According to the Q4 2021 Global Gift Card Survey The gift card industry in the UK is set to rise by 10.3% annually with an expectation to reach US$9479.9 million in 2022. Giving vouchers as gifts is clearly maintaining its strength after the pandemic left consumers looking for ways to support businesses and give gifts digitally.
The demand for gift cards remains strong in the UK as Brits maintain eagerness for digital gifting solutions. Due to this more gift cards are being launched by companies in the country looking to expand on digital gifting options.
- In November 2021, Airbnb, the online marketplace for vacation rentals, announced the launch of its digital gift card in the United Kingdom. The launch of the digital gift card solution is a strategic one for two main reasons. First, making it easier for customers to gift friends and families, and loved ones their dream holiday during the 2021 holiday season.
- Second, the global supply chain crisis has resulted in product shortages. As a result, more and more consumers are demanding gift card solutions in the United Kingdom. In fact, According to the publisher, consumers were planning to spend around 35% of their holiday gifting budget on gift cards in 2021.
The gift card market is lucrative
The United Kingdom gift card market is one of the most lucrative markets for global gift card players to expand and grow their business. Moreover, the preference for gift cards among consumers has also surged over the last four to eight quarters and is expected to continue its upward momentum. All of these factors have contributed to the presence of global gift card players in the United Kingdom market.
Purchasing Gift cards with cryptocurrencies
In the midst of the growing adoption of cryptocurrencies among consumers in the country, gift card retailers are also innovating with their services by offering consumers a variety of different payment options, including cryptocurrencies.
