Plastic gift cards have already replaced the majority of traditional paper-based vouchers, and as the numerous benefits become more apparent to business owners, the popularity of these schemes is increasing. In fact, according to the UK Gift Card & Voucher Association (UKGCVA) 80% of consumers are willing to spend more on gift cards and vouchers than on actual presents.
In an industry worth £6bn a year to the UK economy, buying gift cards is seen as more personal than simply bestowing money to our love ones as presents, and although gift cards are purchased with a specific amount credited to them, in a number of cases customers will end up spending more than that, and this in turn increases sales and overall revenue.
When used for payment, the remaining balance remains on the gift card to be spent during another visit, at which point they are likely to spend more than this. Whilst at the other end of the spectrum, small amounts of change are often not claimed before the expiry date, it is believed that £300m a year is wasted as a result of elapsed dates on cards.
The gift card is as integral to the high street as it ever has been, and PCS manufacture a large number every year for a variety of customers, from small independent businesses to multi-site retail chains and is proud to play a part in the £6 billion industry.