In the case of reward preferences, older generations are likely to need to obtain advantages for his or her grocery and restaurant spending, however they do not essentially need to be rewarded for a lot of different forms of purchases.
By the numbers
“The PYMNTS Intelligence Report”The credit score economic system: the function of rewards applications in using shopper credit score” was primarily based on a survey of greater than three,200 U.S. shoppers to know their behaviors and attitudes towards rewards supplied by bank card loyalty applications.
The outcomes revealed that amongst child boomers and seniors who would love a bank card to supply them some rewards, 44% have been focused on such presents for his or her grocery purchases, and 35% stated the identical about shopping for meals at a restaurant. Nonetheless, that proportion fell to 25%, at most, for different forms of purchases.
Information in context
The findings confirmed that for bank cards trying to drive engagement amongst child boomers and seniors, meals rewards generally is a massive assist. For grocery shops and eating places, knowledge means that partnering with bank card firms on card-linked presents may assist enhance loyalty amongst older shoppers, given that folks on this group are much less more likely to interact with the apps. of rewards from the retailers themselves.
For instance, knowledge from the PYMNTS Intelligence report “ConnectedEconomy™ Month-to-month Report: City-Rural Well being Hole Version” discovered that child boomers and seniors have been growing their digital engagement in eating places and grocery shops lower than, say, bridge millennials.
This data underscores the potential for bank card firms, grocery shops, and eating places to strategically align their choices to satisfy the particular needs of this demographic. For bank card firms and meals retailers, collaborating on card-linked presents generally is a mutually helpful technique, bettering buyer loyalty and satisfaction amongst this shopper phase.