Brits cash in on unwanted Christmas gifts

A year of recession has made Brits aware of the value of unwanted Christmas gifts and more inclined to try to turn them into cash, according to new research from uSwitch.com, the independent price comparison and switching service. While almost half (47%) of consumers admit to previously shoving unwanted presents to the back of the cupboard and forgetting about them, this year sees a quarter of thrifty Brits (25%) more likely to try to make money from them instead.

As a result, consumers look set to become less wasteful, with half (50%) saying they are less likely to dump unwanted gifts in the bin this year. Instead of ditching the array of novelty gifts, useless gadgets, and ill-fitting clothing typically received at Christmas, a quarter (24%) are more likely to try to sell them, while 21% are more likely to wrap them up and ‘re-gift' them to somebody else - saving themselves the cost of buying a present.

And they will be in good company - four in ten consumers (41%) have previously re-gifted reject gifts while two in ten (20%) admit to having sold them. Sites such as e-Bay make this easy, convenient and inconspicuous and almost three quarters (74%) of those looking to sell unwanted gifts this year will be auctioning them online. Just one in ten (9%) will sell them to friends or family and under a third (32%) will try their luck flogging their rejects at a car boot sale.  

Retailers can also expect to see a surge in the number of consumers seeking an exchange or refund this year. While 38% of consumers have previously taken unwanted Christmas gifts back to shops, this is likely to be boosted by the 34% of people who say they are more likely to seek an exchange or refund this year. However, this may be trickier than consumers anticipate, as only a quarter of shoppers (27%) unfailingly check the returns policy on Christmas gifts. To make matters worse, over one in ten shoppers (13%) buy Christmas gifts throughout the year, meaning that the returns period could well have expired before the present is even out of its wrapping.

But even though Brits are keen to cash in on their discarded gifts, this doesn't stop them from showing generosity towards others. Half of consumers (50%) have donated unwanted Christmas presents to good causes in the past. And charities will be pleased to note that, despite the recession, a quarter of people (25%) say they are even more likely to be doing so this year.

Louise Bond, personal finance expert at uSwitch.com, comments: "Consumers have woken up to the amount of money wasted at Christmas with unwanted gifts thrown into a cupboard or into the bin. This year, people are spending less time dwelling on their disappointment and more time finding new ways of turning their unwanted Christmas presents into cash. As the saying goes, one man's junk is another man's treasure, and auction and swapping websites are a great way of trading or selling unwanted gifts.

"Consumers looking to return items to shops in the New Year have to be aware that retailers are not obliged to offer a refund, exchange or even a credit note for unwanted presents, unless they are damaged or faulty. However, most retailers have a ‘goodwill policy' which usually means consumers can get a refund or exchange. To give yourself the best chance, return the item as soon as possible after Christmas in good condition, with labels intact and preferably with the receipt. Shops have different return policies so never assume that you will have 28 days from the day of purchase - check with them first and always make sure you meet their deadline."