Avoid unwanted presents at Christmas

The run up to Christmas has been a great time for us to launch Goodmoney gift vouchers and start learning about our market. Christmas is obviously and an exceptionally busy time for the whole gift market and gift vouchers are no exception. In fact, the gift voucher and gift card market has been growing steadily for a number of years as canny shoppers seek to avoid giving unwanted gifts.

According to estimates by Prepaid International Forum, a trade organisation representing the gift voucher industry, more than 100 million gift cards and vouchers were given as presents in 2014.

In an article in the Guardian earlier this year, PIF co-chairman Alastair Graham said: ‘People are saying: “I don’t want to waste my gift, I want people to have something they’ll like.” We believe this to be particularly true for extended family members because the danger of buying an unwanted gift is much greater.

Interestingly, at Goodmoney CIC we’re seeing quite a high proportion of our online orders coming from people who live outside of Brighton & Hove and many have confirmed that they’re buying for relatives who live in Brighton & Hove.

Back in 2009, the economist Professor Joel Waldfogel published a book titled, Scroogenomics: Why You Shouldn’t Buy Presents For The Holidays. In the book he successfully argued that Christmas presents are a very inefficient way of exchanging value and that gift vouchers are preferable as they result in fewer unwanted presents. He also observed that some gift vouchers expire unspent and suggested this money should go to charity.

We think Prof. Waldfogel would certainly approve of Goodmoney gift vouchers. With so many independent businesses to choose from, they offer a more exciting choice than high street gift vouchers and support local community too. We also have a remind, renew and reinvest policy. We encourage anyone who receives a Goodmoney gift voucher to register for reminders, we will also renew expired gift vouchers up to three months after expiry and any unspent money will be reinvested into local community projects.

Goodmoney gift vouchers are available to buy from online from our website and they’re now also available from hiSbe supermarket, City Books in Hove, Brighton Toy & Model Museum and The Bevy community pub.