Sales of vouchers and gift cards by businesses have reached a seven-year zenith, according to industry data.
Figures from the Voucher Association reveal that sales in the voucher and gift card market have topped £1.5bn in annual sales, the highest amount accrued since the industry body began its market data reports seven years ago.
The Voucher Association’s report compiles the UK sales figures from 30 voucher providers and reveals that both businesses and consumers have increased their spend on gift cards and vouchers over the first quarter of this year.
Corporate sales were 23.6% more in the first quarter 2006 than over the same period last year, while quarterly consumer sales also increased 12.9% on the year.
Overall, the combined voucher market grew by 5.9% over the period, the Voucher Association said.
“These figures show just how robust the voucher market is, despite the current pressures on consumer spending and business investment,” said Andrew Johnson, chair of the Voucher Association and sales and marketing director at The Virgin Voucher & Virgin Experience Days.
“Our recent conference, The Voucher Market 2006: Delivering Value & Growth, highlighted the many opportunities and challenges facing the voucher industry in the coming years. While there is no evidence of complacency amongst providers, it seems that the industry is on the right track.”
