Holiday gift returns could cost retailers 60% more than last year

Updated: Dec 30, 2021 / 11:57 AM CST

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CHICAGO (NewsNation Now) — Usually around this season stores are hit with an influx of holiday gift returns, but now some retailers are refunding people and letting them keep the gift.

The cost of returning products is more expensive this season due to supply chain woes and labor shortages. So, some stores are offering customers a chance to keep products and receive a refund anyway.

Optoro, a logistics technology company that helps retailers resell their returned and excess merchandise, estimates stores will spend 59% more this year than last year on returned gifts.

Optoro says two out of three shoppers will return at least one gift during the 2021 holiday season. The company predicts that $120 billion in goods will be returned between Thanksgiving and the end of January 2022.

Experts say electronics, like laptops, cellphones, and tablets are the most expensive for companies to return because they need to test and refurbish it before it can be sold again.