Virgin Red and other loyalty schemes help Brits to make their pounds go further
This April, the cost of living has hit a near 30 year high. And whilst this reality may seem dim, Brits are seeking easy ways to make their money work harder in 2022. Research by Virgin Red indicates that reward schemes have been identified by nearly half (48%) of Brits as a way to seek extra value, with research participants reporting saving an average of up to £257 every year by using loyalty programs.
With the average wallet holding 3.5 reward cards, the vast majority (80%) of loyalty club members believe that loyalty schemes offer worthwhile rewards and are preparing to maximise point opportunities as inflation and prices rise. What’s more, 20% of people are not tapping into benefits from loyalty schemes, hence missing out on multiple rewards.
Virgin Red rewards everyday spending
With eight in ten of us focusing on making our money go further now more than ever, reward schemes help members get something back from their everyday spending (such as online shopping, going to the gym or train travel to name just a few). Especially now, members can get rewarded for the things they are already doing by earning points, allowing them to still do the things that they love when money is squeezed.
Virgin Red does things differently to combat the issues customers have with reward schemes to help its members make their money work harder. Virgin Red makes being part of a reward programme really simple, allowing members to earn points on their everyday spending to spend on whatever they like, whether that’s an everyday treat like coffee or even a bigger extraordinary experience, like a holiday.
Virgin Points never expire
New research by Virgin Red reveals the most common bug bears on what many dub ‘not-so-loyalty schemes’ include the lengthy processes to redeem points (20%) and the frustration of points expiring before they’ve been converted to a saving or treat (20%).
The time it takes to earn enough points to make a significant saving was given as the number one reason 43% of shoppers avoid loyalty schemes altogether, with survey respondents claiming it takes them up to two years to redeem a reward and leads many to search for programmes that don’t have unachievable and confusing earning processes.
But with Virgin Red, points never expire, so Virgin Points are yours to spend whenever you like.
Virgin Red helps its members’ money work harder
The research also shows how people are planning on reducing expenditure in 2022, with 41% of us focused on searching for deals and vouchers, using loyalty points (38%) and opting for budget stores and supermarkets (28%). Grocery shopping is the main concern for more than half the nation (57%), with affording toiletries coming in second (27%). Loyalty rewards are also being used on everyday treats like free coffees (20%), and 57% of us are saving up points to guarantee a holiday this year.
With inflation increasing at an all time high, loyalty currencies become even more valuable with prices staying the same so consumers can protect their cash, whilst still enjoying life. For example, the cost of savoury treats and coffees have increased but the amount of points needed to redeem these items via Virgin Red has remained the same, with no plans to increase this at the moment.
Phil Peacock, Director of Business Development at Virgin Red says: “We know there’s nothing more frustrating than difficult redemption processes and points that quickly expire, which is why Virgin Red is always looking for ways to make it easy for members to save points to spend on rewards, unique experiences and treats that go the extra mile. Virgin Red members are rewarded for their everyday spending habits and behaviour, giving them the opportunity to still get that daily coffee or take the kids to the cinema, even when times are a little bit tougher.“
At Virgin Red, there are more than two hundred rewards to choose from, across five different reward categories. It’s not about having a mountain of points and the rewards come in all shapes and sizes – from the small things that make the everyday better like a sausage roll from as little as 200 points or cinema tickets, to bigger extraordinary experiences like watching a concert live from the exclusive Virgin Red Room at Manchester's AO Arena – the possibilities are endless!
It's super easy for members to earn Virgin Points too. They can simply start earning points on their everyday spending with the likes of John Lewis, Marks & Spencer, ASOS or Domino's Pizza (to name a few) and spend the points on a reward – literally getting something for their normal spending habits. Members can even earn points by booking their train travel with Virgin Trains Ticketing on the Virgin Red app – again, earning points to spend on things that they would otherwise not be able to afford during this time e.g. a coffee, cinema ticket or case of wine.
To join a club where your money can work harder, download the Virgin Red app or head to https://www.virgin.com/virgin-red to sign up.