More Canadians than ever plan to redeem
loyalty rewards for gifts this year, according to BMO’s Annual
Holiday Spending Outlook.
Yet credit cards (64%), debit (57%) and cash
(56%) still remain the top three payment preferences.
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Vice president for customer communications and
marketing at BMO Bank of Montreal, Su McVey, said, “The intention
to use rewards as an alternative to cash or credit to purchase
holiday gifts increased by 6% to 20% this year from 14% in
2010.”
The practice of redeeming loyalty rewards as a
fourth option suggests that Canadians are looking for ways to
stretch their purchasing dollars.
McVey added, “Canadians consider loyalty
rewards a bona fide gift-giving currency.”
The findings of BMO’s report suggest however,
that this is good news for retailers, as it doesn’t come at the
expense of in-store and online purchases.
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By GlobalData
