Survey: Millennials Most Open to Joining Fee-Based Loyalty Programs
A LoyaltyOne nationwide survey of 1,005 consumers in May revealed that millennials ages 18-35 are more open-minded about investing in loyalty-program memberships.
Here are key numbers from LoyaltyOne’s fee versus free loyalty-program research:
- 62% of respondents said they’d consider joining fee-based rewards programs if offered by their favorite retailers. This number was even higher among millennials with 75% of 18-24 year-olds and 77% of 25-34 year-olds saying they’d consider joining a fee-based rewards program.
- 65% said customer rewards are worth paying for if relevant to their needs. Millennials, again, rated this even higher with 79% of 18-24 year-olds and 76% of 25-34 year-olds saying relevant rewards are worth paying for.
- Nearly half (47%) said rewards in fee-based programs are better than rewards in free programs. A significantly larger number of millennials - 61% of 18-24 year-olds and 54% of 25-34 year-olds – said fee-based rewards are better.
“These results should attract the attention of brands considering a shift to fee-based loyalty programs as marketers look for ways to create competitive differences and lock in customer spend against a backdrop of waning program effectiveness and engagement challenges,” LoyaltyOne Consulting Associate Partner Lance Du Chateau said.