Consumer gift card and voucher sales have soared in the third quarter of 2014, growing by 9.07%, according to statistics from The UK Gift Card & Voucher Association (UKGCVA).
The industry is now worth £5bn and represents a real opportunity for local retailers to add ancillary sales through a product that can be stocked in high visibility areas around the till point without taking up much space.
A new report compiled independently by consultants at BDO for the UKGCVA shows that in the third quarter of 2014, the gift card and voucher industry grew by 9.71%. Growth amongst consumers was supported by the exceptional growth of gift card malls, which increased by 72.84%. Online gift card and multi-choice vouchers sales also grew by 13.16% and 48.85% respectively.
Andrew Johnson, director-general of the UKGCVA, commented: “Growth of over 9% is a very positive end to our third quarter, a result we are extremely pleased with. It’s a sure sign that the gift card and voucher industry is continuing its momentum.
“Consumer sentiment towards gift cards and vouchers appears to be building momentum, and it’s great to see this spreading across multiple product types to include multi-choice products as well as category specific gift cards. Time will obviously be the test, but this is a very encouraging position to be in, in the run up to Christmas when we’re expecting bumper sales.”
