Thames Technology’s insights on the GCVA H1 2023 Data Analysis Report
As a leading end-to-end gift card manufacturer, Thames Technology always keeps a keen eye on the latest industry trends and market developments.
The recently released Gift Card & Voucher Association's (GCVA) H1 2023 Data Analysis report has provided invaluable insights into the dynamic landscape of the gift card industry.
In this blog post, we're excited to share our perspective on the report's findings and discuss the implications for businesses and consumers alike.
Overview of the GCVA H1 2023 Data Analysis Report
The GCVA's H1 2023 Data Analysis report paints a comprehensive picture of the gift card industry's performance and trends during the first half of the year.
Sales of gift cards were up 8.4% in the first half of 2023 compared to the first half of the previous year. The highest growth in gift card sales was in the leisure sector which saw a like-for-like uplift of 16.1% while the retail sector saw an 8% growth.
The report also highlights that during the second half of 2022 B2B gift card sales saw a 11.7% like-for-like growth and in the retail sector B2B sales accounted for 72.4% of total sales.
Consumer Behaviour: A Glimpse into Changing Preferences
One of the most intriguing aspects highlighted by the report is the shift in consumer preferences when it comes to gift cards. Traditionally considered a safe and convenient gift option, gift cards have evolved into more than just a last-minute present.
The report showcases a growing trend of consumers actively choosing gift cards for personal use, leveraging them as a budgeting tool or even as a preferred method of self-gifting in order to access discounts and manage their money. This insight opens up new avenues for businesses to tailor their offerings to meet these evolving demands.
Innovations in Personalisation and Customisation
One of the standout takeaways from the GCVA report is the growing importance of personalisation and customisation in the gift card experience. As consumers seek more meaningful and thoughtful ways to express their sentiments, businesses are challenged to offer tailored options that resonate with individual preferences.
Our innovative Gift Card+ solution offers consumers the opportunity to give a gift for now as well as a gift card which the recipient can spend in store on a gift of their choice. The design of the packaging and gift card as well as the products inside are fully customisable to fit in with individual brand guidelines and product lines.
Global Outlook and Opportunities
The GCVA report reaffirms the gift card industry's resilience and potential for growth across different markets. As economies recover from the challenges posed by the pandemic and cost of living crisis, the gift card sector stands as a versatile tool for businesses to attract new customers, retain existing ones, and expand their reach beyond geographical boundaries.
Closing Thoughts
The GCVA H1 2023 Data Analysis report provides a wealth of insights that resonates with our commitment to innovation. It’s clear from the report that retailers who are not capitalising on the B2B market are missing out on a significant potential uplift in sales. We are excited to see the gift card industry evolve in response to changing consumer behaviours, technological advancements, and global trends.
To access the full GCVA H1 2023 Data Analysis report, click here.
For enquiries about Thames Technology's cutting-edge solutions and how we can help your business thrive in the dynamic gift card landscape, please contact us.