The corporate sector has continued to drive solid growth for the UK’s gift card and voucher industry in the fourth quarter (Q4) of 2011, continuing into 2012, according to the latest statistics from The UK Gift Card & Voucher Association (UKGCVA), the trade body representing the key players in the Ã‚Â£4 billion gift voucher, cards and stored value solutions market.
The report, compiled independently by consultants at Ernst & Young, has revealed a sharp increase in the business-to-business market of 22% during Q4, with the business-to-business online channel performing exceptionally well and with like-for-like voucher sales up by 12.1% during this same period.
Corporate voucher schemes have proven to be a simple and effective way of rewarding staff. Figures from the Q4 report suggest that vouchers were a popular method employed by businesses towards the end of 2011 and with exciting national events on the calendar for 2012, figures for the B2B voucher channel may well increase throughout the year.
Andrew Johnson, director-general of the UKGCVA, comments:
“Non-cash incentives can be significantly more affordable and more effective in motivating staff than simple cash rewards. The use of gift cards and vouchers at key times can demonstrate an employer’s appreciation of their staff and can encourage bursts of effort at critical times when staff morale may be low or when people are off work and productivity tends to slow. We expect to see this trend continue during some significant events in 2012, such as the Olympics and the Queen’s Golden Jubilee in 2012.”