Colloquy report: young Canadian consumers are driven by loyalty
If you want to get Canadians' attention - and space in their wallets - try a loyalty program, a new study finds.
Colloquy, an Ohio-based loyalty marketing consultancy, has released a study to shed some light on the industry’s growth in Canada. The report reveals that almost all Canadians – a whopping 93.6% of us – belong to at least one rewards program, an increase of 9% since 2007.
The group known as millennials (aged 18 to 25) are the fastest growing demographic with 86.5% participation, a leap of 11% since 2007. The economy may have played a role in the increase as more than a third of Canadian millennials (35%) find such programs more important due to the recession. However, the same demographic in the US reports only 58% participation in loyalty programs.
The report saw increases in every demographic segment except the affluent segment (those with annual incomes of $125,000), which remained steady at 96%. French Canadians were included in the study for the first time; those residing in Quebec revealed 92.4% participation in at least one loyalty program.