Revenge spending is on the rise

Consumers are spending more, differently

As most of the COVID-19 restrictions and lockdowns have been lifted in 2022, consumers are eager to make up for lost time by dining out at restaurants, booking travel adventures, making home improvements and retail shopping. Despite the recent spike in inflation, McKinsey & Company reports that “US consumers spent 18 percent more in March 2022 than they did two years earlier and 12 percent more than they were forecast to spend based on the pre-COVID-19 trajectory”. Experts don’t see the spend rate slowing down as younger generations are projected to “revenge spend” on lost experiences, such as travel and entertainment.

While consumers are actively shopping, many brands are experiencing loyalty disruption. According to a 2022 study from Mckinsey & Company, “75 percent of consumers tried new shopping behaviors, with many of them citing convenience and value. Fully 39 percent of them, mainly Gen Z and millennials, deserted trusted brands for new ones”. Providing consumers with a unique offer they can’t find anywhere else is key for brands striving to stay competitive during this spend surge. Promotion Marketing Association states that consumers are 75.4 percent more likely to buy your product when some kind of incentive is involved. Card-linked offers provide an initial attraction of an incentive and stimulate future purchases for the brand.

Brands are racing to keep up

How are brands acquiring new traffic, meeting revenue goals and retaining their loyal customer base post-pandemic? The answer is card-linked offers. As a leading digital advertising platform, Figg leverages transaction data from 100M+ cardholders nationwide to drive incremental revenue for brands through compelling card-linked offers. Figg works with brands on a pay-for-performance basis and allows brands to launch customized campaigns while we carefully target audiences based on their spending habits. Figg’s publisher marketplace consists of top banks, financial apps and digital platforms- representing over $500 billion in annual spending.

As brands ramp up efforts to keep their name in front of the consumers, Figg goes beyond maintaining brand relevance. We drive revenue, new customer acquisition and loyalty– all while adding value to the consumer. Are you ready to see what a Figg partnership could deliver to your company? Contact us today to design a custom campaign.

 


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