By Kim Abrahams for News24
They’ve just come through an exhausting festive season, complete with overcrowded stores, reckless spending and extended working hours.
But now retailers are in for another shopping frenzy – this time it’s to reverse all those sales that just weeks ago saw their profit skyrocket.
Research by the Centre for Economics and Business Research has found that one in every four gifts bought between last year’s Black Friday and Boxing Day will be returned in the new year, Mail Online writes.
The UK-based company says the returns are expected to amount to £4.8bn (about R85.2bn) out of total sales of £19bn (R337.3bn).
Iain Prince, supply chain director at KPMG, tells The Times the cost of having a product returned could be twice that of delivering it in the first place – but that’s done little to stop consumers.
Those who can’t return unwanted gifts simply flog the items on eBay, Gumtree or Facebook for extra cash.