PORTLAND, Ore. (TheStreet) -- When stores had Black Friday sales in July and offering holiday discounts in October, nobody was considering whether those gifts could be returned in late December.
Now it's time for disgruntled gift recipients to find out.
A Consumer Reports survey found that one in five Americans, or nearly 50 million, expected to return a Christmas gift last year. Roughly the same percentage of all adults were stuck with a bad gift the year before, though 18% donated the offending present, 15% re-gifted it and 22% either returned it or just threw it out.
That led to 9.9% of all holiday purchases being returned to retailers last year, up 9.8% from a year earlier and a scant 8.8% back in pre-recession 2007. In all, consumers brought back $46.3 billion in presents last year, a significant increase from the $39.7 billion in products they returned five years ago.That's a small Christmas miracle, considering how much easier presents were to return half a decade ago. About 83% of retailers aren't tweaking their return policies this year, according to a National Retail Federation holiday survey, but that's only after 25% tightened restrictions in 2006 and another 17% made returns more difficult during the recession-hit 2008 holiday season. Another 7% tightened restrictions this year.
With policies changing, restocking fees increasing and the odds stacking up against consumers with returns, is there any easy way to get rid of a bad gift? With help from consumer experts, we came up with five ways to attack holiday returns and leave with the gifts you actually wanted: Keep an eye on the calendar As soon as you leave the store with a present, you start the countdown to its return date. Target (TGT), for example, has cut its return window for laptops, e-readers, tablets, cameras and camcorders from 45 days to 30 this year. Sears (SHLD), meanwhile shortened its regular return window for many items from 90 days to 60 days and cut its extended holiday return period from 120 days across the board to 30- and 60-day categories that can be returned until Jan. 24.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV