The fourth quarter is typically one of the strongest for coupon redemption, which usually makes it the wild card in determining how the level of coupon redemption for any given calendar year.
And 2011 is no different.
Inmar reports that the first half was fairly flat (Q1 was down 3% compared to the same period in 2010, but Q2 was up 4%). However the third quarter was up significantly at 13%, driving coupon redemption up about 5% for the first three quarters versus the same period in 2010.
So where will coupon redemption land this year?