Banking on a lift from gift cards

L.L. Bean is handing out a $10 gift card for every $25 that shoppers spend, a much sweeter deal than last year’s $10 for every $50 purchase. Popular teen merchant Abercrombie & Fitch, which has long resisted promotions, is featuring a $25 gift card for every $100 spent. And upscale Boston hair salon Mizu offered a $125 gift card for $62.50 - or half price.

It’s a strategy forged in a tough climate for retailers, whose profit margins evaporated amid huge markdowns last holiday season. Cut-rate cards offer a double incentive: These bonus cards bring shoppers into stores now and give them reason to come back next month. Gift cards have traditionally provided a bump in sales for merchants during the slow winter months. But faced with forecasts that store gift-card spending would drop by 7 percent this year, merchants are trying to get them into as many hands as possible.

“It’s all about driving traffic back into the stores,’’ said Marshal Cohen, the NPD Group’s chief retail analyst. “These gift cards are an alternative to deep discounts, and more retailers are getting on board.’’

L.L. Bean began offering the $10 gift card early in October as a way to attract shoppers with the option to use the card before the holiday or hold onto it until after Christmas, according to spokeswoman Carolyn Beem. The preppy cataloger, based in Freeport, Maine, but with several shops in Massachusetts, has seen a significant uptick in cards given out compared with last year but would not provide details.

“There is no doubt that this is a very promotional holiday season with lots of offers in the marketplace,’’ Beem said. “It’s more generous than many. It’s been very well received by our customers.’’

Shoppers say they are happy to receive these bonus cards to help stretch their dollars during tough economic times. But some consumers openly acknowledge the incentives that got them to shop in the first place may go unused.

Mike Kelly of Medford recently earned a $10 L.L. Bean card after buying a pair of boots for his girlfriend. He redeemed that one and scored another $10 during his shopping trip on Saturday at the L.L. Bean store in the Wayside Commons in Burlington.

“It’s a good deal,’’ Kelly said. “But I’m not sure I’ll use it. I’d say there’s a 50/50 chance I’d use it if I have to go back and return something.’’

Retail analysts say roughly 40 percent of gift cards do not get redeemed, and that is part of the appeal for merchants, compared with marking down merchandise. Shops are also relying on consumers who do use the gift cards to spend more than the incentive offered.

The Oak Room restaurant at Boston’s Fairmont Copley Plaza is counting on this for a recent promotion offering $75 worth of steakhouse cuisine for just $35.

The restaurant sold all 2,000 gift cards within hours through an online discount site, Groupon. Suzanne Wenz, a spokeswoman for the Fairmont Copley Plaza, said only one card can be used per table and the restaurant anticipates people spending beyond the $75. Moreover, it’s estimated that about one-third of the certificates purchased through the website are never redeemed.

“It provides a great value to consumers, and for us it will help to stimulate demand and trial of the Oak Room in the traditionally slower winter months,’’ Wenz said.

But thrifty consumers are being cautious, so it’s unclear how much of a lift these gift cards will provide for retailers after Christmas. Nancy Weir of Wrentham took the $10 Victoria’s Secret card mailed to her home and used it to get a pair of underwear for free at a shop in Foxborough’s Patriot Place. She bought nothing else from the lingerie chain.

Brian Riley, research director of TowerGroup in Needham, said the proliferation of gift-card giveaways will undoubtedly leave many shoppers with more cards than they know what to do with. And consumers looking for big sales and lots of selection are likely to be disappointed with the post-holiday offers, because merchants have significantly reduced their inventory compared with last year.

Lisa O’Neill of Groton has already collected gift card giveaways from L.L. Bean and teen retailer Delia’s this holiday season, and hopes to make use of them after Christmas. But there was one purchase she didn’t want to wait for.

O’Neill had asked her parents to buy a Pottery Barn gift card for Christmas with American Express points they had built up.

But worried about the selection and deals after the holidays, O’Neill asked her parents to open the Pottery Barn gift card early so she could take advantage of a free shipping day and buy the chandelier she’s been holding off on purchasing for more than a year.

“It was an opportunity I couldn’t resist,’’ O’Neill said.

Jenn Abelson can be reached at abelson@globe.com.