Consumers are more likely than ever to join a premium loyalty program and willing to pay if the program guarantees discounts and offers relevant benefits.
That's a prime finding from Clarus Commerce's fourth annual "2022: Premium Loyalty Data Study" that polled 2,500 U.S. consumers on shopping habits and expectations for a premium loyalty program, data sharing and interest in brand activism.
The data revealed 78% are interested in such programs, according to a press release on the findings.
With consumers seeking new avenues for brand engagement, including the metaverse, this year is going to be pivotal for brands trying to bring on more loyal customers, according to the report.
The study aimed to gain a better understanding into the benefits customers expect and why, and how those expectations have changed since 2021, specifically around premium loyalty programs.
The report found 72% already belong to a premium loyalty program, and 77% of respondents not involved in a premium loyalty program said they would join one if offered by their favorite brands and if the value exchange is worth it.
Additional key findings include:
- Interest in gas and grocery premium loyalty programs is surging right now. From last year's data study, the percentage of respondents showing interest in gas and grocery loyalty increased from 35% to 51% and 58% to 65%, respectively.
- Gen Z is more likely to join a premium loyalty program within the next 12 months; interest slightly decreases with older generations. Eighty seven percent of Gen Z respondents said they plan to join a premium loyalty program; 85% of Millennials, 76% of Gen X, 61% of Baby Boomers and 46% of the Silent Generation said the same.
- Eighty three percent of consumers belonging to traditional loyalty programs would sign up for the same brand's premium loyalty program if offered.
- Consumers show enthusiasm for the metaverse. A healthy majority of respondents (65%) indicated an interest in engaging with a brand in the metaverse to unlock an exclusive offer, with over a quarter of respondents (27%) saying they were "very interested."
"The pandemic has changed consumer expectations permanently, and brands are still figuring out their new normal. In tandem, brands are jumping into the metaverse, producing more mobile apps than ever and finding new ways to integrate social selling into consumers' everyday lives," Tom Caporaso, Clarus CEO, said.
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