“While the Budget provides a welcome boost to consumer spending power, the responsibility now lies with brands to convert this from transactional growth to genuine long-term loyalty. Higher disposable income will drive more swipes and store visits but banks and retailers can anchor that behavior through habit-forming, relevant rewards on everyday spends like groceries and utilities rather than one-time cashbacks. The path forward requires a structural shift where retailers and banks stop working in silos and start sharing the cost of rewards. By designing loyalty programs as interconnected ecosystems rather than isolated cost centers, the industry can ensure that the advantage of increased spending capacity is mutually realized and sustained.”
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