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While it truly is the thought behind every gift that counts, there are plenty of people out there who unboxed a gift over the holidays that just missed the mark. While new CivicScience data show over one-quarter of holiday gift recipients have either already returned/exchanged a gift or plan to do so soon, more holiday gift receivers are keeping their full holiday haul this year. Polling during the first week of January indicates a one-percentage-point decrease in the number of consumers who have already returned or exchanged a holiday gift and a five-percentage-point decrease in those who plan to.
Let us Know: How likely, if at all, are you to return or exchange a holiday gift you received?
Even though 12% still lingers in the void of potential returns or exchanges, it’s unlikely that the return rate will reach the extent it did at the conclusion of last year’s holiday season.
Gen Z adults and Millennials are the leaders of returns and exchanges, as they were last year. But consistent with current consumer behavior, the rates are lower. Most significant are Millennials, whose likelihood to return or exchange holiday gifts dropped by 27%.
Financial Concerns
Many consumers went into debt to spend money over the holidays, and now they feel stressed about repaying that debt. According to CivicScience polling, people who are ‘very’ concerned about repaying holiday debt are the most likely candidates for making returns or exchanges. People who did not take on holiday debt are significantly more likely to keep what they received.
Additional data on personal finances show a similar correlation: 35% of people who are trying to improve their financial situation in some way are also making holiday returns, which could be interpreted as an attempt to alleviate the burden of holiday spending. Those who are unemployed are more likely to be making returns or exchanges; and lastly, people who say their financial situation is going to get better have the highest rate of intent to make returns.
Weigh In: Do you feel guilty about returning holiday gifts?
With many returns and exchanges still incomplete, it’s difficult to say exactly where the numbers will land, but some level of financial concern is likely a factor fueling the flurry. Connect with us today for deeper insights on 2024’s holiday returns and exchanges.
