New forms of currency are alleviating financial stress or increasing loyalty
Trend - Whether for loyalty or the distribution of financial aid, the concept of alternative currency is gaining popularity. Institutions and businesses deploy this in the form of wooden money or digital stimulus to strengthen buying power.
Insight - Many consumers are experiencing high levels of financial stress, both in the current context of the COVID-19 pandemic and even before that. Simultaneously, they are recognizing the importance of supporting local and smaller businesses. This, in turn, is creating a demand for timely solutions that will support consumers throughout difficult times, while enabling them to access life necessities and services.
Insight - Many consumers are experiencing high levels of financial stress, both in the current context of the COVID-19 pandemic and even before that. Simultaneously, they are recognizing the importance of supporting local and smaller businesses. This, in turn, is creating a demand for timely solutions that will support consumers throughout difficult times, while enabling them to access life necessities and services.
Workshop Question - How might your brand utilize the concept of alternative currency?
Trend Themes
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Alternative Currency — The concept of alternative currency is gaining popularity as consumers are experiencing financial stress and recognizing the importance of supporting local and smaller businesses.
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Loyalty Initiatives — Businesses are using wooden coin-based loyalty initiatives to track attendance and reward customers as a way of showing gratitude.
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Donation Currency — Donation currency is being deployed to encourage more people to give to charity amid the COVID-19 pandemic, as seen in the Royal Australian Mint's 'Donation Dollar' coin.
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Digital Stimulus Tokens — Governments are testing the viability of digital stimulus tokens as a way to efficiently distribute financial aid for essential items to individuals during difficult times.
Industry Implications
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Finance — Alternative currency and digital tokens are a disruptive innovation opportunity in the finance industry, providing new means of distributing and accessing financial aid during times of financial stress.
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Retail — Wooden coin-based loyalty initiatives are a disruptive innovation opportunity in the retail industry, providing a unique way to track attendance and reward customers for their loyalty.
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Charities — Donation currency is a disruptive innovation opportunity for the charities industry, encouraging more people to give to worthy causes and ultimately helping those who need it.
4 Featured, 31 Examples:
67,131 Total Clicks
Date Range:
Mar 20 — Sep 20
Trending:
Mild
Consumer Insight Topics:
