The Future 100: 2024

Amidst economic rebound and cautious spending, brands face a dual challenge and opportunity. Loyalty becomes a paradox as businesses strive to retain existing customers while attracting new ones. Transforming loyalty into collaborative ventures, community engagement, and exceptional customer experiences is paramount. Brands mastering this shift stand poised not only to survive but to thrive in a loyalty-tested environment. The burning question persists: How will brands redefine loyalty in 2024 and beyond?

Discover the latest loyalty trends!

Key Loyalty Trends

World-building brands

A brand is no longer a distinct, static entity; it’s an all-encompassing universe. Creating a brand means creating the macrocosm that that brand occupies—and inviting consumers into it.

Why it's interesting
Consumer-brand interactions are moving from distinct, standalone touchpoints to interplay in all-encompassing worlds. Moving forward, Smith and Wilson said, brands will need to “place storytelling at the center of everything they create.”

Retail membership

Paid membership schemes offer a rewarding route to loyalty. A survey from customer loyalty specialist Clarus Commerce found that 95% of US retailers with traditional loyalty programs are considering launching paid-for membership schemes. This speaks to the growing awareness that the premium programs can offer strong benefits to both consumers and retailers.

Why it's interesting

Despite the potential rewards for consumers and retailers, paid membership programs remain a niche offering. As consumers are only ever likely to commit to a handful of paid memberships, now is the time for retailers to pounce on this limited-time opportunity.

Invite-only spaces

Luxury access focuses on who you know for an additional, tantalizing layer of exclusivity. From exclusive members’ clubs to idiosyncratic fine-dining experiences, invitation-only luxury concepts are on the rise.

Why it's interesting
By 2024 the global average adult will be worth $100,000 and by 2026 there will be 87.5 million people with a minimum of $1 million in wealth, according to Credit Suisse. As more people become luxury consumers, exclusivity will not only be based on wealth, but also accredited to connections