Disney's exchange policy is very generous and based on Guest Recovery. Balloons that deflate and ponchos that rip or tear can easily be exchanged during a guest's visit.
...
A Disney Parks umbrella that I had only used less than 5 times when in FL broke last week and it was also readily exchanged at CR. I believe the CMs know a lot of items aren't of the best quality and it's easy to provide the guest with an exchange of the item.
It amazes me that people don't try to exchange things more often....last week I watched people borrow the stapler at the register to staple their disney ponchos together, I don't know if they asked for an exchange and were turned down, or if they never thought about it, but the second a CM saw that happen I'm surprised they didn't offer to exchange it.
I personally ended up doing 2 returns myself last week. 1. I had bought the Disney Parks umbrella reluctantly (this was umbrella 4 that I had bought for this trip, was with a friend and my partner and it poured so I bought them for us, then I left mine later in the week in the room as I had arrived with my own much bigger and better one, yet it finally broke after years of service, so I was hunting for a Golf style umbrella, cause lets face it, Disney Umbrellas are meant for kids, they don't keep an adult completely dry. Anyways I couldn't find a golf umbrella at epcot and it started raining so I hit up the IG Gift Shop, then later that day I found exactly what I was looking for, an actual ADULT SIZED golf umbrella in the CHINA PAVILION. So I went back to the IG Gift Shop and explained that I was in earlier couldn't find a bigger umbrella, bought the Disney one, told the cashier I didn't need the receipt and used the umbrella, but later found and showed my golf umbrella. They said a merchandise credit could be issued (the cashier remembered me earlier)
2. I ended up returning an Epcot F&W shirt as apparently an XL is not big enough, I had bought it with the Merchandise Credit and part gift card. That was what caused headaches at the time of return, for some reason they couldn't figure out how to return part of transaction to another Merchandise Credit, but eventually they just returned it all to my gift card, but not without some hassle.