Savvy Australians using brand loyalty to cash in

Share

Share

Australians are increasingly cashing in on loyalty programs by redeeming rewards points for cash in their pocket or supermarket gift cards as they look for more ways to contend with rising living costs.

New NAB insight reveals a significant shift in consumer behaviour over the last 12 months with a 120% jump in the number of people who are preferencing cash over merchandise when it comes to redeeming rewards points.

NAB Personal Banking executive, Kylie Young, said the new insights show how savvy Australians are when it comes to managing rising living costs.

“As living costs rise, Australians are getting even closer to their finances and thinking about where they can squeeze maximum value out of the loyalty programs they have in their wallet,” Ms Young said.

“We’re seeing a big shift in customers using rewards points to cover their groceries and essential purchases rather than treat themselves to a new Espresso machine or hair straightener.”

After cash, NAB insight also reveals that redeeming reward points for gift cards has risen by 16% and the number of people allocating points to travel has increased by 39%.

“Aussies don’t want to miss out on their holiday despite the economic challenges, which is why we’re seeing many people allocate their reward points to airfares.”

NAB’s redemption insights reflect the bank’s recent economic data which shows greater brand loyalty is a key trend for Australians. Today, only 1% of Australians are willing to try a new brand when it comes to their everyday shopping, representing a 14-point decrease since 2020.

“Consumers are increasingly looking to trusted brands and businesses to help them navigate these challenging times, and, along with promotions, they’re increasingly appreciating a helping hand in spreading, managing and tracking costs.”

Ms Young noted that while NAB customers were broadly in good shape, that the bank’s NAB Assist team have been busy helping those who need additional support.

“When customers get in touch with us early, 90% of customers are back on their feet within 90 days. We’re here to help and have options to support Australians through these tough times,” Ms Young said.

 

Editor’s note:

Customers, banking & finance

SEE ALL TOPICS

Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

Related Articles

  • First home buyers

From Renters to Homeowners: How Maddie and Matt secured their dream first home

First home buyers Maddie and Matt purchased their dream home with a 5% deposit through the First Home Guarantee.

  • 23.10.2024
  • Time to read 4 min read
  • Personal finance

Feeling slightly more on top of the cost of living? You’re not alone

There are early signs Australians feel like they’re getting on top of cost of living concerns, which have eased to their lowest level in one and a half years.

  • 18.10.2024
  • Time to read 2 min read
  • Digital Banking

NAB launches ‘Upcoming’ to help combat unexpected bill shock

NAB launches new tool to help Australians stay on top of unexpected bills

  • 19.09.2024
  • Time to read 2 min read

Quick links

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights .

NAB Security Podcast

For more insights about cyber security and fraud, and practical tips on how to stay safe, listen in to NAB’s Security Podcast series.

NAB tech blog

For more insights about technology and the digital developments enabling change for customers, visit the NAB tech blog on Medium.