Originally Posted by
bdemaria
In contemplating this sort of equation, one also has to recognize that many such recipients never actually use their miles.
Right; "orphan" miles (I currently have something like 4000 UA miles and 3000 DL) are a big part of FF plans' profitability - and they are
very profitable for the most part.
Same goes for gift certificates and gift cards. Amazing amount of "leakage" from partially or never used GCs.