Permanent Secretary in the Ministry of Industry, Investment, and Commerce, Reginald Budhan has lauded the Magna Customer Rewards Programme, and is encouraging more of this type of initiative to boost consumer spending.
“Within the context of the global recession and its adverse impact on the economy, any means of reducing prices for consumers and stimulating demand, is good for the economy,” Mr. Budhan said.
“As we know, in times of recession, consumers tend to guard their dollars. That leads to reduction in sales and contraction in companies, jobs are cut and less disposable income is available,” he explained.
“I am pleased that companies such as Magna Rewards are seeking new ways of easing the burden on consumers and, simultaneously, increasing the demand for goods and services,” he stated.
Permanent Secretary in the Ministry of Industry, Investment and Commerce, Reginald Budhan (right), speaking with Managing Director of Toyota Jamaica, John Connell, at a press conference held Tuesday (September 1) at the Courtleigh Hotel, New Kingston, to announce six new partners in the Magna Rewards Programme.
Mr. Budhan was speaking at a press conference hosted by the Magna Customer Rewards Programme, at the Courtleigh Hotel, New Kingston on September 1. The event marked the addition of six new partners to the programme, which currently has over 700,000 cardholders and 220 partner locations in the island.
Representatives of the six companies all praised the programme as a positive one, indicating that it had helped to improve sales, as well as forge closer relationships with customers. They also considered it as an effective means of giving back to their customers.
The new partners were: Toyota Jamaica; Caledonia Medical; Eyeland Eyewear; St. Thomas Farm Store; Simartsoft, and the University College of the Caribbean (UCC).
Magna rewards is an electronic card-based loyalty programme designed to reward loyal customers of participating partners in a meaningful way. It offers customers free bonus points with every purchase, when shopping at identified partner locations. The programme is the first of its kind in the island, and is a member of the Neal and Massy group of companies.