GCVA Consumer Report June 2023

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.