Recent newspaper reports that the combined value of all Air Miles issued by air lines has exceeded $700bn. To put this in perspective the mighty American dollar has $340bn dollars in free circulation and the UK pound has $70bn. This makes this promotional currency the largest in circulation.
Desk based research could not find value of all loyalty points worldwide but PSFK thinks that there must be enough loyalty points out there to purchase several medium sized countries.
PSFK predicts that this system of reward still has a lot of growth potential, we envision a world where the currency of ‘loyalty’ is fully opened up and the consumer is allowed to trade loyalty with other consumers. Anyone want to trade my American Airline miles for a Costa Coffee stamp card? Anyone???