Economy
After the bankruptcy of voucher provider Jollydays, competitors are trying to reassure customers. The redemption of “WellCards” and “spa vouchers” is “guaranteed,” they stated in response to inquiries from APA. The German experience voucher provider Jochen Schweizer, which is also active in Austria, referred to “strong investors in the background.”
The voucher providers do not expect a decline in Christmas business and are not currently seeing an increased redemption of already purchased vouchers.
“Bankruptcy was actually unforeseen”
For Viennese trade expert and market researcher Andreas Kreutzer, the bankruptcy of Jollydays was “actually unforeseen.” However, it was notable that “marketing measures have recently been rapidly scaled back,” and voucher sales were evidently declining. “It is also possible that the business with vouchers for experience activities has generally exhausted itself,” Kreutzer said. Generally, vouchers are an “important sales instrument” for retail as well as for gastronomy and hotels, accounting for 15 to 30 percent of sales depending on the sector. The expert estimates that up to 35 percent of vouchers go unused, especially those under 100 euros.
“No unusual increase in redemptions”
Some voucher buyers and holders are now uncertain due to the bankruptcy of Jollydays. “The redemption of WellCard vouchers can be guaranteed,” said managing WellCard partner Michael Semmler to APA. WellCard is currently not seeing “any unusual increase in voucher redemptions.” The provider “Thermengutscheine” emphasized that vouchers can be redeemed “100 percent.” The Jochen Schweizer mydays group labeled itself as “liquid” and referred to the ProSiebenSat.1 group as a “financially strong and reliable partner.” The last annual financial statement of Jochen Schweizer GmbH dates back to 2020, when a net loss of 6.7 million euros was reported according to the company register (“Wirtschafts-Compass”).
Providers do not expect losses in the Christmas business
The voucher providers expect no impact from the Jollydays bankruptcy on their business in autumn and Christmas. “Jollydays was far from being a leading voucher provider in recent years. Therefore, purchasing behavior will not really change,” said WellCard partner Semmler.
Jollydays sold vouchers for thousands of different activities, from skydiving to spa or short vacations, via its website. They were redeemed through the respective experience providers. At the time of its bankruptcy filing in mid-August, the experience voucher seller reported liabilities of 8.6 million euros and assets worth around 100,000 euros. The Upper Austrian Chamber of Labor expects “thousands of affected voucher holders.” Over 100 individuals affected by the Jollydays bankruptcy have already contacted the AK OÖ.