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Brits hold £1.3bn in unclaimed loyalty card savings

28 May 2014
  • 95% of UK adults belong to a loyalty card scheme
  • Average loyalty card balance is £28.60
  • £46.90 - average amount redeemed by shoppers in the last year from across all their loyalty schemes, representing £2.1bn worth of savings
  • 14% of loyalty scheme members haven’t redeemed any points in the last year

Shoppers hold an estimated £1.3bn of savings in unclaimed loyalty points according to new research commissioned by Gocompare.com.

Most (95%) UK adults are members of at least one loyalty scheme and estimate the current value of their rewards to be £28.60.  While more women (98%) than men (91%) participate in loyalty schemes, the survey found that men typically carry much higher balances on their reward cards than women - £35.90 compared with £22.60 for women.  

The survey also revealed that in the last year Britons redeemed £2.1bn worth of loyalty card points.  Those who cashed-in their rewards benefited from an average saving of £46.90, but 14% of loyalty scheme members surveyed said that they haven’t redeemed any points in the last year.

Claire Peate, customer insight manager at Gocompare.com, commented: “Loyalty cards allow you to earn points and rewards on a wide range of goods and services – but unless you remember to redeem them, they are pointless.  To avoid losing the benefits accrued through these schemes, make sure that you read the terms and conditions carefully, and in particular look for exclusions, expiry dates and ways in which you can get the maximum value from your points.”

Claire Peate continued: “Retailers frequently run offers whereby you can earn extra loyalty rewards over a certain period of time or if you buy certain products, tempting us to spend more money.  But, generally speaking, loyalty benefits represent a tiny discount and you often have to spend a significant amount to earn a few pounds’ worth of rewards.  As such, buying something solely on account of the loyalty points you receive could be a false economy if you could have bought the item for less money elsewhere.”

-ends-

Notes to editors:

On 10th April 2014, Gocompare.com commissioned an online survey among 2,000 randomly selected British adults aged 18+ who are Springboard UK panelists. The margin of error—which measures sampling variability—is +/- 2.2, 19 times out of 20. The results have been statistically weighted according to the most current social grade, age, gender and region data to ensure samples representative of the entire adult population of Great Britain. Discrepancies in or between totals are due to cell rounding.

*To calculate the total balance on/amount spent UK loyalty schemes: The average UK loyalty scheme balance is £28.60.  95% of Brits have a loyalty card.  95% of UK adult population (47.8m according to Experian's Demographic Summary) = 45.4m.  The total balance on UK loyalty cards is 45.4m x £28.60 = £1,298,440,000 (rounded to £1.3bn) and the total amount spent in the last year is 45.4m x £46.90 = £2,129,260,000 (rounded to £2.1bn).