POSTED: Monday, December 26, 2011 - 12:32pm
UPDATED: Monday, December 26, 2011 - 8:19pm
At the risk of putting a bit of humbug on the holidays, a Consumer Reports survey projects that 20 percent of American adults will receive a lousy gift this holiday season.
Tod Marks was one of those at consumer reports who conducted the survey. He says lousy gifts are why retailers are prepared for a flood of returns starting the day after Christmas.
"Around one in five Americans will spend two or more hours actually returning gifts this year," he
That means consumers need to be properly prepared for returns, too. It's always best to have a receipt. Because of about three and a half billion dollars in return-fraud last year, tighter return rules are in effect this year. With gifts like electronics, think before ripping it open. That will help avoid re-stocking fees should you return it.
Also, consider your favorite charity as a destination for that not-so-favorite gift.
"We're talking about new gifts here, and if people get a gift they really don't like, if it's perfect and it's in good shape, donate it," Marks says.
The survey found that's what nearly one in five Americans plan to do with the gift they don't want.