The “Mexico Loyalty Programs Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics – Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
According to the Q1 2022 Global Loyalty Programs Survey, Loyalty Programs Market in Mexico is expected to grow by 13.0% on annual basis to reach US$ 2123.0 million in 2022. In value terms, the Loyalty Programs Market in Mexico has recorded a CAGR of 13.4% during 2017-2021.
The Loyalty Programs Market in Mexico will continue to grow over the forecast period and is expected to record a CAGR of 12.7% during 2022-2026. Loyalty Programs Market in the country will increase from US$ 1878.0 million in 2021 to reach US$ 3422.4 million by 2026.
In Mexico, some of the most successful customer loyalty and rewards programs are engaging and retaining customers by creating an emotional connection to the brand while making participation in the program effortless. Over the last three to four years, the strategy of offering loyalty and rewards programs seems to be paying off for brands and businesses as they continue to compete with declining foot traffic and profit margins in the country.
With the growing traction towards loyalty and rewards programs among consumers in Mexico, an increasing number of businesses are planning to invest more in their customer loyalty programs. According to the Global Loyalty and Rewards Market Survey, around 65.5% of the businesses were planning to invest more in their customer loyalty program. Moreover, many businesses were willing to spend substantial amount on loyalty technologies compared to the previous year.
Over the next six to eight quarters, the percentage of retail businesses offering loyalty programs is expected to increase significantly in Mexico on the back of increasing demand among consumers. Notably, in 2019, more than half of the cafeterias offered some form of loyalty program to their customers in Mexico. The publisher expects these numbers to improve significantly over the next four to eight quarters as retail businesses, including specialty retail shops and convenience stores, are seeking to drive increased foot traffic in Mexico to recover from the pandemic losses.
Businesses across industries have developed and launched loyalty programs over the last three to four years in the country. From travel-based platforms to quick-service restaurants and convenience stores, the adoption of loyalty programs has increased across the industry. Some of the key loyalty program providers that are driving the industry growth include Zinrelo and PAYBACK. Moreover, OXXO, Grupo Iberostar, and El Pollo Loco are among other businesses that are also supporting the industry growth in Mexico.
Apart from these players, global loyalty solutions providers such as Frequency Marketing are also leading the growth of the loyalty and rewards programs industry in the country. With the demand among consumers increasing year on year basis, the publisher expects more new and global players to launch and expand their services in the Mexican loyalty and rewards programs industry from the short to medium-term perspective.
Source; El Financiero
Mexico Daily Post