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Even this far into the new year, it’s not too late to return, exchange or make plans to regift unwanted holiday presents, said Laura Hendrix, extension professor of personal finance and consumer economics for the University of Arkansas System Division of Agriculture.
“Wrong size, wrong color, or just not your style — it’s common during the holidays to receive gifts that you just don’t want,” Hendrix said.
The National Retail Federation projected that returned gifts would total $890 billion for 2024, though returns are most prevalent during the holidays. For the 2024 holiday season, the NRF found that retailers expected their return rate to be 17% higher than their annual return rate.
Hendrix said there are several options when deciding what to do with an unwanted gift. First, check to see if it can be returned or exchanged.
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“You may be able to return or exchange a gift if you know where the item was purchased,” Hendrix said. “Items are easier to return if they are still in original packaging or have the tags. Check the vendor’s return or exchange policy. A receipt or gift receipt may be required.”
“Some companies have time limits for returns,” she said. “Some companies don’t cover shipping for returned items, so you either must take it to a physical store or pay for the return shipping.”
If the return window has closed or the gift isn’t accepted by the retailer, consider regifting the item.
“Do you know someone else who would enjoy the gift?” Hendrix said. “Wait and give the item to a friend or family member for their birthday or donate it to a charity that accepts the item.”
Keep in mind that the most important part of the original gift is the intention behind it.
“It truly is the thought that counts,” Hendrix said. “Always express your gratitude when you receive a gift. You don’t need to tell the person that you are returning or giving away their gift, unless the gift has special significance.”
“If the gift is an heirloom, family photos or has significant meaning, you should talk to the person who gave the gift,” she said. “Offer to return it to them or ask their permission to give the item to someone else, maybe another family member.”
Hendrix said this may be a good time to reconsider how gifts are exchanged and make new plans for the 2025 holiday season.
“Now may be a helpful time to have conversations about future holidays,” Hendrix said. “Start new traditions. Limit gifts by drawing names. Keep gifts small by limiting the types of items, such as a recipe or book exchange. Get creative: Ultimately, a gift should say to the recipient that you know, understand and care about them and their interests.”
For more information about personal finance, visit the Cooperative Extension Service’s Personal Finance page or contact Hendrix at lhendrix@uada.edu.
To learn about extension programs in Arkansas, contact a local Cooperative Extension Service agent or visit www.uaex.uada.edu.
Rebekah Hall is with the University of Arkansas System Division of Agriculture.