The UK Gift Card & Voucher Association (UKGCVA), the trade body representing the key players in the £4.7bn gift voucher, cards and stored value solutions market, is predicting a bumper Christmas with an estimated £2bn to be spent on gift cards and vouchers over the next ten weeks.
Growth has been consistently strong throughout the year, with a significant increase in sales witnessed across the board from both corporates and consumers. If the Christmas spending estimate is to be met it will be the strongest end to a year since industry records have begun.
Andrew Johnson, director-general of the UKGCVA, said: “Whilst the wider retail industry has seen fluctuating purchasing behaviour from consumers over the past year, gift cards and vouchers appear to have been an exception to this rule. It’s both interesting and encouraging to see evidence that consumer confidence in gift cards and vouchers seems to have been relatively unaffected by fall-out from high street administrations and issues around voucher redemption earlier this year.”
Johnson said: “We have witnessed strong growth from the corporate sector this year too. We don’t expect this to slow anytime soon either, especially as more and more companies see the benefits of using vouchers as part of customer incentive or employee reward schemes during the Christmas period.”