News Hospitality gift card market
records strongest year to date, with sales up 20%
The market for hospitality gift cards soared by 20% across 2022, demonstrating what a valuable extra revenue stream gift cards are becoming to the sector.
The figures, from industry commerce platform Toggle, represent a record year for gifting hospitality experiences in the UK. Not only are sales up 20% but the average order value also increased last year from £57 to £60, and Toggle itself experienced a 71% increase in sales throughout 2022 compared to 2021. All of which further highlights how the gift card market is growing and maturing across hospitality, with an increased appetite amongst consumers to purchase experiences.
Key dates such as Mother’s Day, Black Friday and Christmas, proved most popular for hospitality gifting,
34 January 2023
www.venue-insight.com
with Toggle experiencing a sales increase of £10m during Christmas 2022 compared to Christmas 2021, for example.
Dan Brookman, CEO of Toggle, said: “These results clearly show that more and more consumers are seeing the benefits of giving the gift of hospitality and gift cards are fast becoming a vital additional revenue source for the hospitality industry.
“Businesses offering a wide range of retail options in addition to their current offering will be better placed to drive sales and revenues even as the economic climate gets tough. Gift cards are just the start of it too as, with a simple e-commerce platform, hospitality businesses can sell products and merchandise to customers looking to give original and thoughtful gifts at the same time as supporting their community pubs, bars and restaurants.”
For more information about Toggle, please visit:
www.usetoggle.com
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