DUBLIN, Feb. 14, 2024 /PRNewswire/ — The “United States 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.
Recent data unveils that the loyalty programs market in the United States is forecasted to achieve notable growth with a projection to reach a market value of US$30.38 billion in 2024. This showcases a significant annual growth rate of 10.4% from the previously charted figures. Analysis from 2019-2023 recorded a robust Compound Annual Growth Rate (CAGR) of 11.8%, and a steady climb is anticipated to continue through the years 2024-2028 with a 9.0% CAGR, eventually escalating the market valuation to an impressive US$42.83 billion by 2028.
Corporate sectors across the board are striving to enhance existing loyalty programs, thereby adapting to evolving consumer preferences. This strategic emphasis is believed to be pivotal in driving revenue and maintaining a competitive edge within the dynamic US loyalty programs landscape. Furthermore, innovation in the food delivery service sector is apparent, with companies aligning partnership strategies with merchants to offer superior discount and deal experiences to consumers.
Notable strides are being made in various sectors to intensify customer engagement through loyalty marketing efforts. American Airlines launched the AAdvantage Business loyalty program, targeting a business clientele, aiming to leverage corporate travel’s gradual resurgence. Similarly, Visa’s Instant Savings program for small businesses reflects the financial services industry’s dedication to reinforcing engagement with the SME sector, offering a spectrum of discounted opportunities without complex enrolment procedures.
Competitiveness within the food and grocery delivery arena is also heating up, leading to purposive collaboration between loyalty programs and retail players. Instacart’s integration with loyalty schemes from prominent retailers is a prime example that underscores the potency of such strategic initiatives, pushing for market growth and customer retention.
However, the loyalty program sector is not unchallenged. United States Department of Transportation’s scrutiny into the airline loyalty programs resonates with the broader regulatory oversight landscape. It points toward a critical evaluation of consumer fairness, especially in light of fluctuating points valuation and transparency of program changes.
This comprehensive databook takes over 50 Key Performance Indicators (KPIs) into account, providing an extensive market analysis across various industry categories. The exhaustive research methodology ensures an unbiased perspective, presenting a granular view of market opportunities, along with potential risks.
The report illuminates an array of domains such as:
- Retail Sector Spend Value and Trends
- Ecommerce and Point of Sale (POS) Expenditures
- Market Size and Dynamics by Functional Domains and Loyalty Program Types
- Spend Metrics across Key Sectors including Retail, Financial Services, Healthcare, and Travel
- Detailed Forecasts of Consumer Demographics and Behaviors
For more information about this report visit https://www.researchandmarkets.com/r/kefemd
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