The gift card market in the UK is worth £6bn and consumer research from the UK’s Gift and Voucher Association suggests that growth is going to continue.
Here are the top 10 takeaway statistics from the Association’s annual conference;
87.0% of gift card shoppers said that they purchase gift cards at least once a year, a very slight increase on the 86.9% who said the same in 2017
66.7% of respondents said that they normally spend a higher amount than the straight value of the gift card during redemption, with the cited average extra expenditure being £18.55 – a 67.1% uplift on stated average load on a gift card purchase (£27.64)
31% of Generation Z/Millennial shoppers have become a regular customer of a new brand or organisation after being given a gift card
98.6% of UK shoppers spend their gifts cards within a year of receipt
36.1% said that they usually opt to spend at least slightly more when purchasing a gift card instead of a traditional physical present
The ability to redeem online (58.6%) and instore (51.0%) were the two most cited factors that would influence a gift card purchase
58.8% of UK shoppers would be interested in a fully personalised product with photo upload, video content and/or bespoke packaging
43.6% of gift card managers have looked to develop partnerships directly with third-party companies such as price comparison businesses, energy companies and media companies