Tuesday, March 5, 2024

Connect with us:

Illinois’ holiday ‘regifting economy’ is worth $672,654,928

Information provided by DodoBurd

The anticipation of Christmas and the excitement of unwrapping presents never grows old. But, as adults, the charm of the holiday sometimes brings a few less-than-perfect gifts —  sure, sometimes Grandma’s itchy sweater or that unsolicited diet book makes us scratch our heads, but it’s all part of the holiday fun. It’s no shock then that the market for passing on these gifts has seen a boom. Many opt to regift or sell unwanted items, sparking a trend in the gifting economy.

DodoBurd.com, a gift list website, recently carried out a study to determine the national overall and local size of each state’s regifting economy during the festive period. They found that nationally, this festive exchange is worth a staggering $17 billion. 43% of respondents admitted to having sold or regifted a present they had received, at an average value of $123.

Regifting at the state level

When analyzed on a state level, it was found that, unsurprisingly (given its larger population), California is the king of the gift swap with a whopping $2 billion market, whereas Delaware’s was the smallest at $17 million.

However, when Dodo Burd weighed each state by population, it was found that it was Rhode Islanders who are the biggest re-gifters, where 83% admit to doing this.

Illinois’ re-gifting economy is sizeable too — 43% of Illinoisans admit to selling on or gifting unwanted presents, making the size of its re-gifting economy $672,654,928.

Top 5 regifting states

1. Rhode Island: 83%
2. Nevada: 59%
3. New York: 56%
4. Arizona: 54%
5. Utah: 53%

Created by Dodo Burd • Viewlarger version

 

Regifting habits

Dodo Burd delved a bit deeper into people’s regifting habits:

  • Over two-thirds (71%) say they have received a gift that they immediately knew they would never use or wear. Whether they kept it or cleverly circulated it is a holiday mystery.
  • 38% of respondents believe it is morally wrong to sell or re-gift a present they have received. However, out of the 62% who have sold or regifted a present, almost half (47%) have felt regret in having done so.
  • Turns out, selling those not-so-perfect presents isn’t just for laughs; nearly half do it to jingle some extra coins into their pockets.
  • In a shameless holiday faux pas, 44% of regifters have accidentally regifted to the original giver.
  • Almost half of survey participants see flipping gifts as a savvy side hustle. It’s all about staying financially frosty over the holidays, with 49% saying it’s their secret to not breaking the bank.
  • 50% percent of survey participants acknowledge purchasing gifts for others while specifically hoping that these items would eventually be given back to them.

“It’s clear that regifting has become a significant part of our holiday traditions. While not every present can find its forever home the first time around, the spirit of giving continues in the form of regifting, which supports both our emotional and economic well-being during the holiday season” says Grace Healy from DodoBurd.com.

The Lansing Journal
The Lansing Journalhttps://thelansingjournal.com
The Lansing Journal publishes news releases from state, county, and local officials who provide information that impacts local community life. The particular contributor of each post is indicated in the byline.