Consumer spending is under pressure. US tariff uncertainty, stubbornly high food and energy costs, and a geopolitical backdrop that shows no sign of slowing, are all contributing to this crisis. But fixating on what shoppers are spending misses the more urgent question: what does it now take to make them stay? That’s where loyalty comes in, and where, frankly, a lot of brands are leaving more on the table than they realise.

The numbers are encouraging on the surface. ROI for loyalty programmes has increased for the third consecutive year, with 92.7% of programme owners reporting a positive return and an average of 5.3x, which is, by any measure, a strong result. Marketers clearly believe in it too, with more than half of total marketing budgets now going into loyalty and CRM, and 59.8% say they’d shift even more spend away from short-term promotions if they could.

Antavo’s Global Customer Loyalty Report 2026, which surveyed 3,000 marketers and 10,000 consumers globally, found that only 56% of customers say loyalty programmes actually make them feel valued. And with 27% of points going unspent, that’s not just a satisfaction problem. When consumers are making more deliberate decisions about where their money goes, a programme that doesn’t land emotionally is one they’ll quietly walk away from.

This growing loyalty gap reflects a misconception of what true ‘loyalty’ looks like in 2026. While brands are leveraging perceived value with glossy campaigns and messaging, customers are basing their judgments on what is actually being offered. Against a backdrop of economic fragility, the goal for marketers is no longer to attract fleeting ‘sale-weather’ customers but to establish brand advocates by demonstrating why they are worth their investment.

Many loyalty programmes are still employing outdated points-and-spend systems, which offer delayed rewards and boast static, one-dimensional campaigns that fail to keep pace with the expectations of modern consumers. With nearly half of customers agreeing that it takes too long to earn rewards and over 40% expressing frustration over expiring points, it’s clear that these transactional models are eroding the perceived value exchange that is essential for validity and survival in today’s economy.

To bridge this gap, brands must reframe how value is defined and delivered; delayed gratification offers no incentive and, more importantly, no utility. Although sales and promotions temporarily drive traffic, with almost 70% of consumers saying that promotions influence their purchasing decisions, it’s a dangerous habit for brands to train into customers without it being part of a wider strategy to build customer lifetime value. With customers placing greater emphasis on tangible outcomes rather than hollow offerings, dynamic approaches that provide immediate, measurable, and relevant value have become the preferred avenues.

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Let’s consider SKIMS, a brand founded by one of the biggest cultural influencers, which is renowned for its innovative loyalty programme. Operating exclusively from the SKIMS app, the programme positions loyalty as a gateway to the brand’s most valuable commodity: early access to limited drops. However, what sets SKIMS Rewards apart from other loyalty programmes is its simplicity and accessibility.

SKIMS’ two-tiered reward model is customer-centric and designed around the mechanics of the brand. MARBLE, the default tier for every user, requires no minimum spend to qualify – just a quick download of the SKIMS app and an email signup. This approach welcomes new SKIMS members into the community before they even make their first purchase, unlocking app-exclusive promotions, priority restock notifications, and early access to new drops/sales. By lowering the barrier for entry upon sign-up, SKIMS fosters immediate investment into the brand ecosystem by granting standard members access to perks that are typically reserved for higher tiers.

SKIMS’ ONYX tier takes this further. To reach this tier, customers must reach one of three thresholds: they can either make four separate purchases, reach a dedicated spending threshold, or complete 10 engagement actions. The third pathway is what distinguishes SKIMS from other fashion brands. The brand’s ONYX tier is not elusive nor unattainable; in fact, this level is democratised, meaning that everyone (including customers who can’t afford to spend more) can equally benefit from the membership. This engagement prompt also serves as an incubator for user-generated content, social media momentum, and product reviews, positively raising the brand’s profile and organically growing its customer base.

The retail landscape remains ever-evolving and uncertain, but one sentiment has become clear in today’s cautious economy. Loyalty is no longer an optional add-on or unique selling point. It has become the foundation of sustainable growth in a market where acquiring new customers can be unpredictable and retaining them is even more challenging. However, success in this new era will depend on how well brands can close the gap between what they offer and what customers actually experience.

Brands that understand this, those that deliver consistent, meaningful value at every interaction, will not just retain customers. They will earn their trust in a way that withstands even the most cautious of spending climates.

About Antavo

Antavo, is a leading loyalty technology platform working with household retail brands including KFC, Yeo Valley, Benefit Cosmetics, and Hyatt Hotels.