Maximising rewards: Over half of people turn to rewards to help with cost-of-living crunch
Value of Loyalty
Value of Loyalty
Loyalty is central to everything Tesco does - from food to fuel and phones to finance. Both in building it through excellent service and Everyday Low Prices, and rewarding it through Clubcard points and Clubcard discounts.
It’s therefore very important to our business to understand how the increasing cost of living is affecting people’s loyalties. To achieve this, Tesco Bank has commissioned extensive new nationwide research through Opinium. The revealing, and often surprising, findings have now been analysed and compiled into a short, accessible report called ‘The value of loyalty’ which you can download here
In the report
you’ll find full details on issues and stories that shine a light on the impact of the
cost of living crisis including these sections below
How consumers are turning to loyalty rewards to help ease the cost of living crunch
49% of people say they are increasingly using their reward points as a direct result of the crisis
The drivers and breakers of customer loyalty to brands and retailers
79% of people now believe loyalty can’t be taken for granted, but instead needs to be rewarded
When it comes to people being loyal, what ‘blind spots’ get in the way?
loyalty is impacted by factors including nostalgia (29%), age (22%) and more
Why rewards are a driver of loyalty when purchasing financial products
1 in 6 said rewards increased their feelings of loyalty towards financial services providers
