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:

cleanco listed on couponmatrix.uked-place listed on couponmatrix.ukgo-outdoors listed on couponmatrix.ukprotect-your-bubble listed on couponmatrix.uksecret-spa listed on couponmatrix.ukstaples listed on couponmatrix.uk
cleanco listed on couponmatrix.ukWhen you crave the delicious flavours of your favourite spirits and cocktails without the worry of a heavy morning after, turn to CleanCo. Specialists in producing non-alcoholic versions of bartender staples, all a drink fan needs is a CleanCo discount code to sample the brand’s unique spin on gin, rum and vodka for minimal expense. With an aim to replicate all the taste with none of the alcoholic heaviness, CleanCo is for the happy drinker seeking a happier, healthier lifestyle.
ed-place listed on couponmatrix.ukLooking for an EdPlace discount code? You've come to the right place! Check out our selection of deals at EdPlace and save on your next order. Whether you're looking for a new maths tutor or some resources to help your child catch up, EdPlace has you covered. Online learning may just be what’s needed to give your kid the edge on their exams, so explore digital learning resources at EdPlace and help your youngster achieve. At Groupon, we know that saving money is important to our customers. That's why we work hard to find the best EdPlace discount codes and EdPlace voucher codes. We want you to be able to get the resources you need at a price that fits your budget. So whether you're looking for a new tutor or some extra resources, be sure to check out our selection of EdPlace codes before you checkout. You might just find the perfect code for your needs! If you're looking for high-quality resources to help your child succeed in school, look no further than EdPlace. Their team of experts have put together a range of resources that are perfect for catch-up, revision and practice. And with our EdPlace voucher codes, you can get them at a great price! So why wait? Get started today and see the difference EdPlace can make to your child’s intellect.
go-outdoors listed on couponmatrix.ukIf you want to be more active and enjoy the great outdoors there's only one place to shop - Go Outdoors. Carrying performance clothing, specialist sportswear, shoes, walking boots and much more, you will never be better prepared than after visiting their store. With a Go Outdoors discount code from us on board, you can stock up on the essentials for less! You will find great value items for walking, hiking, fishing, camping and more. With some of the top brands in outdoor clothing and options for every climate, you will be glad you visited Go Outdoors.
protect-your-bubble listed on couponmatrix.ukGlued at the fingertips to your trusty gadgets and smartphone? Give your gear the protection it deserves with the great insurance deals from ProtectYourBubble.com. Use your Protect Your Bubble promo code to cut the cost of covering your precious mobile, laptop, tablet and more. With easy-to-understand policies and backed by a Fortune 500 company, you can rest assured your possessions are in the safest of hands.
secret-spa listed on couponmatrix.ukBringing your favourite beauty treatments within the comfort and convenience of your home, Secret Spa connects customers with expert beauticians who are all too happy to pay a home visit. With the ability to book multiple treatments in a single day, feel free to use a Secret Spa discount code to cut the cost of a deluxe day’s treatment. From quality skin massages to haircuts and manicures, pamper yourself silly with Secret Spa.
staples listed on couponmatrix.ukStaples don’t just sell office supplies, they aim to help you achieve your goals. Whether you work at home or in a high-rise building in the city, Staples' single focus is to ensure that you have everything you need to turn your opportunities into realities. How? You will get the help you need because their people are passionate and purposely specialised in business solutions. You can buy with confidence knowing that Staples are committed to getting you the best value for your money. Their assortment promises all your favourites and the latest innovations, and if you need advice, you can rely on Staples to get you started and keep you going. With the Staples discount code you can stock up on the things you need for less.