates and activation charges.
A NRF survey of 7,982 consumers, who were polled during the first week of November, shows that 87.7 percent of shoppers said they would purchase two or more gift cards this holiday season.
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