White elephants
Nearly 25 percent surveyed were likely to return at least one holiday gift
If Santa misses the mark, be careful to follow the rules for making a return
The holidays are a time for celebration and gifts, but not all presents hit the mark and returning them doesn’t feel very festive. If you find yourself unhappy with a gift, you wouldn’t be the only one.
Nearly a quarter of the people responding to a 2015 holiday survey by shopping app Retale said they were likely to return or exchange at least one of the presents they received.
A recent holiday shopping report by personal finance website Nerd-Wallet found that clothing was the most commonly returned gift last year, at 14 percent.
Many retailers allow people to exchange or return goods that didn’t satisfy, but the policies often must be followed to a T. So here’s what you should know about returning those holiday gifts you gave or received.
“Read the fine print,” says Narayanan Janakiraman, an assistant professor in marketing at the University of Texas at Arlington who writes about return policies. “Most of us know that the fine print has got all kinds of restrictions on what is qualified for a return.”
First, comb through the policy to see if your product is eligible for returns. Many retailers exclude certain categories, including clearance products, opened software and video games (usually eligible only for exchange), worn clothing and gift cards. For example, Best Buy won’t accept returns on digital content and prepaid cards.
Next, ensure you have all that’s required for returns — usually your receipt or gift receipt and all of the item parts and packaging in good condition. You may also have to pay a restocking fee.
Then, decide the timing. Dec. 26 is predicted to be the second-busiest shopping day of 2016, according to research firm ShopperTrak, so taking something back that day may not be comfortable if you don’t like crowds. For returns by mail, ensure that the package will reach the retailer before its deadline.
And putting off a return can bring its own drawbacks. Many retailers have extended their holiday return policies to the middle or end of January, but not all items qualify for the longer time frame.