GCVA Consumer Report May 2023

See top-line findings below:

• UK retail spend forecast to increase by 3% in 23 to £380bn as shoppers react to cost-of-living pressures  

• A slight dip in gifting demand over April and yoy due to cutbacks in non-essential spending  

• An increase in UK consumers purchasing gift cards for someone else over April  

• Self-use cards support shoppers with saving and budgeting  

• Growth in digital gift card purchasing through employee benefits programmes – an effective medium for additional financial support  

• Demand for retail gift cards remains robust – benefiting from the return of physical shopping  

• A mixed outlook for leisure and experience gift cards – demand should stay strong among UK consumers choosing to forgo foreign holidays this summer