With weddings, holidays and summer shopping all adding up, M&S and John Lewis shoppers are being urged to check old gift cards before paying full price for things they may not need to buy entirely out of pocket.
New analysis from Investing.co.uk found that the two retailers have a combined £335.8 million sitting in outstanding gift card and voucher balances, according to their latest company accounts.
In its latest accounts, M&S said it had £234.8 million in gift card-related contract liabilities as of March 2026, up from £215.1 million a year earlier. John Lewis Partnership’s figure moved the other way, falling slightly from £105 million to £101 million in liabilities linked to unredeemed gift cards and vouchers as of January 2026.
Not all of that money will go to waste, of course. Plenty of people will spend their cards perfectly normally. But with summer plans getting expensive, Toby Robinson, chief executive at Investing.co.uk, says forgotten vouchers are one of the first places people should look.
“A lot of people are trying to cut back at the moment, but they may already have money sitting in a drawer or buried in an inbox. That old gift card might cover a wedding outfit, a new suitcase, school shoes, bedding for the spare room or half a food shop before guests arrive.”
Gift cards are still big business. The UK gift card market is expected to reach £11.7 billion by 2029, while figures from the UK Gift Card & Voucher Association show sales rose 9.5% in the first half of 2024. Digital cards grew even faster, up 17%, as more people opted for quick e-gifts.
The trouble is, plenty of them never make it to the till. Ipsos polling found that 11% of UK adults had a voucher expire before they got round to using it in the past year, losing £75.30 on average. For 16 to 34-year-olds, the forgotten amount is even higher, at £86.
Buying anything this summer? Check for old gift cards first
Before spending on wedding outfits, holiday clothes, school uniform, spare bedding for guests or a bigger food shop, Robinson says it is worth checking whether you already have a gift card sitting around somewhere.
Check the expiry date: The expiry rules are not the same everywhere, which is where people get caught out. “Do not assume you have loads of time,” Robinson says. “If the date is coming up, spend it on something useful and move on.”
Search your inbox: It is worth checking your inbox too, not just your wallet. Digital gift cards are easy to open once, mentally spend, and then never look at again. Search obvious terms like “gift card”, “voucher”, “M&S”, “John Lewis”, “birthday”, “Christmas” or “wedding” – especially if you know someone sent you one but you cannot remember using it.
Use the odd few pounds: The last bit on a gift card is where money often gets wasted. It might only be £4 or £5, but that is still money off socks, toiletries, food, wrapping paper or something else you were already buying. Robinson says: “People leave small balances behind because they feel like nothing, but it is better off your next shop than sitting there unused.”
