A report compiled by consultants at Ernst & Young has found that like-for-like voucher sales have made gains of 7.9% in Q3 of 2011.
The business-to-business market enjoyed steady growth of 11% during this period, while consumer sales growth slowed to 3.8%, according to the research carried out for the UK Gift Card & Voucher Association (UKGCVA).
It was found corporate direct sales remain the largest sales channel for vouchers, with a reported 13.6% increase in Q3.
Andrew Johnson, director-general of the UKGCVA, said: “Despite the faltering economy putting pressure on spending, the voucher market continues to hold its own, with like-for-like voucher sales making solid gains of 7.9% in the third quarter of 2011.
“Although the consumer market is up by a more modest 3.8%, this rate of growth is still outpacing an overall retail sales growth of just 0.1% over the same period, as reported by the British Retail Consortium.
“As such, based on the recent performance of the voucher market as a whole, we cautiously expect the market to continue to grow steadily, especially as we head into the all-important gifting season.”