Can you get a £47 boost without realising? Shoppers urged to check now or risk losing out

Britons warned of damaging impact of rising inflation

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Experts are urging shoppers to take advantage of loyalty schemes, which are often used by major retailers and chains such as Sainsbury’s and Tesco, as some people could be eligible for a £47 boost. Speaking exclusively to Express.co.uk, Pete Howroyd, the founder and CEO of Swapi, shared why savers should take advantage of these schemes in light of the rises in energy bills and inflation. Mr Howroyd said: “Amidst the ongoing cost of living increase, Brits this weekend are looking forward to letting off some steam as they celebrate the Platinum Jubilee. However, this raises a catch-22, as celebrating can quickly get expensive!

“Brits should spend a little bit of time checking their loyalty card earnings ahead of this weekend’s festivities. It’s likely they have points they forgot all about or, more importantly, points that are expiring soon and need to be used! Recent Swapi research demonstrates that 38 percent of us have experienced the pain of expired points before.

“With changes to popular loyalty schemes such as Tesco and Boots, now is the time to check the status of your hard-earned points. So do a bit of digging and you might find your Jubilee just got that bit more affordable.

“If you check and find out you’ve already lost your points, emerging loyalty tech can help. At Swapi we provide a way to redeem points you’ve lost out on, so you have control over your loyalty earnings and can spend them at your own convenience.”

Analysis conducted by Swapi has found that nearly half of people in the UK are using loyalty schemes to mitigate the impact of the cost of living crisis. Some 42 percent of the nation are using said schemes, while an additional 30 percent of shoppers admitted to not using them yet, but believe they will have to in the near future. This comes as inflation hits nine percent in the UK, with experts warning it is likely to reach as high as 10 percent later in the year.

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Households are already experiencing an annual energy bill rise of £693 at the moment, with industry regulator Ofgem predicting the price cap could increase to £2,800 by October. Usage of loyalty schemes seems to differ depending on age demographics with 61 percent of over-55s using initiatives, such as the Tesco Clubcard.

In stark comparison, only 33 percent of 16 to 24 year olds are taking advantage of similar schemes despite the worst hit during the cost of living crisis. An estimated 53 percent of Britons use and gain loyalty points while carrying out their weekly grocery shopping, showing how popular these schemes have become.

Mr Howroyd explained: “Swapi conducted some market research in May to gain insight into the current sentiments surrounding retail loyalty in the UK.

“Our data showed that, across the UK, Tesco Clubcard is the British consumer’s top choice with over 50 percent of the vote (52 percent). This is a clear indicator that the increased investment into savings and offers that Tesco has recently made for its Clubcard users are being well-received, leaving competitor retailers trailing behind.”

Diving deeper into the research, Mr Howroyd shared how much households could save monthly by using methods such as the Tesco Clubcard.

He added: “Our data also shows that nearly a third of consumers (30 percent) are looking to save £5 to £10 a month via loyalty schemes.

“With Clubcard recently improving (on top of their loyalty-exclusive prices) the transparency of their loyalty scheme to highlight how customers can save on specific products, as well as the percentage discounts they’re likely to receive on their bill.

“This increased transparency has significantly improved their loyalty offering and is something that competitors would do well to replicate if they want to level the playing field with Tesco.”

According to Swapi’s research, people living in the UK currently have around £6billion in unspent loyalty points.

This comes to around £47 per person which could make the world of difference in light of the recent hikes to inflation and energy bills.

On this issue, the retail expert noted that retailers need to educate more consumers about the benefits of using loyalty schemes going forward.

Mr Howroyd said: “With our data showing nearly half of Brits are using loyalty schemes often to combat the increased cost of living, retailers need to take a serious look at how their loyalty programmes are rewarding their customers now when they need it most.

“We can see there is still room for improvement in educating consumers on how to take full advantage of modern retail loyalty.

“Whether that’s knowing when your points are going to expire, the opportunity to double or triple your points from selected promotions, or taking advantage of the latest loyalty technology and compiling all their loyalty cards onto an app for easier access.

“The opportunities to take advantage of loyalty are rife and not limited to groceries or air miles, but available in a variety of industries that consumers use frequently and could benefit from.”

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