Supply and demand are the largest determining factors in how much an online exchange is willing to pay you for your gift card.
PITTSBURGH (PRWEB) December 27, 2017
Gift Card Granny (giftcardgranny.com), the largest aggregator of online gift card exchanges with over 300,000 discounted gift card deals for major brands and retailers, published trends surrounding individuals re-selling their unwanted gift cards in 2017. The most common reasons for a recipient to exchange their gift card for cash include receiving an undesirable brand or simply rather having money that they can spend anywhere. It has become a very popular practice.
According to Google Trends, the amount of people who look to sell a gift card online has grown exponentially each year since 2010 with 163% more people looking to sell in 2016 compared to 2010.
2017 MOST RESOLD GIFT CARD BRANDS
iTunes was the brand people looked to re-sell the most, making up 6.54% of all sell offers generated on GiftCardGranny.com in 2017. Amazon finished closely behind in second place (6.07%), down one spot from the year prior. Best Buy (4.08%) of sell offers, Walmart (3.44%), and Target (3.05%) round out the top 5.
HIGHEST RETURNS WHEN SELLING A GIFT CARD
While iTunes is the most popular gift card in terms of re-selling, its return value is on the lower end of the payout spectrum at 65% or $65 when re-selling a $100 iTunes gift card for cash. Gift cards for the grocery giant Safeway yielded the highest return rate at 92%.
Supply and demand are the largest determining factors in how much an online exchange is willing to pay you for your card. The general rule of thumb is that exchanges will pay more for rarer brands that they have less of and are in higher demand with consumers as a result. Conversely, you will be offered less money for your gift card if it is a commonly re-sold brand and the exchange’s inventory levels are sufficient.
HIGHEST RETURNS ON GIFT CARDS BY INDUSTRY
Everyday essential gift cards for gas and grocery retailers bring the highest rate of return at 89% on average. Retail gift cards for brands like Target, Best Buy, Apple, and Nordstrom will net a return of 87%.
GIFT CARD RE-SELL REQUESTS BY AGE GROUP
25-34 year olds were the most active when it came to re-selling gift cards, making up 46% of total sell requests on Gift Card Granny. 18-24 year olds came in second place, accounting for 31%. 35-44 year olds were the second least active age range, only making up 16% of total sell offers generated. 45 year olds and above looked to sell their cards the least in 2017, with only 7% of the total requests.
There was little variance in the most popular re-sell brands among age groups. Amazon, iTunes, Walmart, and Best Buy were the Top 4 re-sold brands across all age groups. Target was frequently resold more among younger people, while Nordstrom and Starbucks had a higher rate of re-sale for those 35 and above.
GIFT CARD RE-SELL STATS BY STATE
California, Texas, and New York accounted for a combined 34.3% of gift cards resold in the United States mainly due to their large populations. On a per capita basis, Rhode Island finished first with .114% gift cards re-sold per person. Close behind was California (.110%), Nevada (.106%), New Jersey (0.103%), and Massachusetts (.096%).
For more information on data surrounding the most resold gift cards and other gift card trends, please email PR(at)giftcardgranny(dot)com.
ABOUT GIFT CARD GRANNY
Gift Card Granny has been saving shoppers money since 2009. Originally founded as the first gift card comparison site, Granny has grown from a single person operation to a team of over 35 employees. Today, Gift Card Granny is the meta site for discount gift cards – with over 300,000 gift card deals and over 16 million visitors a year. Customers can buy gift cards at a discount or sell their unwanted cards for cash.