UK gift card & voucher industry enjoys steady growth, new report reveals
The UK’s gift card and voucher industry has continued its steady upward growth in the second quarter (Q2) of 2012, according to the latest statistics from The UK Gift Card & Voucher Association (UKGCVA), the trade body representing the key players in the £4 billion gift voucher, cards and stored value solutions market.
The report, compiled independently by consultants at Ernst & Young, has revealed a 5% increase in like-for-like voucher sales in Q2 2012. All types of retailers played their part in this growth, with vouchers by non-specialised stores up by 7.4% and other non-food stores showing a 6.6% increase.
The report also revealed that, whilst corporate direct sales remain the largest sales channel for vouchers, agents reported the strongest growth performance, up by almost 10%.
Andrew Johnson, director-general of the UKGCVA, comments:
“This growth of 5% is a solid performance overall in 2012, and has helped to build on the restrained growth we saw during Q1 this year. Q2 presented tough conditions for retailers, for example with Easter gifting not providing any notable increases in sales. The corporate market remains strong and is a key focus for future development. The fact that the industry has still seen a 5% increase in sales is testament to its resilience against trends in the wider retail market. Going into the second half of the year, it will be interesting to see if this resilience withstands the pressures put on the retail industry by the Olympics and the Paralympic Games”