Inflation may be easing, but that’s little comfort to consumers dealing with an already sky-high cost of living and a looming holiday shopping season.
In response, companies should reevaluate their loyalty programs, according to two recent surveys.
Insights agency Hall & Partners’ 2023 Value Shift study found that consumer expectations for loyalty programs are rising: 39% expect to be rewarded for sticking with a brand, up from 17% in 2020. While 75% of consumers prefer to buy trusted brands, 42% will consider switching if the right deal comes along.
And remember that the modern consumer is also conscious of a brand’s actions beyond the shelf.
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