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See top-line findings below:
UK retail spend is set to rise 3% in 2023 as shoppers react to cost-of-living pressures. Higher inflation is included in this forecast and expected to trigger a 4.6% reduction in retail volumes as shoppers proactively look to make cutbacks where possible.
Despite this decline in gift purchasing, the actual value performance of the Gifting market has been partially boosted by high inflation, which has offset some of the volume decline.
It's great to see that demand for retail gift cards remains strong - they are at their highest purchasing rate since GlobalData began tracking back in May 2020.
Overall, there are ample opportunities for the industry to promote the potential of gift cards as a fixed-price option and a valuable tool as consumers shop around for the best deals.