Loyalty360 Reads: Ikea Discontinues Store Discount for Loyalty Members, Travel Credit Card Market to Exceed $48 Billion by 2032, Amazon Offers Discounted One Medical Memberships

Ikea Discontinues Store Discount for Loyalty Members  

The home retailer Ikea announced this week that a key benefit of its Ikea Family loyalty program is going away. Introduced last year, the 5% in-store discount on furniture and décor ends January 31. The company says it will lower prices on hundreds of items for all shoppers starting this month.  

Members will continue to receive exclusive deals, discounted home delivery options, and a free hot drink when they visit a store. Launched in 1984, the Ikea Family is one of the oldest retail loyalty programs.  

The move comes as retailers across segments modify their loyalty programs with features like tiered rewards and in-person experiences. Brands currently revamping their programs include Madison Reed, Victoria’s Secret, and Barnes & Noble. Ikea has not indicated further changes to its program.  
 

Report: Travel Credit Card Market to Exceed $48 Billion by 2032   

Allied Market Research released a report this week that predicts the travel credit card market will reach $48.5 billion annually by 2032. Based on the 2022 market size of 16.4 million, the Allied report suggests an annual growth rate of 11.8%. Reasons cited for the growth include customer demand for rewards and benefits, rise in affluence and disposable income, and sustained globalization.  

Co-branded credit cards held the highest market share in 2022, accounting for more than two-thirds of the global travel card market. Allied expects co-branded cards to remain dominant over the 10-year forecast period. According to the report, Visa will continue as the top payment network, although MasterCard will experience a higher growth rate.  

Travel cards typically offer rewards such as airline miles, hotel points, and cashback on travel-related expenses like car rentals. Other perks may include airport lounge access, travel insurance, and no foreign transaction fees.  
 

Amazon Prime Offers Discounted One Medical Memberships  

Amazon announced yesterday that Prime members can subscribe to One Medical at the discounted rate of $9 a month, or $99 a year. Acquired by Amazon in 2022 for $3.9 billion, One Medical is a primary care provider that offers virtual doctor appointments on its mobile app. One Medical also operates physical locations near some major cities and accepts most health insurance plans and Medicare.  

One Medical normally costs $16.59 a month, or $199 annually. Prime members can add up to five members to their plan for $6 a month per person.  

“When it is easier for people to get the care they need, they engage more in their health, and realize better health outcomes,” said Neil Lindsay, Senior Vice President at Amazon Health. “That’s why we are bringing One Medical’s exceptional experience to Prime members -- it’s health care that makes it dramatically easier to get and stay healthy.” 
 

Read More on Trends, Updates, and Industry Leaders      
 

Full Article Links: 

https://finance.yahoo.com/news/ikea-discontinuing-store-discount-loyalty-113000769.html 

https://www.prnewswire.com/news-releases/travel-credit-card-market-to-reach-48-44-billion-globally-by-2032-at-11-8-cagr-allied-market-research-301978695.html 

https://www.cnbc.com/2023/11/08/amazon-beefs-up-prime-loyalty-program-with-one-medical-discount.html 

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