concludes that in countries where loyalty
marketing programs reached a given state of maturity, today’s customers get bored of similar
rewards offered by firms and soft benefits and personalization can sustain their attention.
Mimouni-Chaabane and Volle (2010) postulated that companies should pay attention to
reward characteristics and perceived customer benefits to launch the most efficient program
into the market. On the other hand some studies support the hypothesis that the number of
cards a customer holds positively influences the probability and time of adoption of a new
loyalty card (Demoulin and Zidda, 2009). The two tendencies comprise an implicit
contradiction and little attention has been paid to investigate this field. The purpose of this
paper is to investigate the change in customer preferences regarding loyalty card attributes
according to the experience in their adoption, especially the number of cards they hold.