Gift Cards and Voucher Industry Booms
Latest statistics reveal gift cards and vouchers are experiencing their highest year on year increase in sales, as cash-strapped Brits look for ways to save money.
According to the UK Gift Card & Voucher Association, this market is booming as disposable income is reduced in the current economic climate, causing Brits to find other ways to treat themselves on a budget.
A growth of 15.6 percent in gift cards and voucher sales was reported in the first quarter of this year, by Ernst & Young, compared with the same period last year.
This is a surprising result when compared to figures surrounding retail sales, which a report by the British Retail Consortium (BRC) states growth has declined to its lowest point in 16 years.
“These latest sales figures are extremely positive for the industry with strong performances across the board,” said Andrew Johnson, UKGCVA director general.
“In the consumer market, vouchers and gift cards provide the ideal gifting solution and despite negative general retail sales, it’s encouraging to see this increase in gift card and voucher sales across the consumer sector.”
In the corporate sector, paper vouchers experienced a sales growth of 14 percent compared to the first quarter of 2010.
While household consumption has declined, as retail sales figures report, consumer sales of gift cards and vouchers have experienced a 5.8 percent increase, and in-store consumer purchases are up by 7.1 percent from last year.
Prepaid Gift Cards
If you are thinking of giving a gift card to a friend or relative as a birthday present this year, to enable them to spend it how they wish, then a prepaid gift card could be the perfect solution.
A prepaid gift card can be purchased by anyone to load the card with however much money they want, so the person in receipt of the card can use it to make purchases either online, in retail shops, or to withdraw cash.