12:00 AM, 11 16, 2016
Gift Cards – A 2016 Overview
We checked the latest UKGCVA data analysis report on Gift cards to see what the sector looks like. We suspected that Gift Cards would be on the rise – and it’s been confirmed. Here’s what we found.
- Gift Cards are more popular than ever. The UK gift card and voucher market has continued its strong performance with growth in the first half of 2016 outstripping all wider macroeconomic metrics with a growth rate of 4.44%
- Whilst paper voucher sales have experienced a significant decline in 2016 of 24%, digital and physical cards are king at the moment. Compared to last year, Gift card sales have grown by 4% and e-voucher sales have grown by 91%.
- People know what they like and that seems to be one key retailer. Multi choice Gift Cards have seen a small decline by 18% and the stats show that 70% of people purchase gift cards in store or online with a specific retailer. This could be due to more focused campaigns or a greater understanding
- However, B2B Sales are up, up, up! Overall B2B use of gift cards has seen an increase in 2016 alone of 4.77% - a huge 62% of the total gift card market!
- Times might seem gloomy post Brexit, and The Confederation of British Industry (CBI) blamed a post-Brexit mood of caution among consumers for the biggest fall in high street spending in more than four years. However a report from the Department of Work and Pensions (DWP) suggests that consumers do have the money in their pockets with the average income before housing costs at an historic high of £473 per week.
- People are still keen to spend and homewares in particular have been very popular this year with UK sales rising by 17.80%!
So – there you have it – a growing market with plenty of increased sales, even in a post-Brexit world!
We hope you enjoyed reading about the changes. Our thanks to the UKGCVA for their interesting report! If you’re interested in purchasing Gift cards please contact us on 01709 303102
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