SUGAR LAND, Texas, Dec. 12 (UPI) -- A Texas-based financial company said the economic downturn has transformed the practice of "regifting" from tacky to mainstream.
Joanne Kerstetter, vice president for financial education non-profit Money Management International, which operates a website devoted to "regifting," said the economic downturn has taken the taboo out of giving away possessions received as gifts, the Orlando (Fla.) Sentinel reported Wednesday.
"It's becoming more mainstream," Kerstetter said. "It's a way to help people save on holiday expenses. It is a method of recycling, and it's a way to take the emphasis off gift giving and (to bring back) the spirit of the holidays."
The company is offering advice on "regifting" at regiftable.com.
American Express said a recent survey determined about a third of consumers "regifted" during the holidays last year.