Twid released the findings of its 2024 Year-End Rewards Survey, based on responses from over 1,200 participants, 61% of whom are millennials. The survey provides insights into consumer behavior regarding reward points and highlights emerging trends in the rewards ecosystem.

The survey shows that rewards programs are gaining traction as alternatives to cashback offers. About 90% of respondents redeem rewards for online shopping, while 66% say rewards influence their purchase decisions. Consumers value rewards for discounts (80%) and cashback (66%), indicating a preference for tangible benefits.

The study highlights the importance of accessible redemption processes. Over 75% of respondents prefer a unified platform to aggregate points from various sources, such as cards, airlines, and shopping.

A user-friendly interface is a top priority for 96% of respondents, emphasizing the need for seamless management of rewards.

The survey also identifies challenges in the current rewards system. About 31% of users are unaware of the number of programs they are enrolled in, and 42% redeem points only once a month. These behaviors lead to frequent switching between payment methods and merchants, pointing to the demand for integrated and centralized rewards solutions.

Looking ahead to 2025, consumers prioritise greater redemption options (65%) and higher value for accumulated points (63%). This suggests opportunities for loyalty programs to expand their offerings.

Commenting on the survey, Rishi Batra, COO & Co-founder at Twid, stated that rewards programs offer a compelling alternative to cashbacks.

He emphasised the need for instant and seamless redemption experiences, which Twid aims to address with its Pay With Rewards solution, integrating rewards at checkout and enhancing the user experience.

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