2022 European Loyalty Programs Market Report - Compound Annual Growth of 11.9% Forecast During 2022-2026 to Reach US$ 64922.8 Million Market Value by 2026
DUBLIN, May 19, 2022 /PRNewswire/ -- The "Europe Loyalty Programs Market Databook - 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.
The Loyalty Programs Market in Europe is expected to grow by 12.4% on annual basis to reach US$ 41410.1 million in 2022. In value terms, the Loyalty Programs Market in Europe has recorded a CAGR of 12.9% during 2017-2021.
The Loyalty Programs Market in Europe will continue to grow over the forecast period and is expected to record a CAGR of 11.9% during 2022-2026. Loyalty Programs Market in the country will increase from US$ 36830.3 million in 2021 to reach US$ 64922.8 million by 2026.
In Europe, the loyalty and rewards market witnessed significant growth in the last two years. Changes in demand, inability to cope with qualitative development and growth in supply, customized and unpredictable purchasing and consumption behavior have compelled many businesses to develop strong competitive advantage against their competitors. Notably, loyalty and rewards has emerged as a tool to identify, maintain and expand market share in the European region in the last eight quarters.
The loyalty and rewards programs industry in the United Kingdom is one of the most diverse and sophisticated globally. The evolving loyalty program landscape in the country has resulted in significant changes in most of the big loyalty programs over the last three to four years. There has been an explosion in the launch of new loyalty and rewards program launches, and the number is expected to surge even further from the short to medium-term perspective amid the growing demand among consumers in the United Kingdom.
Financial firms are entering into strategic partnerships to create customer loyalty program solutions
Amid the growing demand for innovative loyalty programs among consumers in the United Kingdom, financial firms are entering into strategic partnerships to create customer loyalty program solutions. For instance,
- In March 2022, Lloyds Banking Group, one of the leading financial service providers, announced that the firm had entered into a strategic collaboration with Bink, a loyalty app in the United Kingdom. The loyalty solution developed in collaboration will be rolled out to the retail banking customer of Lloyds later in 2022, which will therefore allow retailers to connect their loyalty programs to millions of customers.
- Notably, the technology developed by Bink links the payment cards of consumers to participating retailers' loyalty and customer engagement programs. This ensures that customers get rewarded by retailers every time they make purchases with their cards. This strategic partnership between Lloyds and Bink is expected to further assist the growth in the number of loyalty program customers over the next four to eight quarters.
The publisher expects more firms, especially in the financial sector, to enter into strategic collaborations to launch innovative loyalty program solutions for customers in the United Kingdom over the next four to eight quarters. Additionally, the publisher also expects loyalty start-ups to raise funding rounds from the short to medium-term perspective as they continue to expand and grow their market share.
Start-ups in the French loyalty and rewards programs industry are raising funds to drive their growth
With the growing loyalty and rewards program industry in France, start-ups in the segment are looking to disrupt the growth of the market through their innovative business models while gaining increasing market share. Consequently, these start-ups are raising funding rounds to boost their growth in the country.
Germany-based neobank providers are expanding their cashback rewards programs for their United States clients
In order to help out its mobile banking American clients during the pandemic, challenger banks are expanding their rewards program.
Report Scope
Country reports in this bundled offering provide in-depth analysis of social commerce. Below is a summary of key market segments:
Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators, 2017-2026
Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains, 2017-2026
- Loyalty Schemes
- Loyalty Platforms
Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Program Type, 2017-2026
- Point-based Loyalty Program
- Tiered Loyalty Program
- Subscription Loyalty Program
- Perks Loyalty Program
- Coalition Loyalty Program
- Hybrid Loyalty Program
Loyalty Spend Market Size and Future Growth Dynamics by Channel, 2017-2026
- In-Store
- Online
- Mobile
Loyalty Spend Market Size and Future Growth Dynamics by Key Sectors, 2017-2026
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
Loyalty Spend Market Size and Future Growth Dynamics by Retail, 2017-2026
- Diversified Retailers
- Department Stores
- Specialty Stores
- Clothing, Footwear & Accessories
- Toy & Hobby Shops
- Supermarket and Convenience Store
- Home Merchandise
- Other
Loyalty Spend Market Size and Future Growth Dynamics by Accessibility, 2017-2026
- Card Based Access
- Digital Access
Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type, 2017-2026
- B2C Consumers
- B2B Consumers
Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms, 2017-2026
- Software
- Services
Loyalty Spend Market Size and Future Growth Dynamics by Software Platforms, 2017-2026
- Custom Built Platform
- Off the Shelf Platform
Reasons to buy
- In-depth Understanding of Loyalty Programs Market Dynamics: Understand market opportunities and key trends along with forecast (2017-2026).
- Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
- Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate loyalty strategy; assess market specific key trends, drivers, and risks in the industry.
For more information about this report visit https://www.researchandmarkets.com/r/z9yf3q
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