Consumers Want Cost Savings and Value, New Prizing Survey Finds

Merkle, dentsu’s leading technology-enabled, data-driven customer experience management (CXM) company, unveiled its 2023 Consumer Prizing Report examining how consumers evaluate and choose rewards from brands. The report illuminates a shift from what was once considered “nice to have” to what is now deemed “must have” or essential to consumers with nearly three-quarters (3/4) of respondents sharing a preference for grocery gift cards over spa massages. Merkle polled more than 1,100 consumers in the United States across generations and income brackets, exploring the consumer preferences and desired benefits of consumer loyalty programs and promotions, including how sentiment has changed given inflation and the increased cost of consumer goods.

“The report highlights how brands can improve prize and incentive strategies to drive desired consumer behaviors through promotions, branded games, chance to win experiences, and loyalty programs. Consumers prefer options that are convenient and make everyday lives easier,” said Jen Gray, SVP of experience creative, promotion & loyalty solutions at Merkle. “Consumer sentiment has predictably shifted as people are keeping a closer eye on the household budget.” Key findings from the Consumer Prizing Report include:

  • Financial Relief and Value: Rewards that focus on everyday needs, such as groceries or even a mortgage or rent payment, resonate with consumers seeking some relief for their budget across all household income spectrums including 80% of low-income (up to £49,999), 72% of middle-income (up to £149,999), and 61% of high-income (159,000 and higher).
  • Rewards Delivery: A generational divide separates older and younger generations in how they receive rewards.

    Between 32-50% of Gen X and baby boomers preferring Visa/Amazon gift cards compared to the nearly 47% of millennials and Gen Z, who prefer Venmo/PayPal credit.

  • Impulse Control: An average of 77% of baby boomers are more than willing to wait for a larger sum than a smaller cash prize now, regardless of denominations, whereas 53% of Gen X tilts toward a guaranteed small reward – showing a stronger interest in this type of prize versus any other generation cohort preferences.
  • Accepting Digital Currency: Of all generational cohorts, millennials are the most willing to accept cryptocurrency – albeit only 4%. While 11% of Gen X wouldn’t mind receiving it as a prize showing they have a curiosity for digital currency, but they prefer more secure methods for actual payment.
  • Prizing Preferences: When it comes to physical prizes, brand vacations and shopping sprees remain enticing grand prizes for both genders. Women rank a shopping spree, vacation, and a room makeover as the most appealing, while men prefer a lifetime supply of their favorite brand, followed by a vacation and shopping spree driven primarily by millennial and baby boomer males and likely influenced by tighter budgets.

“It’s no surprise that consumer preferences have shifted given the dynamic external environment,” said Gray. “Additionally, consumers are savvy and will chose a benefit to suit their needs.

The insights in this report will help marketers improve engagement rates, while deepening the customer relationship.

Adjusting the rewards strategy to match customer preference is critical to ensure high retention rates.

Marketers who do not will experience customer churn.”

Tags:

absolute-collagen listed on couponmatrix.ukartigiano listed on couponmatrix.uklotto-social listed on couponmatrix.ukprotyre listed on couponmatrix.ukturtle-bay listed on couponmatrix.ukvitamin-planet listed on couponmatrix.uk
absolute-collagen listed on couponmatrix.ukCollagen is key for glowing skin, healthy hair and strong nails – it’s the protein building block that supports almost every part of our body and declines naturally as we age. Absolute Collagen gives a glow in one little sachet packed with marine collagen and vitamin C. Start a subscription for delivery every two or four weeks or order a two-week supply. Either way, you’ll want to use an Absolute Collagen discount code to save on this high-quality supplement. As well as the dissolvable sachet, there’s also a topical collagen-boosting skin serum and daily hair care products.
artigiano listed on couponmatrix.ukLook runway-ready every day when you shop with Artigiano and the fabulous selection of shirts, dresses, shoes and more offers a flattering fit for every shape and size. Once you’ve browsed the website and found your faves, don’t forget to apply an Artigiano discount code to get an amazing reduction on your buys. Be sure to check out the New In section to see what’s hottest in Italian fashion right now.
lotto-social listed on couponmatrix.ukUp your chances of winning big with Lotto Social. We all know that playing together is better—Lotto Social makes it easy! Providing syndicates for major lotteries like the EuroMillions UK Lotto, Lotto Social offers various combinations of tickets, depending on what lottery you want to enter and how much you want to invest. Make the most of a Lotto Social voucher code from us to save on your plan, and enjoy a stress-free syndicate for less.
protyre listed on couponmatrix.ukFind the best quality tyres, brakes, exhausts, and batteries for your vehicle at Protyre, where premium services don’t cost premium prices. With over 148 branches throughout the UK, Protyre is never far away, and when you use a Protyre discount code for your next appointment with the nation’s favourite motor experts, you’ll be avoiding collateral damage to your savings account. Get your vehicle in tip-top shape with Protyre!
turtle-bay listed on couponmatrix.ukTurtle Bay is everyone’s favourite Caribbean restaurant, serving up delicious meals, cocktails and impeccable vibes. From a bottomless brunch to a payday celebration, Turtle Bay caters to groups of all sizes for breakfast, lunch and dinner, and it’s got you covered whether you’re craving Caribbean jerk chicken, rum BBQ ribs, jackfruit curry or a spicy veggie burger. Book a table at your nearest restaurant and then use one of Groupon’s Turtle Bay vouchers for a tantalising reduction on your food bill.
vitamin-planet listed on couponmatrix.ukVitamin Planet is one of the leading online retailers of vitamins, minerals and supplements. They offer a wide range of products at competitive prices, and their Vitamin Planet discount code makes it easy to get a great deal on your purchase. There are many reasons to take vitamins and supplements. They can help improve your overall health and well-being, and they can also help you manage specific health conditions. If you're looking for a way to improve your health without breaking the bank, Vitamin Planet is a great option. At Groupon, we know that saving money is important to our customers and supplements and vitamins can be a costly endeavour. That's why we work hard to find the best Vitamin Planet discount codes and deals. Whether you're looking for vitamins, minerals or supplements, we can help you find the best deal. Start your self-care journey today and don't wait, browse our current selection of Vitamin Planet deals and start saving today. One of the best-selling products from Vitamin Planet is their Fish Oil supplement. This product is a great source of omega-3 fatty acids, which are essential for a healthy body. Omega-3 fatty acids can help improve heart health, brain function and more. You can get a great deal on Fish Oil when you use a Vitamin Planet promo code. Check out our current selection of deals and start saving on your next purchase!