Vouchers & Gift Cards Manual 2009: Reasons to be cheerful in recession.

Little over eight months have passed since the last Promotions & Incentives Voucher Handbook, yet the market has changed drastically. Now we find ourselves in the midst of what commentators have described as the biggest economic crisis in living memory.

Many industries have been coming to terms with this, and, thanks to the fallout from the collapse of retailers such as Woolworths and Zavvi, the voucher and gift-card sector is no different.

But despite falling retail sales, there are a number of reasons for optimism within the industry. First, at the consumer level, many brands are responding to people's cash-flow concerns and desire for more treats by offering vouchers as rewards or incentives. McVitie's, Magnum and The Independent have all taken this approach.

Second, at the business level, there are signs that incentives buyers are moving toward a policy of offering smaller rewards, and shifting away from one-off trips for the few.

However, according to P&I's annual survey on how vouchers are received and ...