DUBLIN, Feb. 14, 2024 /PRNewswire/ — The “United Kingdom Loyalty Programs Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics – Q1 2024 Update” report has been added to ResearchAndMarkets.com’s offering.
The UK loyalty market is forecast to grow by 10.2% on an annual basis to reach US$9.02 billion in 2024. In value terms, the UK loyalty market has recorded a CAGR of 11.7% during 2019-2023. The loyalty market in the UK will continue to grow over the forecast period and is expected to record a CAGR of 8.9% during 2024-2028. The UK loyalty market will increase from US$8.18 billion in 2023 to reach US$12.67 billion by 2028.
The adoption of loyalty and reward programs has increased in the United Kingdom over the last few years. Amid the rising inflation and interest rate environment, many shoppers have turned to loyalty programs as they look for deals and discounts. This trend is projected to continue further in 2024, subsequently driving the adoption of loyalty programs over the medium term.
With the rising demand, new firms and retailers are also planning to launch loyalty and reward programs in the United Kingdom. This, in turn, is expected to aid the competitive landscape and innovation in the loyalty programs market. Overall, the publisher maintains a robust growth outlook for the loyalty and reward programs industry in the United Kingdom over the next three to four years.
Brits are reliant on loyalty and reward programs to lessen the impact of economic pressure on their spending power
Despite inflationary pressure, spending has remained reliant across the United Kingdom, as majority of the consumers are leveraging loyalty programs to save money and boost their spending power during the year-end holiday season.
According to a YouGov survey, commissioned by Commerce tools, 66% of the consumers were planning to utilize loyalty programs to save on their purchases in the United Kingdom. The trend is much higher among millennial consumers, whereas consumers aged 55 and above were least likely to use their reward accounts for purchases.
In response to the growing demand for loyalty programs, especially among young generation shoppers, many businesses are expected to increase their investment in loyalty programs to offer personalized offers. This will aid innovation and industry growth over the medium term in the United Kingdom.
New loyalty program launches to support industry growth over the medium term in the United Kingdom
Amid higher adoption and the fact that more and more consumers are seeking to leverage loyalty programs to lessen the impact of worsening economic conditions, the number of new program launches has been rising. In the United Kingdom, the trend of new loyalty program launches is projected to continue in 2024.
Regulators have launched an investigation to review loyalty scheme prices offered by supermarket
Loyalty program offerings have proved highly successful for supermarkets in the United Kingdom. By offering products at a much cheaper rate to their members, supermarkets like Tesco have reported strong growth in sales volume.
The Competition and Market Authority said that the growing usage of loyalty schemes meant that discounts were available only to members. The review will consider whether it is fair to offer cheaper product prices only to loyalty card holders or not.
This report provides a detailed data-centric analysis of the loyalty market opportunities and risks across a range of industry categories. With over 50 KPIs at the country level, this report provides a comprehensive understanding of loyalty market dynamics, market size and forecast, and market share statistics.
Reoprt Scope
This report provides in-depth, data-centric analysis of loyalty programs in United Kingdom. Below is a summary of key market segments:
United Kingdom Retail Sector Spend Value Trend Analysis
- Ecommerce Spend
- POS Spend
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators
Value Accumulated and Value Redemption Rate of Loyalty programs in United Kingdom
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains
- Loyalty Schemes
- Loyalty Platforms
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Program Type
- Points programs
- Tier-based programs
- Mission-driven programs
- Spend-based programs
- Gaming programs
- Free perks programs
- Subscription programs
- Community programs
- Refer a friend program
- Paid programs
- Cashback programs
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Channel
- In-Store
- Online
- Mobile
United Kingdom Loyalty Schemes Spend Market Size and Future Growth Dynamics by Business Model
- Seller Driven
- Payment Instrument Driven
- Others
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Key Sectors
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by Online
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by In-Store
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by Mobile App
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Retail
- Diversified Retailers
- Department Stores
- Specialty Stores
- Clothing, Footwear & Accessories
- Toy & Hobby Shops
- Supermarket and Convenience Store
- Home Merchandise
- Other
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Accessibility
- Card Based Access
- Digital Access
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type
- B2C Consumers
- B2B Consumers
United Kingdom Loyalty Schemes Spend Market Size and Future Growth Dynamics by Membership Type
- Free
- Free + Premium
- Premium
United Kingdom Loyalty Platform Spend Market Size and Future Growth Dynamics by Software Use Case
- Analytics and AI Driven
- Management Platform
United Kingdom Loyalty Platform Spend Market Size and Future Growth Dynamics by Vendor/Solution Partner
- In House
- Third Party Vendor
United Kingdom Loyalty Platform Spend Market Size and Future Growth Dynamics by Deployment
- Cloud
- On-Premise
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms
- Software
- Services
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Software Use Case Platforms
- Custom Built Platform
- Off the Shelf Platform
United Kingdom Loyalty Spend Market Size and Forecast by Consumer Demographics & Behaviour
- By Age Group
- By Income Level
- By Gender
For more information about this report visit https://www.researchandmarkets.com/r/9gfkql
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