The idea of using gift vouchers as a payment method was first coined in late 1994 and spread worldwide in the following years. Since then, it has quickly taken on a life of its own and is now the most requested gift during the holidays. Whilst booking a set date for a relaxing weekend away at a premier hotel and spa is the perfect gift for some, others would prefer to keep their options a little more open, making a gift voucher the perfect choice!
The benefits of gift vouchers to your hotel
To start, let’s say someone visited your hotel and enjoyed their stay so much that they couldn’t wait to share it with a friend, but they can’t afford to gift a whole nights’ stay to someone else. Instead, they could give their friend a gift voucher that can be used towards a range of experiences at your establishment - they could visit your onsite restaurant to celebrate a special occasion, relax with a treatment or two at your on-site spa, or even put the amount towards a weekend stay.
During their visit, your new customers are likely to spend more than the value of their gift voucher, so not only is your hotel benefitting from the original voucher sale, but also from the subsequent visit. On average, customers tend to spend 55% more than the value of their gift voucher, once again increasing your revenue. Not only this, but 18%of customers who were introduced to your hotel by gift vouchers will go on to become regular customers.
Now, let’s think about the customers that don’t use their gift vouchers. On average, 10% of all gift vouchers are never redeemed and that revenue is pure profit! If you sell £100,000 worth of gift voucher in a year, around £10,000 worth of those vouchers won’t be redeemed and can be added back into your budget. Eventually, the gift vouchers will end up paying for themselves whilst increasing the profitability and client base of your hotel.
Gift vouchers are only the beginning of a long chain reaction which will boost your client base and revenue exponentially.
Hotels and Vouchermine
As a hospitality-focused business and with hotels taking up 22% of our current client base, we definitely know what we’re talking about when it comes to gift vouchers in the industry.
Following analysis of our current clients’ sales, hotels that offer a range of gift voucher options sell the most. Customers love choice and flexibility! Whilst a monetary voucher is perfect for offering the recipient a choice, many purchasers would prefer to get something a little more personalised that they know their family or friends would truly love – perhaps a spa day, afternoon tea, or even a cinema experience at your hotel.
Our busiest time of the year is also just around the corner! With the increasing popularity of Black Friday, and of course, the excitement of the festive season, the winter months provide around 20% of all gift voucher sales for the year. Now the number one requested gift, vouchers are quickly taking over the market and consumers are spending around 55% of their total gift budget on vouchers. You’d be crazy not to offer them!
For more information on how we can help you, visit the Vouchermine website.