In the game show of life, some people win trips to Hawaii and others...well, they get a lovely set of luggage. Not everyone gets to win the top prize in a contest or game show, but this fact is not always easy to swallow. This is usually when a consolation prize makes its welcomed appearance. A consolation prize is generally a parting gift offered to contestants who either did not win their competition or failed to appear onstage at all. The purpose of a consolation prize is to console the contestants who can only watch the winner walk away with the big prize money or the luxury automobile.

What constitutes a consolation prize varies from contest to contest. Some game shows may use donated items from sponsors as parting gifts to losing contestants, while others may have a consolation prize for placing in second or third place. In the spirit of offering actual consolation, a consolation prize is often something of fairly substantial value, such as a new computer or set of high-quality luggage. While it may not be as valuable as a new car or trip to an island paradise, a consolation prize could prove to be very useful or satisfying to the contestant who receives it.

Sometimes a consolation prize is connected thematically to the grand prize. While the winner may be traveling to Rome, Italy, the runner-up might receive a consolation prize of an elaborate dinner at an expensive Italian restaurant. The winner of a contest might drive away in a sports car, but the second place winner may receive a consolation prize of NASCAR-related clothing and memorabilia. When it comes to finding a suitable consolation prize, some game shows and contest sponsors can get quite creative.

Not all contests or game shows offer a consolation prize to the losing contestants, or they may allow the players to keep whatever winnings they accrued during the game. A consolation prize may only consist of the experience of being in a television studio or meeting a favorite celebrity or two.

Offering some sort of consolation prize to finalists of a contest is generally considered to be good form, since it does create a sense of goodwill towards the sponsors of the event. This can be very important if the contest is held on a regular basis or the game show needs to attract a fresh supply of contestants.