New research reveals high-street giants M&S and John Lewis alone are sitting on over £300 million worth of unredeemed gift card balances, according to their latest company accounts.
M&S reported £215.1 million in outstanding gift cards in 2025, while John Lewis Partnership listed a further £105 million in unredeemed vouchers, money that may never be used if shoppers miss expiry dates.
Despite the cost-of-living squeeze, spending on gift cards keeps rising. The Gift Card and Incentive Card Market Intelligence Report 2025–2029 predicts the UK gift card market will grow 8.3% this year to £8.8 billion, expanding to £11.7 billion by 2029.
Figures from the UK Gift Card & Voucher Association (GCVA) show sales jumped 9.5% in the first half of 2024, with digital cards up 17%, as more people opt for easy-to-send e-gifts.
But research shows millions of those gifts go unused. Ipsos polling found 11% of UK adults had vouchers that expired before they could use them in the past 12 months, worth an average of £75.30 per person, rising to £86 among younger shoppers aged 16–34.
How long do I really have to spend a gift card?
Joe Lytwyn, personal finance expert at credit card company thimbl.com said: “Even small sums quickly add up. Unused gift cards often get forgotten in emails, gloveboxes or kitchen drawers, and once the expiry date passes, the retailer keeps the balance.
“So if you’ve got an old voucher from last Christmas, check the date right now. That £20 Costa or £50 M&S card could be the easiest money you’ll save all year.”
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Consumer group Which? warns there’s no law setting a minimum expiry period, meaning retailers can choose their own deadlines. Some including B&M, Costa, Vue and Ticketmaster, expire after 12 months, while others such as Apple Store, Starbucks, Theatre Tokens and National Book Tokens have no expiry at all.
Lytwyn adds: “The best way to make sure you don’t lose out on gift card value is to stay organised. Add your cards to your phone wallet or retailer app so you get reminders before they expire, and try to spend smaller balances first, as most retailers don’t give change on leftover amounts.
“Always check the expiry and inactivity rules, and if you’ve got a card you don’t want, re-gifting it or swapping it through a trusted platform like Cardyard means it doesn’t go to waste.”
