Q: Canadians collectively are holding $35 million here. Where is it?
A: In unused gift cards.
According to Square, approximately 40 per cent of activated gift cards in Canada have yet to be used. The cumulative value of these unused cards amounts to a staggering $35 million sitting idly in Canadian wallets.
Toyoda adds, “There is a rise in e-gift card sales, especially since 2020, and we really haven’t seen it slow down since then. It’s still becoming a more and more common way to give gifts.”
While most gift cards in Canada have no expiration date, it is important for recipients to read the fine print to make sure.
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