This Quarter’s Key Findings
If you “unwrapped” a gift card this past holiday season, you wouldn’t be alone. Q4 saw a significant increase in gift card redemptions from Q3 (10.4%). This is interesting, but not surprising, as gift card redemptions are generally higher in Q4 likely due to holiday gifting.
Increased gift card redemptions aren’t the only win this quarter. Cash back continued to decrease in Q4 (the second quarter in a row). This is good news because it garners stronger loyalty.
What else were members keen towards in Q4? Prepping for the trips they booked in Q3! Travel redemptions decreased quite a bit from the last quarter, as many 2024 trips were already on the books. However, travel related merchandise increased. This indicates the impact of anticipating your members’ needs in relation to the last quarter and reflecting that on your merchandising page.
Q4 showed promising redemption trends and opportunities to capitalize on this in the new year!
Q4 2023 – Point Redemption Activity
Points redeemed for Gift Cards
Amazon remains the top dog in Q4, and Chipotle makes its way into the top 5.