Tuesday, February 27, 2024
HomenewsUnused gift cards not affecting local businesses

Unused gift cards not affecting local businesses

HASTINGS, Neb. (KSNB) – Gift cards are a popular gift but some go unused in the months after the holidays. In fact, the agency Credit Summit said as a nation we have approximately $21 million in unused gift cards. Gift cards are a popular pick because of convenience, and for business owners unused gift cards isn’t exactly a losing situation.

“It definitely takes people a while to spend gift cards or they lose gifts or they don’t spend,” said Jacque Cranson, owner of Small Famous. “So as a business owner I mean obviously if no one every spends their money then I don’t have to give them merchandise and so I’d say it’s a win-win for businesses.”

Cranson said on a personal level she doesn’t like to owe people money. She said when she has gift cards she spends it almost immediately. Cranson also said Small Town Famous is a hot spot in Hastings to purchase gift cards, and no matter what time of year it is people will buy them.

“During our busy times I’d say we sell at least three to five a day if not more,” said Kolbie Kaiser, Employee at Small Town Famous. “For a year I’d say we sell on average 100 probably a little bit more than that.”

Kaiser said when people use them there’s a particular set of items they’re purchasing.

“A lot of the time they’re buying them for a gift, and the people that come in use them, they’re usually buying one of our crew necks or sweatshirts,” Kaiser said. “I’d say that’s probably a majority of what they’re used for.”

Even with a rough economy, gift cards haven’t lost its popularity because a gift card is a budget friendly gift.

”I think gift cards have always been popular. I don’t it’s necessary changed now,” said Cranson. “I mean it’s an easy gift because then someone can get what they want out of it. But it’s definitely a good way to keep something within your budget. You know exactly what you’re spending if you buy someone a gift card.”

Unused gift cards also doesn’t lead to a lost in profit.

“I wouldn’t say it hurts us, it’s just we just know that at any point there could be an influx of people coming in to spend their gift card,” Cranson said. “But we kind of account for that, I mean it’s pretty much laws of averages of what’s going to get spent and what’s not going to get spent, and when it’s going to get spent. So I think it’s just being prepared.”

Cranson said she’s not one to let gift cards go by the wayside.

“I pretty much spend my gift cards when I get them, or we have kind of a pile of them,” Cranson said. “We keep track of ours and so through ours. I don’t like to have a lot of things sitting around so if it’s in when just go spend it.”

Cranson said people forgetting about a gift card happens often.

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