Shoppers missing out on savings
According to a recent survey, shoppers in the UK may be missing out on £182 a year by failing to take advantage of loyalty, reward, and cashback schemes. The study, which involved 2,000 adults, found that 85% of respondents already use cashback deals and loyalty programs, saving an average of £15 per month.
Big savings for some
The survey also revealed that 11% of those surveyed are earning £30 or more each month through these schemes. Additionally, 29% of respondents said they were pleasantly surprised by the amount of money they have earned from reward programs.
Spending wisely
With the rising cost of living, 85% of respondents believe it is more important than ever to make their spending work harder for them. As a result, 30% have signed up for more memberships to take advantage of these schemes.
Loyalty pays off
While some have been using loyalty schemes for at least 20 years, 52% of respondents have signed up for at least one new loyalty program in the past year. On average, shoppers are members of five loyalty programs.
Using rewards wisely
Over a third (37%) of respondents are using their points to pay for everyday purchases, while 27% are saving them up for a special treat. The most popular items for reward redemption are groceries, beauty products, and fashion. Money off vouchers and discounts are seen as the best rewards by 62% of respondents.
Room for improvement
However, the survey also found that 13% of respondents often forget to redeem their rewards, and 7% don't know how to redeem them at all. Additionally, 55% of respondents said that the ease of sign-up is the most important factor when considering joining a loyalty program.
Loyalty equals brand loyalty
More than half (57%) of respondents said they would be more likely to shop with a brand or retailer if they have a loyalty scheme. Furthermore, nearly half (45%) have recommended a reward program to someone else, and 51% believe that loyalty does pay off.
Overall, loyalty, reward, and cashback schemes can provide significant savings for shoppers in the UK. By taking advantage of these programs, shoppers can maximize their hard-earned money and make their spending work harder for them.
Did you miss our previous article…
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