‘It is better to give than receive’ is an old adage that has stood the test of time, with numerous studies over the years showing how those people who spent money on others reported greater levels of happiness than those you spent it on themselves.
Now new research indicates that savvy venues and events tapping into this human phenomenon are turning a previously unloved market opportunity into an additional revenue stream, while boosting levels of customer engagement.
The research conducted TRG Arts, entitled ‘Gifts & Ticket Sales Revenue Analysis: US, Canada and the UK for August 2023’ shows a 27% increase in UK gift voucher revenue compared to 2019, the last comparable full-year prior to the Covid-19 pandemic.
The report, which is covered more fully by theticketingbusiness.com, acknowledges that some of the surge is due to large capital grants and donations, but nevertheless points to an underlying market development for gift and ticket sales which the authors described as “nothing short of phenomenal”.
“The UK’s gift market, in particular, stands out as an intriguing area for further investigation, possibly providing insights that could benefit other regions,” said the authors in the report.
At Future Ticketing, gift voucher is a functionality that has been offered as a free innovation update to our clients since 2018. Our data shows that some clients are ahead of the curve, with some venues in the UK doubling the number of gift vouchers sold in 2023.
Overall, clients of Future Ticketing have seen a 73% increase in gift voucher sales year to date. Gift voucher redemptions have risen slightly this year to 64%, with football fans the most likely to use gift vouchers. In the visitor attractions segment, the average value of gift vouchers year to date is £63 (€73), up 19% on 2022.
As we are now in Q4 2023, there is an immediate revenue raising opportunity provided by the run-up to the lucrative Christmas market which accounts for circa 57% of the annual gift voucher market – and which is now only 76 days away!
Even with the growth seen in 2023, we believe the gift voucher remains an untapped sales segment and marketing opportunity for venues and events. Not only does it raise revenues well in advance of an event, it also enables clients to engage with a potentially new customer base – the friend or relative of a football or horseracing fan that wants to give them a gift.
With this in mind, we would like to remind you of just how simple and easy it is to set up Gift Vouchers on the Future Ticketing dashboard.
If you would benefit from further guidance, we would be happy to help you get this set up for the Christmas market. For further information, please contact your dedicated Client Success Manager.