Understanding consumer behavior is critical for retailers and brands as they identify different rewards strategies and loyalty programs for their customers. One key element is understanding whether shoppers are "Earn-and-Burn" or "Save-For-Later" consumers.
For example, "Earn-and-Burn" consumers often gravitate towards programs that offer instant gratification:
- 15% of consumers redeem rewards within one month of earning;
- 16% choose fuel discounts, to save money on gasoline; and
- 3% transfer rewards from rarely used programs to high-use programs.
Learn more about loyalty program behavior and how to best tailor rewards strategies in this Excentus infographic.