Similar to the retail landscape, demand for the latest technology and luxury merchandise is surging this year. Data shows that loyalty club players of all demographics prefer trending, high-end products when it comes to increasing their share of wallet and playing up to achieve their desired reward.
A breakdown of category rewards by popularity:
• Smart TVs, headphones, tablets and digital cameras led with approximately 33 percent of redemptions, which is up 5 percent from last year. Redemptions for televisions that feature 3D, LED and Smart technology, which allows for the support of downloading apps, content search functions, and online services are in demand as more platforms integrate with each other for a complete digital experience. Digital SLR cameras, plus zoom lenses and flashes, saw an increase of 8 percent as many players opted for a higher quality photo experience than they receive with their mobile devices.
• Cookware, bakeware and small kitchen appliances accounted for approximately 28 percent of redemptions as the popularity of celebrity chefs continue to influence players. This category grew 11 percent from last year as the growth of culinary entertainment continues to skyrocket both inside casinos with branded restaurants and outside via increased interest in home cooking.
• Designer handbags, wallets, wristlets and sunglasses received approximately 21 percent of category redemptions, mirroring current trends seen at luxury retail outlets. With a 6 percent year-over-year increase, luxury fashion brands have a built-in visual, emotional, and cultural attachment for players.
• Diamond earrings, necklaces, bracelets and timepieces represented 18 percent of redemptions as top-tier players redeem for luxury merchandise with a high perceived value that compliment their VIP lifestyle. Up 4 percent from the previous year, this category grew as players used club rewards to redeem for products they truly wanted, as opposed to products they needed.
“We are seeing many properties shifting their resources away from promotional products and towards a well-designed loyalty program through segmentation strategies and timely product offerings that will attract each demographic and build loyal customers for years to come,” said Paul Gordon, vice president of sales for Rymax. “Luxury is a key driver of motivation and Rymax’s luxury rewards are one of the most effective methods properties can utilize to reach today’s player.”