The greatest issues in life actually are free – in response to 59% of Brits who get a kick out of shopping for magnificence merchandise, garments and groceries – with out splashing the money.
A research, of two,000 adults, revealed 82% used loyalty factors to make future purchases cheaper, with two-thirds utilizing them to scale back value of their meals outlets.
For nearly three-quarters (74%), they’re utilizing factors to complement their revenue and get monetary savings. In reality, 9 in 10 Brits (92%) are a member of no less than one loyalty programme – up by 17% from final 12 months.
This comes as Virgin Red launches its second report, The Points Index, ‘Making Points Go Further’, which takes inventory of the nation’s temper, how public spending and behavior has modified within the final 12 months.
The report reveals that greater than a 3rd (35%) collected extra loyalty factors previously 12 months than ever earlier than, as folks received extra savvy as a way to address the continuing cost-of-living disaster. Internal knowledge, from Virgin Red, noticed an increase in redemptions throughout November and December, with members cashing of their loyalty factors for rewards similar to flights, prepare tickets, wine and present playing cards.
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The spike signifies a attainable drive of last-minute journey and present shopping for forward of the festive interval – highlighting how persons are making their cash work more durable by utilizing factors for presents or decreasing the price of their prepare journey residence.
With journey firmly again on the radar, greater than half (55%) plan to make use of their hard-earned factors to reward themselves with issues they normally wouldn’t be capable to afford, similar to holidays or flights.
Andrea Burchett, chief loyalty officer and managing director at Virgin Red, stated: “For some, reward points offer a way to supplement increasing day to day costs, such as grocery bills. But for others it’s a positive way to treat themselves, be those day-to-day small wins or holding out for a big-ticket item such as international travel.
“Experiences, and in particular travel, are a clear focus for 2024, so it’s great to see people are turning to loyalty points to prioritise this, whilst being mindful of the existing economic pressures.”
The considered high-end rewards being genuinely attainable nevertheless has shrunk, in response to the analysis, as 27% suppose you should use them for large ticket gadgets similar to flights or theatre tickets – a 15% drop from 2022. For those that do declare larger reward gadgets, flights to New York, Orlando and Los Angeles, are the most well-liked areas, whereas Paris and Amsterdam ranked as the highest European locations.
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When it involves dream getaways, the Maldives and Tokyo topped the listing.
But, greater than half (52%) admitted to feeling guilt when spending cash on one thing indulgent, figuring out others are struggling financially, and solely 10% of adults feeling extra assured within the state of the economic system in comparison with this time, final 12 months.
This goes some technique to explaining why 36% intend to be kinder to themselves in 2024 with small, however frequent self-gifts.
This contains espresso, meals out and wine, in addition to journeys to the cinema – with the discharge of Oppenheimer and Barbie final July seeing Virgin Red members improve cinema ticket redemptions by two and a half instances greater than every other month throughout 2023.
Andrea Burchett, from Virgin Red, added: “While we do not offer a crystal ball to see what’s in store for 2024, we hope the report helps people understand more about the loyalty programmes they’re a member of and importantly, how they can make their money go further – all that’s left to do, is decide which reward you want to go for.”