From Longman Dictionary of Contemporary Englishconsolation prizeˌconsoˈlation prize noun [countable] DGa prize that is given to someone who has not won a competition Ten runners-up received a T-shirt as a consolation prize.
Examples from the Corpus
consolation prize• A merger with Rediffusion for the weekday contract was a consolation prize for them both.• Hendry, who compiled a clearance of 123 in the tenth frame, collected the consolation prize of £14,000.• The consolation prize for picking four of six numbers in Lotto also is predetermined. 