Millions wasted as consumers don’t spend vouchers

More than 300 million pounds worth of gift vouchers bought this year could go unspent according to research by the UK Gift Card and Voucher Association.

The association along with Consumer Affairs Minister Jo Swinson is urging consumers to spend and enjoy any vouchers they get for Christmas before they expire, as every year 6 percent of vouchers bought will go unused as they lay forgotten in people’s wallets and drawers.

Cards and vouchers are a popular gift choice at this time of the year, with the UKGCVA reporting that the industry grew 10 percent in the third quarter of 2014 and that the UK industry is worth 5 billion pounds. The research has found that many people do not even realise that there is an expiry date and fail to check the details, which means that hundreds of millions of pounds is going unspent and consumers are losing out.

Consumer Affairs Minister Jo Swinson said: “I would urge people to look carefully at the terms and conditions on the voucher or gift card and if it is not perfectly clear how long it is valid for, they should contact the retailer who issued it so that they know when they need to use it by. It is a real shame to miss out on a gift because a card or voucher is left hidden in a drawer.”

Modern technology may provide the answer as digital vouchers, such as those that can be loaded on to a mobile phone, are becoming more popular according to the UKGCVA, and may be more likely to be used because the recipient does not have to remember to take a physical piece of plastic or paper with them to the shops.