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Gift cards have become immensely popular in the U.S., with consumers purchasing around $98 billion in 2019, marking a significant 90% increase since 2005. They have been the top holiday gift for thirteen consecutive years, reflecting a strong market preference. Despite their popularity, approximately $3 billion in gift card balances go unspent annually, as many cards are forgotten in wallets or drawers. Companies sell gift cards to enhance brand loyalty and increase in-store traffic, often resulting in consumers spending more than the card’s value. However, the reasons behind the non-use of these cards leave substantial unclaimed funds on the table.
