DUBLIN–(BUSINESS WIRE)–The “Asia Pacific Loyalty Programs Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics – Q1 2023 Update” report has been added to ResearchAndMarkets.com’s offering.
Loyalty market in Asia Pacific is expected to grow by 13.1% on annual basis to reach US$46,904.1 million in 2023.
This report provides a detailed data-centric analysis of the loyalty market opportunities and risks across a range of industry categories. With over 50 KPIs at the country level, this report provides a comprehensive understanding of loyalty market dynamics, market size and forecast, and market share statistics.
In value terms, the loyalty market in Asia Pacific has recorded a CAGR of 13.4% during 2018-2022. The loyalty market in Asia Pacific will continue to grow over the forecast period and is expected to record a CAGR of 12.6% during 2023-2027. Loyalty market in the region will increase from US$41,484.4 million in 2022 to reach US$75,474.1 million by 2027.
Loyalty programs are becoming increasingly popular in the Asia Pacific region, with businesses across various industries adopting these programs to build stronger relationships with their customers. The adoption of loyalty programs in the region is driven by various factors, including the need to retain customers, the growth of e-commerce, and the impact of inflation.
Inflation is a significant factor influencing the adoption of loyalty and reward programs in the Asia Pacific region. With inflation on the rise in many countries, consumers are leveraging loyalty programs to receive more value for each dollar spent. On the other hand, more and more businesses are also leveraging loyalty programs to increase their sales and revenue by offering more rewards under their program.
Firms in the hospitality sector are launching loyalty and reward programs across the Asia Pacific region
In 2022, many of the leading hospitality firms, including online travel booking platforms and hotel groups, have experienced strong growth in their loyalty program members. As the demand for loyalty programs continues to grow among travellers, more and more firms have continued to launch loyalty and reward programs.
In January 2023, Hoiana Resort & Golf launched Hoiana Premier Rewards, a free loyalty program that offers various benefits to its members, including exclusive promotions, service recognition, and resort-wide discounts throughout Vietnam. With a commitment to providing even more premier rewards, members of the loyalty program can enjoy personalized rewards, best-price guaranteed resort packages, partner benefits, and access to signature experiences.
In March 2023, Intriq Journey, the Singapore-based luxury tour specialist, announced the launch of a new hotel membership program Intriq Keys. The program will give travellers exclusive access to escalated rewards and benefits. Travelers who are members of both the luxury brands’ loyalty program and Intriq Rewards will receive double the rewards. The new program launched by Intriq Journey will cost US$388 per year, thereby aiding the revenue growth of the tour specialist.
From the short to medium-term perspective, the publisher expects more firms in the hospitality sector to launch loyalty and rewards programs as the trend of traveling continues to grow and the demand for loyalty programs rises subsequently in 2023.
Firms are forging strategic alliances to provide members with an integrated loyalty program
To create more value for their members and enable them to spend their points on a range of products and services, firms are entering into strategic collaborations in the Asia Pacific region.
In March 2023, Centara Hotels & Resorts, one of the leading hotel operators in Thailand, teamed up with Singapore Airlines to offer its loyalty program members the opportunity to convert their CentaraThe1 points into KrisFlyer miles. This collaboration will enhance the benefits of the CentaraThe1 loyalty program, enabling members to exchange 5,000 CentaraThe1 points for 300 KrisFlyer miles.
The integrated loyalty and reward program will enable members to accumulate points faster, thereby enabling them to purchase a flight, upgrade tickets, and receive other benefits.
This strategy allows companies to align their marketing and customer retention efforts across various platforms, leading to increased customer engagement and loyalty. In addition to boosting membership adoption, the integrated loyalty program can also help firms expand their customer base.
Given these benefits, it is likely that more firms will opt for an integrated loyalty program strategy from the short to medium-term perspective. As firms seek to differentiate themselves in a highly competitive segment, offering a comprehensive loyalty program that aligns with customer needs and preferences is a powerful way to build brand loyalty and drive customer engagement.
This title is a bundled offering provides detailed 14 reports, covering regional insights along with data centric analysis at regional and country level:
Scope for Each Databook
Country reports in this bundled offering provide in-depth analysis of loyalty programs. Below is a summary of key market segments:
Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators, 2018-2027
Value Accumulated and Value Redemption Rate of Loyalty programs in
Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains, 2018-2027
Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Program Type, 2018-2027
Loyalty Spend Market Size and Future Growth Dynamics by Channel, 2018-2027
Loyalty Schemes Spend Market Size and Future Growth Dynamics by Business Model
Loyalty Spend Market Size and Future Growth Dynamics by Key Sectors, 2018-2027
Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by online, 2018-2027
Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by In-Store, 2018-2027
Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by Mobile App, 2018-2027
Loyalty Spend Market Size and Future Growth Dynamics by Retail, 2018-2027
Loyalty Spend Market Size and Future Growth Dynamics by Accessibility, 2018-2027
Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type, 2018-2027
Loyalty Schemes Spend Market Size and Future Growth Dynamics by Membership Type
Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms, 2018-2027
Loyalty Spend Market Size and Future Growth Dynamics by Software Platforms, 2018-2027
For more information about this report visit https://www.researchandmarkets.com/r/fdwsxf
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