The Loyalty Program Report from Crowdtwist found Millennials (born between 1981 and 1997) expect brands to offer compelling incentives for joining their loyalty programs, as well as engaging activities for earning rewards. The study found 83 percent of Millennials are motivated to join loyalty programs to save money, while 72 percent are motivated to join to receive rewards. Eighty-three percent of Millennials said discounts or coupons are an important benefit in a loyalty program, 64 percent said cashback or credit is desirable, and 55 percent said they would like free products.
Nearly 60 percent of Millennials would like to earn points for engaging with a brand beyond spending. This includes earning points for: visiting a website and/or watching a video (45 percent), opening and reading emails from a brand (43 percent), and taking surveys (74 percent).
The study found several reasons a brand might design its loyalty program around millennial preferences. Millennials are 24 percent more loyal to their favorite brand compared to Gen X, and 21 percent more likely to want to earn points for engaging with a loyalty program.