Thirty-nine percent of affluent North Americans — considered by American Express as those with an annual household income of $100,000 or more — plan to recycle presents this holiday season. That's more than the 32% of all Americans who say they will regift.
The affluent are also more inclined than the average person to consider regifting an acceptable practice. Over the past three surveys, the percentage of wealthy respondents that consider regifting socially acceptable has consistently exceeded the percentage of average Americans of that opinion.
David Rabkin, SVP of consumer lending at American Express, said regifting has become more common over the past few years as consumers have tightened their belts. Two-thirds of holiday shoppers say they are on a budget this season, and three-quarters plan to take advantage of last-minute deals.
“Just as we’ve seen consumers become more budget conscious with their holiday shopping, we’re seeing people get comfortable with regifting items they might not want to a loved one who will appreciate them,” Rabkin said.
The company didn't speculate on why the rich are more willing to regift than others.