ALPHARETTA, Ga.--(BUSINESS WIRE)--Bakkt Holdings, Inc. (NYSE: BKKT), a trusted digital asset platform that enables consumers to buy, sell, send and spend a range of digital assets, today released findings from its “Bakkt Loyalty and Rewards 2022 Outlook Study” of 1,000 U.S. consumers who are members of three or more loyalty programs. It uncovered the evolving nature of crypto preferences within the loyalty and rewards landscape and identified aspects that attract and influence behaviors and demands.
Earning cash back has long been the leading choice for the average U.S. consumer. However, the results of the study signal a new challenger. The growing ubiquity of cryptocurrency is shifting consumer behavior as 72% of those who purchased crypto at least one time in the past six months, are likely to redeem loyalty points for cryptocurrency. In addition, about half of crypto buyers are interested in earning cryptocurrency instead of points. The ability to earn crypto as a reward for everyday spending is quickly rising to the preference level of earning cash back instead of points. It’s apparent based on the study results that consumer perceptions of crypto rewards are favorably influenced by their relationship to cryptocurrency, with those who said they have bought crypto seeing great appeal in crypto rewards. In addition, income level was found to be a driver of crypto interest, even for those who have not yet purchased it, with 58% of consumers with income over $100,000 saying they are likely to redeem points for cryptocurrency.