The vast majority of UK consumers – 86% – are signed up to at least one loyalty programme, and 40% are signed up to three or more. But a third of all young adults are not signed up to any, according to a new survey from ICM Research.

ICM also found that consumers are happier with small but guaranteed rewards regularly, rather than being promised the unlikely chance of winning something big every so often.

The news comes as a number of big name retailers – including Boots and IKEA – are overhauling their loyalty schemes and suggests that many more existing schemes will be put under the microscope during the course of 2012.

ICM project director Jamie Belnikoff explains: “the success of schemes like Tesco ClubCard, Boots and Nectar is born out by our finding that 77% of us would prefer small guaranteed rewards on an ongoing basis rather than the chance to win something big. This presents a creative challenge to many marketers – how to design a loyalty programme that is exciting, engaging and differentiating whilst delivering rewards on a regular piecemeal basis.”

The reasons why loyalty schemes have proven popular seem obvious. Consumers want more and more value, while marketers want to increase profitability by retaining, cross-selling and up-selling to customers more.

But, warns Belnikoff: “Marketers must ensure that schemes also strengthen customers’ emotional commitment, from which positive recommendation will follow”.

ICM found that many consumers felt that the rewards on offer were never relevant or had ceased to be relevant. However, as Belnikoff says, “what people find relevant depends on the sector the business is in”.

For example, ICM found that when a mobile phone company offers rewards, most consumers would prefer to receive something not related to their mobiles: 48% said they would prefer a voucher to spend at a High Street store against only 32% who would opt for any of free minutes, free texts or free mobile internet.

By contrast, when a supermarket offers rewards, 70% prefer offers or discounts to spend at the supermarket, with only 18% wanting a voucher for another High Street store.

Many people also told ICM that they find some loyalty schemes difficult to understand and not user-friendly.