As the most requested gift on special occasions, gift vouchers are an invaluable addition to most businesses, especially within leisure and hospitality. Most gift voucher purchases within these industries are purchased by someone who has personally visited your venue, or received a personal recommendation, making them a great way to acquire new customers and retain loyal ones. Unfortunately, many businesses don’t realise the revenue potential of gift vouchers, which is why we’re sharing five things you probably didn’t know about gift vouchers
Restaurant gift vouchers are the most purchased
Alongside retail, the hospitality industry benefits greatly from gift voucher sales, with restaurant vouchers being one of the most popular purchases for shoppers – especially around key calendar events like Valentine’s Day, Mothering Sunday, Father’s Day and of course, Christmas. If you’re running a restaurant, gift vouchers are a great way to increase future revenue and guarantee future bookings.
Around 30% of gift vouchers go unredeemed
Whether recipients forget, lose it, don’t spend it all, or the voucher expires, approximately 30% of gift vouchers go unredeemed. As long as your Terms & Conditions are clear, it is with the user to ensure they spend their voucher within the given timeframe. Every unredeemed voucher means free profit for you (or at very little cost), which leads us onto our next point…
People spend more than the value of their gift voucher
Those who do redeem their vouchers, usually do so within the first six months of receiving them, meaning guaranteed business. In addition to this, most recipients overspend by an average of 40% more than the face value of the voucher upon redemption, making them a great avenue for continuing to increase revenue even after the initial sale is made.
UK voucher sales grow by almost 15% YoY
In the UK alone, gift voucher sales continually grow year-on-year, especially within leisure and hospitality, which see annual growth of approximately 15%. With Covid-19 restrictions in place for the foreseeable future, this will be a bumper year for e-voucher sales, especially where shoppers can personalise and send directly to the recipient – saving on unnecessary shopping trips and additional postage.
More than half of the UK voucher market is B2B
With increasing voucher sales to businesses for employee rewards and incentives, gift vouchers can pave the way to building important contacts within local businesses and corporate contacts are vitally important for hospitality. What starts with a small gift voucher sale could pave the way for bigger business in the future, such as hiring meeting rooms, events and conferences, private dining or corporate room rates.