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Amid concerns about the cost of living and inflation, consumers are spending more through loyalty programs heading into the holiday season. According to data from Valuedynamx, a global provider of loyalty and reward solutions, spending linked to rewards increased 20% through the end of October compared to the same period last year.
“Shoppers are intent on finding the best deals this season — perhaps so they don’t have to cut down on their gift giving and can even earn rewards for themselves while doing so,” said James Berry, Managing Director at Valuedynamx. “Shoppers increased their reward program spending by 22% last year compared to 2021; they are on pace to match, if not eclipse, that pace this year.”
Loyalty spending in the food and beverage category has increased by 116% so far this year, propelled by adoption of food delivery services. Bank and insurance spending also rose by 116%, which Valuedynamx says is likely a reaction to rising insurance premiums. Health and beauty loyalty spending rose by 44%, and entertainment spending by 28%.
Valuedynamx also found that 59% of debit and credit cardholders check for available card-linked rewards before making a purchase.
Read More on Loyalty360:
Holiday Marketing Trends in 2023: Strategies to Elevate Your Brand
The Rewards That Will Strike a Chord with Shoppers this Holiday Season and Beyond
Holiday Shoppers: What Can Brands Do To Retain Customer Loyalty in a Challenging Economic Season?
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