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Black Friday is always a busy time of the year for retailers and brands, and 2022 has been no exception, despite the ongoing cost of living crisis. Here are some of the key trends we noticed on Black Friday this year.
Gift card sales remained strong for Tillo this 2022 Black Friday, showing that there’s still high demand for gift cards despite consumer concern about rising household costs.
UK gift card sales, in particular, saw substantial YoY growth, beating last year's figure by 34%, but we also saw an increase in global gift card sales, which rose 16% from 2021.
With prices continuing to rise and Christmas just days away, gift cards have had an increasingly important role to play in the cost of living crisis, proving themselves to be a valuable budgeting tool and a cost-effective way to make the most of brand discounts.
Not only did gift card sales increase this 2022 Black Friday, but their average order value rose too. The average order value of a gift card purchased through the Tillo network this 2022 Black Friday was 11% higher than the same period in 2021, which is broadly in line with underlying inflation.
When we consider the impact of inflation, gift card order values can be interpreted to have remained the same, which is surprising, given the spending cuts that many people are making this year. One possible explanation for this is the increase in self-use of gift cards to buy everyday essentials like groceries - keeping gift card use high despite cutbacks elsewhere.
In 2022, the Tillo platform became home to more Tillo customers than ever before, which was clearly reflected in our Black Friday sales figures. This year, our Black Friday data showed a 31% increase in the number of customers buying gift cards through the Tillo network, which is a sizable increase from last year.
This rise in partners on the Tillo network has come hand in hand with an increase in new, innovative B2C use cases for gift cards from within the fintech sector. One such use case is demonstrated by Tillo's customer, Sprive. Sprive's Shop with Sprive app uses Tillo's innovative platform and the power of digital gift cards to help people pay off their mortgages more quickly.
And that’s not all. Tillo now has more than 2000 brands on its gift card network! On Black Friday, partners bought gift cards for 32% more brands than they did during the 2021 Black Friday period.
Technology and fashion-focused brands were in our top three this year, but we had much more diversity in brand choices overall, with more than half of partner spending this year being split across the top 17 brands, compared to just 7 brands the year prior.
If our Black Friday data is anything to go by, it’s clear that demand for gift cards has remained high despite changes to consumer spending habits amidst the cost of living crisis.
Looking ahead to 2023, we expect to see more new use cases for gift cards emerging, especially in the B2C space, where Tillo is already helping our customers support their end users in new and innovative ways.
If you would like to learn more about Tillo and how we can help you to maximize the power of gift cards, please feel free to get in touch with us today.