Feeling the pinch of inflation, and under the shadow of a potential recession, experts expect consumers will focus more on value in 2023. In response, brands may be tempted to fine-tune their loyalty programs to put a greater emphasis on short-term discounts and promotions.
Factoring in the long view, however, brands need to remember that loyalty isn’t about deals and promo codes. It’s built on trust, shared values, and relationships. Despite inflation, consumers are still....