Global Loyalty Programs Market Intelligence 2024: Supermarket Loyalty Programs are Gaining Widespread Adoption Worldwide with Companies Adjusting their Programs to Meet Consumer's Needs.
| Published date | 04 April 2024 |
M2 PRESSWIRE-April 4, 2024-: Global Loyalty Programs Market Intelligence 2024: Supermarket Loyalty Programs are Gaining Widespread Adoption Worldwide with Companies Adjusting their Programs to Meet Consumer's Needs
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Global loyalty market is expected to grow by 11.1% on an annual basis to reach US$150,970.4 million in 2024.In value terms, the global loyalty market has recorded a CAGR of 12.4% during 2019-2023.The global loyalty market will continue to grow over the forecast period and is expected to record a CAGR of 9.5% during 2024-2028. The global loyalty market will increase from US$135,903.9 million in 2023 to reach US$217,371.1 million by 2028.The global loyalty program industry is poised for accelerated growth over the medium term. Inflation and higher food prices have been driven by the adoption of loyalty schemes in markets like Europe and Africa. This trend is projected to further continue in 2024, supporting industry growth. Innovation in the sector is also rising significantly, with firms forging strategic alliances to launch Web3 loyalty programs for better customer engagement.Quick service restaurants (QSR) and food delivery platforms are also betting on loyalty schemes to aid business growth. This trend is gaining widespread momentum across regions, including Asia Pacific, North America, and Europe. Overall, the publisher maintains a robust growth outlook for the global loyalty program industry over the next three to four years.
QSRs are planning to drive business growth by leveraging the popularity of loyalty schemes in 2024
The adoption of loyalty programs has increased significantly over the last 12 months and the trend is projected to continue further over the medium term. To tap into the growing popularity, QSRs are expanding their loyalty schemes to drive business growth in the global market.
McDonald's, in December 2023, revealed that the firm is planning to open 10,000 new outlets in the global market by 2027. Furthermore, the firm is also planning to double its sales from the loyalty program to US$45 billion. By 2027, McDonald's aims to have 250 million loyalty members. Currently, the program has 150 million members, who are generating more than US$20 billion in sales annually for the QSR.
Domino's, another leading QSR in the global market, is also...
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