When is a gift card not a gift? When you spend WAY more than you should
Using a gift card often makes you spend more than you expected — and even more than the gift card was originally for.
Some 74% of those consumers said they spent an average of 41 pounds on top of the original value of the gift card when they use them.Shoppers in the U.S. act similarly, First Data has found. A study from the Massachusetts Institute of Technology , for example, found in 2000 that business students were likely to bid more for sports tickets when they were putting the purchase on a credit card than when they had to pay in cash.Consumers spend more than $130 billion on gift cards every year, but another $1 billion goes unspent, sitting in drawers and in wallets, according to the advisory company CEB TowerGroup.
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