Gift Cards Collecting Dust: Despite Surging Inflation, Americans Are Still Holding Onto $21 Billion in Unused Store Credits

Even amid the rapid and sharp erosion of purchasing power, nearly half of Americans still have some money left in their wallets— that they’re probably overlooking.

According to a recent survey conducted by CreditCards.com, 47% of consumers currently have at least one gift card, store credit, or voucher laying around that they have yet to use. The survey, which collected responses from 2,372 adults, found that the average amount on the unused credits increased from $116 in July 2021 to $175. With prices at 40-year highs, such a sum could make a substantial difference for consumers’ wallets.

“It’s like finding that $20 bill in that jacket pocket from last winter,” said CreditCards.com senior industry analyst Ted Rossman. “But in this case, it’s even more money than that.” He cautioned that holding onto unused gift cards is not a wise financial move given that inflation erodes away at the purchasing power of the sums, the card could get lost, or the store issuing the card could charge inactivity fees. “There’s really no good that comes from letting these lie around.”

The survey found that millennials were the most likely to carry unspent balances on gift cards, with 52% of the demographic holding onto an average value of $226. Likewise, about 52% of the Gen Z population had unused balances around $149 each. Both Gen X and baby boomers also failed to spend their gift cards, carrying around unused sums of $180 and $133, respectively.

As expected, those with lower income levels were less likely to not use their gift cards. The survey found that 57% of respondents earning between $80,000 and $99,999 held an average unused value of $227, followed by those with incomes over $100,000 at 56%.


Information for this briefing was found via CNBC and CreditCards.com. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

US Consumer Spending Expectations Soar, Despite Pessimistic Earnings, Income

Despite the less-than-dismal state of consumer finances that is expected to envelope much of the...

Saturday, December 19, 2020, 11:41:00 AM

Congress Sees Bipartisan Push To Cap Credit Card Interest At 10%

A contentious debate is brewing following a proposal tabled in the US House to cap...

Monday, March 10, 2025, 12:13:00 PM

Consumer Spending Data Compiled by the US Bureau of Economic Analysis Significantly Inaccurate

The US federal government has been issuing a monthly report which measures consumer spending. The...

Thursday, June 4, 2020, 01:34:00 PM

US Consumers Delve Into Savings to Keep up With Spending Habits as Incomes Tumble in October

As numerous stimulus programs that were part of the CARES Act ended over the summer,...

Thursday, November 26, 2020, 12:21:00 PM

Household Net Worth Sent Soaring Amid Real Estate Boom

The Covid-19 pandemic has sent some households’ net worth soaring by more than $2 trillion...

Sunday, June 13, 2021, 03:01:00 PM