GCVA Consumer Report February 2024

See top-line findings below:

• Following expected growth of 4.4% to £387.7bn in 2023, retail spending growth is forecast to slow to 3.0% in 2024

• Purchasing of physical gifts, gift cards, and self-use gift cards over January 2024 were markedly lower than January 2023

• The proportion of those purchasing self-use cards that cited “to help with saving money” was 40.0% over January 2024

• Digital gift cards represents an increasingly popular everyday day choice

• Gaming gift cards continue to represent a popular choice and will have seen a spike in the immediate post-Christmas period, as owners of new consoles and games purchases facilitate in-game purchases