What you need to know about the new direct marketing guidance note
Nadine Mather and Chloë Loubser
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Gift cards in a gloomy economy: A losing bet?
They may not be the most thoughtful presents in the world, but they sure are convenient. Gift cards relieve shoppers of having to find the perfect size, style, and colour of any item on a shopping list. They also avoid scenarios where what the buyer views as desirable is antithetical to the receiver's outlook.
Consequently, consumers spend billions on these small plastic "gifts" each year. The Purdue Retail Institute estimated that US consumers purchased approximately US$40 billion worth of gift cards just during the 2008 holiday season.
However, the ongoing economic downturn has tarnished these shopping aids' name. Consumers have been saddled with millions of dollars in worthless gift cards as retailers large and small have filed for bankruptcy. With gloomy economic news on the horizon, the question becomes: What does the future hold for these convenient items?
