It's not free flights or even cash back...
Forget frequent flyer miles. We want frequent driver miles.
Which is why gas rewards are the number one loyalty program preferred by consumers. More than credit card rewards, coupons, and even instant discounts at the cash register while shopping, company Excentus says gas rewards top the list as the favorite way of saving.
“Respondents say they prefer fuel-saving rewards because they like saving money any way they can and they like earning rewards from everyday purchases made among a variety of retailers,” Excentus, a loyalty and marketing company, says.
And those rewards programs are the epitome of “loyalty.”
“More than one quarter of consumers say they shop more frequently at stores where they can earn rewards,” the report says. “Thirteen percent said the ability to earn more rewards or save more money would prompt them to switch brands or shop at a different store.”
The report says the reason why the demand for fuel rewards is so high may be because gas is “an everyday commodity.”
“Consumers across the nation want everyday rewards, earned through everyday spending, that put money in their pockets,” the report says.
Rewards don’t end at gas
While number one, fuel rewards aren’t the only one. Thirty-four percent of respondents want cash back on credit cards — a two percent drop from this time last year.
There are plenty of credit cards that offer cash back, you just need to find the right one for you.
You could be looking for more money back on groceries and gas, but some cards offer a flat rate back on everything. For some cards, they’ll up your rewards the more you spend in a short amount of time, while others don’t have the same restrictions. The bottom line is that credit card rewards are not one-size-fits-all; they are made differently to reflect the different spending of everyone.
The Excentus report says consumers want everyday savings for everyday spending. Regardless of income, everyone wants a little something back for spending. Those Americans that make six figures say cash back is their favorite form of credit card rewards.
Cash back is a popular choice, but it isn’t the only choice. The report says 26 percent of respondents shop more frequently at stores where they can earn rewards. That means loyalty matters — if a store offers rewards, a shopper is likely to take advantage of them if they think they’re worthy. Almost 40 percent of shoppers prefer to save money any way they can — the top reason consumers joined rewards programs last year.
Memberships have their rewards in a variety of ways. If you’re a coffee lover, try Starbucks rewards to earn free drinks, free food, and random discounts on items. If you love makeup, Sephora Beauty Insider gives out a ton of beauty swag throughout the year. There is no shortage of rewards for some of the biggest brands you may shop at.
Regardless of where you shop and what kinds of rewards you want, the fact remains that shoppers greatly prefer loyalty programs when they buy.
“The running theme of survey responses: the more regularly and routinely consumers can save money, the more engaged they become with brands,” the report says. “Regular engagement connects rewards directly to consumers’ everyday needs and habits, while widening the reach of brands’ loyalty programs.”
Article last modified on April 7, 2017. Published by Debt.com, LLC .