The concept of near money in loyalty programmes |
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| Institution: | 1. Psychology Department, University of Canterbury, Private Bag 4800, Christchurch 8140, New Zealand;2. Department of Management, Marketing and Entrepreneurship, University of Canterbury, Private Bag 4800, Christchurch 8140, New Zealand;1. Old Dominion University, Strome College of Business, Department of Marketing, 2040 Constant Hall, Norfolk, VA 23529, United States;2. Old Dominion University, Strome College of Business, Department of Marketing, 2032 Constant Hall, Norfolk, VA 23529, United States;3. Old Dominion University, Strome College of Business, Department of Marketing, 2146 Constant Hall, Norfolk, VA 23529, United States;1. Faculty of Business & Law, Swinburne University of Technology, Hawthorn, Victoria, 3122, Australia;2. School of Business & Law, Edith Cowan University, Perth 6027, Australia;3. Sripatum International College, Sripatum University, Bangkok 10900, Thailand |
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| Abstract: | Loyalty reward schemes often have their own currency, for example, frequent flyer miles, which is a form of near money or quasi money. In a variation of earlier work by Snelders et al. (1992), when examining both New Zealand (Study 1) and Hong Kong (Study 2) residents, respondents provided typicality ratings, similarity ratings, and answers and reaction times to the question “Is X a type of money?” for examples of money, near money and objects of value. The results from both studies showed that near money is conceptualised in a way that is like but distinct from legal tender. Two further studies investigated implications of this conceptualisation. Study 3 found that preferences for spending near money were influenced by the ostensible purpose of the currency, and Study 4 showed that near money seemed to be placed outside of regular legal tender mental accounts. |
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| Keywords: | Loyalty programmes Mental representation Money Near Money |
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