How much does it cost to return unwanted holiday gifts?

Have you ever opened a gift and felt highly disappointed? How many of you have made trips to stores after Christmas to return those gifts that just weren't for you? If you answered yes to any of these questions, you are not alone. The day after Christmas is rapidly becoming one of the busiest days at retail stores due to gift returns alone. But how much are you really getting back when you return an item?

The Massachusetts Consumer Affairs office conducted a survey in which more retailers are charging restocking fees for items returned if they're opened or not in their original packaging. Most companies charge restocking fees anywhere from 10-25% of the product price, with some retailers charging as much as 60% in restocking fees!

Retailers can charge these restocking fees on anything sold including electronics, jewelry, appliances, tools, and clothes. To avoid this fee, simply don't open the package if you know you don't want what's inside. Also, always make sure you know the return policy and the restocking fees when purchasing gifts for others.


Resources:
http://money.cnn.com/2009/12/16/pf/saving/returning_gifts/index.htm