Nearly half of consumers using loyalty schemes to combat living costs

Nearly half of consumers (42%) are using loyalty schemes to combat the cost of living, according to market research by loyalty eWallet and Swapi. 

This research has shone a light on the current consumer loyalty trends and the reliance on retail loyalty schemes to help combat rising costs. This was mirrored in the amount of money that consumers said that they are typically trying to save in a month, with one in three (30%) aiming to save around £5-10 a month through loyalty alone and nearly one in 10 (9%) up to £30 a month using  

Swapi’s data also shows over half of Brits (53%) use or gain their loyalty points through their grocery shops. Among these, the most popular reason consumers interact with retail loyalty is to save money on shopping (74%), but with the majority of Brits only doing so when it comes to groceries, it’s clear many are missing out on unreaped savings and rewards.

With people across the UK currently holding £6 billion (£47 per person) in unspent loyalty points, the research has revealed well over a third of consumers (38%) have experienced the frustration of having loyalty points expire on them, and that 18% of those surveyed admit this has happened one than once, signalling a need for greater transparency from loyalty schemes and the retailers that run them.

Pete Howroyd, Founder & CEO of Swapi said  “With our data showing nearly half of Brits are using loyalty schemes often to combat the increased cost of living, retailers need to take a serious look at how their loyalty programmes are rewarding their customers now when they need it most.”

“We can see there is still room for improvement in educating consumers on how to take full advantage of modern retail loyalty. Whether that’s knowing when your points are going to expire, the opportunity to double or triple your points from selected promotions, or taking advantage of the latest loyalty technology and compiling all their loyalty cards onto an app for easier access. The opportunities to take advantage of loyalty are rife and not limited to groceries or air miles, but available in a variety of industries that consumers use frequently and could benefit from.”