DUBLIN–(BUSINESS WIRE)–The “China 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 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
Loyalty Programs Market in China is expected to grow by 13.5% on annual basis to reach US$ 17821.7 million in 2022
In value terms, the Loyalty Programs Market in China has recorded a CAGR of 13.7% during 2017-2021. The Loyalty Programs Market in China will continue to grow over the forecast period and is expected to record a CAGR of 13.0% during 2022-2026. Loyalty Programs Market in the country will increase from US$ 15702.3 million in 2021 to reach US$ 29105.5 million by 2026.
In the last two to three years, the e-commerce market experienced rapid growth in China, and along with the growth of the online market, the loyalty and rewards programs industry also surged significantly in the country. Notably, e-commerce platforms across different product categories started offering loyalty programs to gain increasing market share and revenue. These programs provided good results to e-commerce players when compared to western standards.
As the trend in online shopping continued to gain momentum during the last decade, the adoption of loyalty and rewards programs also gained widespread popularity in the country. This trend is expected to continue as global and local brands continue to seek loyalty and rewards programs as a differentiation factor in their strategy further.
In China, the rising adoption of loyalty and rewards programs from different industries is also driving market growth. From retailers to quick-service restaurants and airline providers are all offering loyalty and rewards programs to attract new customers while driving their growth in the country. Notably, global brands, such as KFC and Starbucks, have also launched their loyalty programs to compete with local brands in China.
Moreover, global payment provider such as Visa is also one of the key players in the Chinese loyalty and rewards programs industry. Apart from these, global loyalty and rewards program providers such as My Rewards are looking to expand their footprint in China. The publisher expects the entry of such global loyalty and rewards program providers to further intensify competition in the Chinese market from the short to medium-term perspective.
Quick-service restaurants are launching green rewards programs to expand their market share in China
To promote a more sustainable lifestyle and attract consumers who are driven by eco-friendly brands, quick-service restaurants are launching green rewards programs that incentivize consumer behaviors.
Chinese airline service providers are launching loyalty programs globally
The global pandemic outbreak has severely affected the aviation industry in the last two years. However, as the impact of the pandemic starts to diminish around the world, providers are looking to capitalize on the pent-up demand to drive recovery and growth in China. Consequently, airline service providers in the country are launching loyalty programs globally. For instance,
Chinese consumers are comfortable sharing their data compared to consumers in other markets
While consumers are increasingly becoming wary of how brands and businesses use their data in countries such as Australia, Brazil, the United States, and the United Kingdom, consumer behavior in China is more opposite.
According to the Q1 2022 Global Loyalty and Rewards Market Survey, Chinese consumers are comfortable sharing personal data with brands and businesses. This is primarily due to consumers seeking a more personalized loyalty program based on their transactional data.
Notably, brands and businesses can leverage this consumer behavior to offer a more seamless and personalized loyalty program to meet the expectations of Chinese consumers, thereby allowing them to boost their growth in the country further.
Scope
China Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators, 2017-2026
China Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains, 2017-2026
China Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Program Type, 2017-2026
China Loyalty Spend Market Size and Future Growth Dynamics by Channel, 2017-2026
China Loyalty Spend Market Size and Future Growth Dynamics by Key Sectors, 2017-2026
China Loyalty Spend Market Size and Future Growth Dynamics by Retail, 2017-2026
China Loyalty Spend Market Size and Future Growth Dynamics by Accessibility, 2017-2026
China Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type, 2017-2026
China Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms, 2017-2026
China Loyalty Spend Market Size and Future Growth Dynamics by Software Platforms, 2017-2026
China Loyalty Spend Market Size and Forecast by Consumer Demographics & Behavior, 2021
For more information about this report visit https://www.researchandmarkets.com/r/n3dr8n
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