The amount of people who didn’t like their Christmas gifts appears to have peaked.
That’s according to UPS. Thursday, Jan. 5 is known as National Returns Day, when UPS returns the most packages back to retailers. And according to the company, holiday shoppers are projected to return 1.3 million packages Thursday, and another 5.8 million during the first full week of this month. Those numbers beat last year’s—when shoppers returned about 1 million packages on National Returns Day and 5 million packages during the peak returns week.
Although customers are getting rid of unwanted gifts, all those returns hurt retailers: According to UPS, those lost sales can cost U.S. retailers more than $260 billion.
However, there is some good news for retailers: About 70% of online shoppers made an additional purchase when they returned an item to a store, according to a UPS study, and about 45% made an additional purchase when processing their return on the retailer’s website.