Gen Z and Millennials Are Changing Customer Loyalty
The loyalty landscape is in the midst of significant evolution, driven by new technologies, smarter programs, and changing customer needs and expectations. In a new study released by Bond Brand Loyalty, a leading global customer engagement agency, consumers say they spend more, advocate for, and remain loyal to brands with loyalty programs that offer innovative personalized experiences in addition to points and discounts. Consumers spend 37 percent more with brands when they’re a loyalty program member. The top five sectors in which spend increases when a consumer is a member of a loyalty program are gas (99 percent spend increase), hotel (82 percent), drug store (63 percent), movie theaters (61 percent), and grocery (57 percent).
In partnership with Visa, The Loyalty Report 2018 is recognized as the industry’s leading report on customer engagement, loyalty attitudes, behaviors, drivers and disruption. Now in its eighth year, the expanded 2018 global report features an unprecedented assessment of more than 800 loyalty programs, in 18 markets, by more than 50,000 consumers across a range of key sectors, including payments, retail, grocery, CPG, gas, dining, hotel, airline, entertainment and coalition.