Video | ShopTalk | Who’s cashing in on rewards programs?
Vantiv and Socratic Technologies conducted an online survey with 500 consumers to learn about their participation in loyalty/rewards programs.
This short video covers the key findings of 500 consumers' survey responses to the when, where and how of card rewards programs. What's on their minds? Watch and learn.
Summary of findings:
- Reward membership has tremendous influence on where people shop; eat; and how they travel
- Consumers indicated that their membership also influences the frequency of store visits where they can use rewards as well as typical spend during each shopping trip
- Points accumulated for free merchandise or travel and automatic discounts at time of purchase are the top reasons for signing up for a rewards program
- Top complaints that rewards members have about the programs include: “Amount of spending required to reach a reward” ; “Points expire before they can be used”; and “Hard to use rewards because of the restrictions”
- Nearly 60% of consumers belong to Grocery Store and Credit Card rewards program and use them at least once every three months. Gen Xers have the highest participation rates in Hotel rewards programs
Source: Consumer Survey—Vantiv and Socratic Technologies (2016)