High-Income Shoppers Seek Store-Specific Card-Linked Rewards
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GLOFor high-spending shoppers, PYMNTS Intelligence data shows that store-specific card-linked rewards are most effective at driving spending.
By the Numbers
The report “Card-Linked Offer Growth Hinges on First-Time Users,” a collaboration between PYMNTS Intelligence and Banyan, surveyed over 2,100 U.S. consumers in February to understand how and why they began using card-linked offers.
The survey found that 41% of consumers earning over $100,000 annually prefer earning rewards on overall spending at a specific store. In contrast, only 18% prefer discounts on specific products, 30% are indifferent, and 11% are unsure.
These findings indicate that higher-income shoppers are more likely than the average consumer to favor store-specific rewards, with only 37% of the total sample sharing this preference.
The study also highlighted that younger consumers — particularly Generation Z, millennials, and bridge millennials — are more inclined to desire store-specific rewards. Thus, offering card-linked rewards could help retailers attract spending from wealthier and younger shoppers.
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On the Other Hand
However, offering card-linked rewards across all offerings rather than focusing on item-specific perks may have drawbacks for retailers.
Jehan Luth, CEO of Banyan, stated in a 2022 PYMNTS interview, “I think card-linked offers have been a rather blunt instrument in a retailer’s marketing toolkit. One of the biggest reasons is that as a retailer, I cannot drive traffic to certain items. The integration of SKU-level data or item-level data in rewards and offers makes card-linked offers a much more versatile and powerful tool in the toolkit for retailers.”
The landscape might shift soon, as the Consumer Financial Protection Bureau (CFPB) is investigating credit card rewards programs due to an increase in consumer complaints about these programs.
Source: PYMNTS
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