What is a consolation prize?

A consolation prize is a secondary or alternative prize given to individuals who do not win the main prize in a competition or contest. It is often given as a gesture of goodwill or to soften the disappointment of not winning the top prize. Consolation prizes can vary widely in value and can range from smaller items such as gift cards, vouchers, or merchandise to larger prizes such as electronics, trips, or experiences. Offering consolation prizes can help maintain goodwill and engagement among participants, even if they do not win the main prize.