Nearly half of Brits using loyalty schemes to combat the cost of living

  • A further 30% of consumers said they’re not using loyalty schemes to combat the cost of living yet, but they think they will in the near future 
  •  A staggering 61% of +55 yr olds use all of their loyalty cards  compared to just 33% of 16-24 yr olds 
  • A quarter of 25-34 yr olds have 3 loyalty cards but over 65% say they don’t use them all 

Nearly half of Brits (42%) are using loyalty schemes to combat the cost of living, according to market research by loyalty eWallet and brand marketplace, Swapi.

This latest research has shone a light on the current consumer loyalty trends and the reliance on retail loyalty schemes to help combat rising costs. This was mirrored in the amount of money that consumers said that they are typically trying to save in a month, with one in three (30%) aiming to save around £5-10 a month through loyalty alone and nearly one in 10 (9%) up to £30 a month using

Swapi’s data also shows over half of Brits (53%) use or gain their loyalty points through their grocery shops. Among these, the most popular reason consumers interact with retail loyalty is to save money on shopping (74%), but with the majority of Brits only doing so when it comes to groceries, it’s clear many are missing out on unreaped savings and rewards.

With people across the UK currently holding £6 billion (£47 per person) in unspent loyalty points, it comes as no surprise that research has revealed well over a third of consumers (38%) have experienced the frustration of having loyalty points expire on them, and that 18% of those surveyed admit this has happened one than once, signalling a need for greater transparency from loyalty schemes and the retailers that run them.

For Pete Howroyd, Founder & CEO of Swapi, retail loyalty has been calling out for greater innovation and transparency if it is to entice the modern-day customer who is seeking greater value and incentives than ever before. Responding to this latest market research, he commented:

With our data showing nearly half of Brits are using loyalty schemes often to combat the increased cost of living, retailers need to take a serious look at how their loyalty programmes are rewarding their customers now when they need it most. 

“We can see there is still room for improvement in educating consumers on how to take full advantage of modern retail loyalty. Whether that’s knowing when your points are going to expire, the opportunity to double or triple your points from selected promotions, or taking advantage of the latest loyalty technology and compiling all their loyalty cards onto an app for easier access. The opportunities to take advantage of loyalty are rife and not limited to groceries or air miles, but available in a variety of industries that consumers use frequently and could benefit from.” 

Since launching in December, Swapi has worked with brands to improve the value of their rewards and loyalty schemes, building a thriving app that now hosts over 20,000 users, over 30,000 loyalty cards registered and over 5,000 reward redemptions, just over 190 a week since launch. Their latest research has been released at a crucial time when both cost of living and inflation are hitting record highs and the team at Swapi is determined to educate the British public on the often hidden value in loyalty schemes.

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