The average U.S. household is a member of nearly 30 consumer loyalty rewards programs, yet very few actually spend those points, according to Maritz Loyalty, a leading provider of consumer and corporate loyalty programs.
That is why Maritz Loyalty has declared Wednesday, Oct. 10, Reward Points Day, in an effort to get more people to use the rewards points they have accumulated. According to a 2017 study by Maritz, nearly three quarters of American households identified themselves as "point savers" rather than "point spenders."
Even when points in loyalty programs don't expire -- and some do -- leaving them on the table can mean that consumers are losing out on hundreds of dollars worth of rewards. And many brands offer redemption options beyond their own goods and services, a notable benefit going into the holiday season.
One of the companies supporting Reward Points Day is Southwest Airlines, whose Rapid Rewards program offers redemption options including gift cards, merchandise and experiences, as well as free flights.
"For consumers, Reward Points Day is a reminder for them to take stock of their various point accounts and recognize that there are more ways to use them than ever before," said Barry Kirk, vice president of Maritz Loyalty. "For brands, it's an opportunity to jump start the engagement of loyal customers at a vital time of year by creating a heightened rewards experience."