Gift cards are a favorite product of many retail merchants because they ensure consumers will come back and spend that money – and maybe even a bit extra – in-store.

However, many consumers are also trading these gift cards to third-party resellers for some extra cash. December 26 is national Gift Card Exchange Day, an annual one-day event where resellers pay the highest amount to refill their inventory. It works for both parties involved – consumers get money for whatever they need, while resellers can get the cards into the hands of people who will actually use them. 

As International Business Times notes, a substantial number of gift cards go unused throughout the course of the year. Experts' estimates suggest between 2005 and 2011, $41 billion worth of gift cards will have gone unspent.

According to a separate report from the National Retail Federation, shoppers were anticipated to spend approximately $27.8 billion on gift cards for the 2011 holiday season. Digital gift cards that could be emailed to recipients made them even more popular, as they made for better last-minute gifts.

This entry was posted by Retail Pro on Tuesday, January 3rd, 2012 at 2:24 pm .