The report, compiled independently by Ernst & Young (E&Y), confirms a significant boost in this market performing well ahead of overall retail sales growth of just 0.8% over the same period, according to statistics from the British Retail Consortium (BRC). These UKGCVA results are the second successive period of substantial growth year-on-year following a 15.6% increase in the market in Q1.
Business-to-business (B2B) sales are up by 12%, whilst online B2B sales have made striking gains, up 150%. Continuing to form an important part of the B2B category, like-for-like sales by agents increased by 27% in Q2, as the category maintains its position as a strong area of overall growth in the gift card and voucher market.
Andrew Johnson, director-general of the UKGCVA, said: "The buoyancy of this sector is hugely encouraging and demonstrates that in this challenging consumer environment, the flexibility and choice delivered by gift cards and vouchers offers an attractive solution. The gift card and voucher market clearly remains resilient against the backdrop of weak consumer spending and depressed retail sales."
