According to a recent survey by Money
Management International (MMI) 58% of Americans have regifted. That's a lot of regifting. So why do people reuse gifts, anyway? Here's what the survey found:
This year, there are more reasons than ever to regift:
Everyone is doing it. Well, nearly. 58 percent of respondents in
MMI's 2007 holiday survey say they regift, or are considering doing
so.
Times are tough. Rising gas and energy prices, home foreclosure
rates, rising credit card minimum payments, the list goes on. 42
percent of MMI's survey respondents regift to save money. With
consumers expected to spend an average of $900 this holiday season
(according to the National Retail Federation), many will accrue credit
card debt that lingers well into the New Year.
Go Green. For the first time in history, consumers are considering
the impact of the holidays not only on their pocketbook, but on the
environment. The good news is that "going green" doesn't mean forgoing
all gift-giving and decorating. Regifting is a small step towards
reducing this holiday's environmental impact.
It's the thought that counts. MMI's survey found that regifters
have good intentions. 62 percent regift because they think it is
something the recipient would really like.
"Whatever reason you choose, being a savvy regifter is key. When
people say, 'really, you shouldn't have,' you don't want them to mean
it," said Cate Williams, vice president of financial literacy for
Money Management International. "With a little care and common sense,
you can help keep your holiday spending under control, and participate
in the holiday tradition of gift-giving."
MMI's website, regiftable.com features both horrifying and heartwarming stories about regifting.
