From pandemic to economic downturn. The type of loyalty program experience that a brand affords its customers is increasingly more important than ever.
The past year has been characterized by unprecedented global inflation across key sectors, including food, energy, and household commodities, just to name a few. Among the contributing factors: a continued workforce shortage, supply chain issues, and geopolitical instability. Additionally, to stem inflation and to cool down the housing market, federal or central banks have ushered in several interest rate hikes, which have made it more financially difficult for existing variable rate mortgage owners. As one would expect, this all has had a profound negative financial outlook for most of the economies around the globe. As a result, many consumers have had to rationalize and reduce their spending in key business sectors.