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Successful First Quarter for UK Voucher and Gift Card Industry
NewswireToday - /newswire/ -
London, Greater London, United Kingdom, 09/09/2008 - Despite economic downturn, The Va (the-va.co.uk), the trade body representing the UK’s £3.2 billion vouchers, gift cards and stored value solutions industry, has recorded a successful first quarter of sales in 2008.
Total sales for Q1 across both the consumer and corporate markets represent a 1.4 per cent increase when compared to Q1 in 2007. The split between the consumer and corporate markets stands at 55 per cent to 45 per cent respectively, the data reveals.
The corporate market continues to be dominated by paper vouchers, accounting for 82 per cent, while gift cards accounted for 18 per cent of sales. This does, however, represent a slight decrease in the popularity of paper vouchers, which made up 90 per cent of sales to the corporate market throughout the whole of 2007.
This preference for paper within the corporate market, although in decline, is in contrast to sales recorded from retail stores for Q1 of 2008 where gift cards made up 76 per cent compared to 24 per cent on paper vouchers. This demonstrates the growth of plastic over paper within the consumer market.
Information Resource Inc, an independent statistical survey company, compiled the quarterly report using UK sales figures from members of The Va (the-va.co.uk).
Andrew Johnson, Director General of The Va, commented: “The credit crunch has left both shoppers and corporations more cautious and savvier with their spending. Vouchers and gift cards offer value for money and added benefits, as either consumer gifts or incentive rewards to encourage staff motivation and retention. They can supplement an income or make luxuries more affordable during difficult economic times. Such benefits are certainly reflected in these encouraging sales figures and the industry will continue to bring cost-effective solutions to market.”
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