A new report published by The Wise Marketer Research Services takes a fresh look at what’s happening with loyalty member redemptions in the US. This report, conducted in collaboration with Engage People, the global leader in pay with points solutions for the loyalty industry, takes a comprehensive look at ALL redemption options available today. Key findings include:
- The emergence of Pay With Points as a strong option for redemption in the mind of today’s members. The technique continues to grow in loyalty program member awareness, consideration and usage.
- The redemption landscape is definitely changing on multiple fronts and additional "new age" redemption choices like Crypto, NFTs and carbon offsets have suddenly emerged.
- Redemption patterns are currently being influenced by macro-economic trends associated with inflation.
- While discounts, cash back and gift cards remain strong options for members in this environment, there are some caveats that all program operators must consider.
- Travel rewards are losing their luster while merchandise rewards are hanging in there.
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The complete report contains detailed insights and data graphs from the August 2022 survey among 500 US consumers via an online research panel. Respondents were carefully balanced between gender, age, income and geographic region. All respondents were members of at least one loyalty program and all had experienced a redemption event within the past 2 years.
We hope this report offers some quantitative evidence about what members think and may potentially do when it comes to available reward options.