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BizReport : Loyalty Marketing : October 16, 2015

Survey: Millennials want loyalty to be fun

Turns out Millennials aren't just looking for 50% of coupons or savings on a tank of gas. Oh, they want those things but, according to one new survey, they also want. . . Fun.

by Kristina Knight

Make loyalty fun. That is the takeaway from a new Colloquy survey of Millennial consumers. According to the research one-third of Millennials reported wanting their loyalty programs to be fun compared with 26% of the general population. One other interesting factor - Millennials are less interested in savings than the average consumer (56% vs. 66%).

"Millennials aren't simply you in a time warp. Yes, you were once their age, but that doesn't mean you understand their needs," said COLLOQUY Research Director Jeff Berry. "Millennials have dramatically different ideas about consumerism and loyalty than other demographics."

Some interesting takeaways from the report include:
• 63% of Millennials have joined loyalty programs over the past year
• 55% of general respondents have joined loyalty programs in the past year
• 25% of Millennials joined for members-only offerings
• 63% of Millennials say loyalty programs that support their lifestyle are important

What should brands with loyalty programs do? Prioritize.

"Prioritize experiences over economic gains, because millennials love to try new things. And gamify everything," said Berry.

Image via Shutterstock

Tags: Colloquy, loyalty marketing, loyalty program trends, reward program trends

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