Liffey Valley and Mahon Point shopping centres in Dublin and Cork recorded record gift card sales in 2015 according to property consultants, Savills Ireland.

Savills, who manage both shopping centres, said full year sales at Mahon Point were up 24% to an all-time high of €2.6m. They added that corporate sales were up 63% in the year, while average ‘card load’ values rose by 14.4%. At Liffey Valley, total sales for the year were €2.8m – up 9.6% on 2014 – with December, unsurprisingly, being the busiest month.

Last October, Finance Minister Michael Noonan announced that the limit an employer can provide an employee with a single non-cash benefit without applying PAYE, PRSI, etc., would rise from €250 to €500.

According to Roy Deller of Savills Property Management, there was an immediate spike in sales following the announcement, with many businesses choosing to take advantage of the change and reward their employees with a non-cash gift as a Christmas bonus;

“Gift cards or vouchers have always been popular amongst Irish consumers – not just at Liffey Valley and Mahon Point – but at major shopping centres throughout the country. However, the introduction of the new tax-free limits, combined with the recovering consumer economy, has pushed demand to unprecedented new highs. The individual retailers in both centres are now reaping the benefits following a successful Christmas trading period and we hope this positive momentum will continue in 2016.”

According to Retail Excellence Ireland, the Irish gift card market is currently worth approximately €600m per annum.