UK: Hospitality gift card platform Toggle is expected to hit record sales of £5 million this Black Friday, 24th November.
With 60 per cent of all hospitality gifting set to take place in November and December, data from e-commerce platform Toggle shows that its gift card sales are forecasted to reach more than £27 million over the next eight weeks, equating to roughly £500,000 per day.
Last year, Black Friday was the highest selling calendar moment for Toggle gift cards, generating just under £1 million in sales on the day and a total of £3 million across the weekend. This year however, the 2022 sales figure will be overtaken by lunchtime on Black Friday.
Analysis reveals that brands which run a 20 per cent discount on Black Friday can expect to see 45 per cent of gifting sales occur in November, doubling revenue for the month.
Dan Brookman, CEO, Airship & Toggle, said: “Black Friday is the biggest day of the year for hospitality gift card sales according to our data, and we are expecting 2023 to blow 2022 out of the water. The growth of our customer base has been huge this year, and brands are starting to realise, with our help, the value of gift cards as additional revenue.
“This is often a missed opportunity in hospitality, but Black Friday is a proven way for operators to boost revenue and drive footfall to venues. Those that can capitalise on Black Friday, will not only to boost sales for November and December but, with the right offers in place, can also generate revenue during the quieter post-Christmas period.”
Toggle gift cards include both physical and digital options, retail products, merchandise, tickets for events, and more. All are sold directly to customers by Toggle.