The gift card market in Australia is worth more than $1.5 billion annually, according to research by Melbourne University. According to Australian Retailers Association executive director Russell Zimmerman, the market grew 30 per cent in 2009 and 2010.
However, 10 per cent of gift cards go unredeemed and 20 per cent are unwanted by the person who receives them as a gift, according to the research. Many more cards are only partly redeemed, leaving credit to expire and be collected by the card issuer.
Cardlimbo managing director Fergus Koochew said the least popular gift cards were those issued by jewellers, which is not surprising.
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